Franklin Ohio Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: Franklin
• Control #: US-1073BG
• Format: Word; Rich Text

Description

A defined benefit pension plan is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay. A defined benefit plan is "defined" in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. Franklin Ohio Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement benefit program offered by the city of Franklin, Ohio. The program aims to provide financial security and support to eligible employees after their retirement. This pension plan is specifically designed to ensure a fixed amount of income for employees based on a predetermined formula, taking into account factors such as years of service and average salary. The Franklin Ohio Defined-Benefit Pension Plan and Trust Agreement is established under the legal framework defined by state and federal laws to ensure its validity and compliance. It is a legally binding agreement between the city and its employees, outlining specific terms and conditions related to the pension benefits. Under this pension plan, the trust agreement plays a crucial role in managing the funds and investments associated with the plan. The trust is responsible for safeguarding the pension assets and ensuring their growth over time through prudent investment strategies. The appointed trustees must act in the best interest of the plan participants, adhering to fiduciary responsibilities and maintaining transparency in all financial matters. There may be different types of Franklin Ohio Defined-Benefit Pension Plan and Trust Agreements, which cater to distinct employee groups or have varying provisions based on their employment status or rank within the organization. It is essential to consult the plan documents or official sources to understand the specific details and nuances of these variations, as they can significantly impact the benefits and eligibility criteria. Keywords: Franklin Ohio, Defined-Benefit Pension Plan, Trust Agreement, retirement benefit, financial security, eligible employees, predetermined formula, years of service, average salary, legal framework, compliance, terms and conditions, trust agreement, funds management, investment strategies, trustees, fiduciary responsibilities, transparency, pension assets, employee groups, employment status, rank, benefits, eligibility criteria.

Franklin Ohio Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement benefit program offered by the city of Franklin, Ohio. The program aims to provide financial security and support to eligible employees after their retirement. This pension plan is specifically designed to ensure a fixed amount of income for employees based on a predetermined formula, taking into account factors such as years of service and average salary. The Franklin Ohio Defined-Benefit Pension Plan and Trust Agreement is established under the legal framework defined by state and federal laws to ensure its validity and compliance. It is a legally binding agreement between the city and its employees, outlining specific terms and conditions related to the pension benefits. Under this pension plan, the trust agreement plays a crucial role in managing the funds and investments associated with the plan. The trust is responsible for safeguarding the pension assets and ensuring their growth over time through prudent investment strategies. The appointed trustees must act in the best interest of the plan participants, adhering to fiduciary responsibilities and maintaining transparency in all financial matters. There may be different types of Franklin Ohio Defined-Benefit Pension Plan and Trust Agreements, which cater to distinct employee groups or have varying provisions based on their employment status or rank within the organization. It is essential to consult the plan documents or official sources to understand the specific details and nuances of these variations, as they can significantly impact the benefits and eligibility criteria. Keywords: Franklin Ohio, Defined-Benefit Pension Plan, Trust Agreement, retirement benefit, financial security, eligible employees, predetermined formula, years of service, average salary, legal framework, compliance, terms and conditions, trust agreement, funds management, investment strategies, trustees, fiduciary responsibilities, transparency, pension assets, employee groups, employment status, rank, benefits, eligibility criteria.