(1) "Accrued portion of the normal retirement benefit" meansthe amount of benefit credited by the employer to the account of an employeeparticipating in a pension plan, or where there is no credit, that portion ofthe normal retirement benefit to which the director determines actuarially theemployee should be entitled based on the covered service of the employee, as ofthe date of termination of employment.
(2) "Ceases to operate a place of employment" means eitherthe complete termination of operations at a place of employment or asubstantial reduction in the number of employees at a place of employment aspart of a plan or in connection with an intent to move the business operationsat that place of employment outside of the state. Substantial fluctuations inthe number of employees of an employer whose business is of a seasonal natureshall not be deemed to be a ceasing to operate a place of employment except tothe extent that a substantial reduction in the number of employees of theemployer is attributable to a plan or intention to move the business operationsof the employer outside of the state. When an employer ceases to operate aplace of employment but offers to retain all of the employees at anotherlocation within the state, this chapter shall not apply.
(3) "Covered service" means periods of employment with anemployer which are recognized under the terms of the employer's pension planfor the purposes of determining an employee's eligibility to receive benefitsunder the plan or the amount of those benefits.
(4) "Director" means the director of labor and training.
(5) "Employee" means any person employed at the place ofemployment during the year prior to the date when the employer ceases tooperate the place of employment.
(6) "Employer" means any person, firm, or corporation whoemploys ten (10) or more people within this state at any time within one yearprior to the date that it ceases to operate a place of employment.
(7) "Non-vested pension benefit" means the accrued portion ofthe normal retirement benefit of an employee participating in a pension plan towhich the employee does not have a vested right.
(8) "Normal retirement benefit" means that benefit payableunder a pension plan in the event of retirement at the normal retirement age asprescribed by the plan.
(9) "Pension plan" means any plan, fund, or programestablished, maintained, or entered into by an employer for the purpose ofproviding for its employees, or their beneficiaries, retirement benefits.
(10) "Place of employment" means any location within thisstate at which ten (10) or more persons are employed at any time within oneyear prior to the date that the employer ceases to operate at that location.
(11) "Vested right" means a non-forfeitable, legal rightobtained by an employee participating in a pension plan to that part of animmediate or deferred pension benefit which arises from the employee's coveredservice under the plan and is no longer contingent on the employee remainingcovered under the plan.
(1) "Accrued portion of the normal retirement benefit" meansthe amount of benefit credited by the employer to the account of an employeeparticipating in a pension plan, or where there is no credit, that portion ofthe normal retirement benefit to which the director determines actuarially theemployee should be entitled based on the covered service of the employee, as ofthe date of termination of employment.
(2) "Ceases to operate a place of employment" means eitherthe complete termination of operations at a place of employment or asubstantial reduction in the number of employees at a place of employment aspart of a plan or in connection with an intent to move the business operationsat that place of employment outside of the state. Substantial fluctuations inthe number of employees of an employer whose business is of a seasonal natureshall not be deemed to be a ceasing to operate a place of employment except tothe extent that a substantial reduction in the number of employees of theemployer is attributable to a plan or intention to move the business operationsof the employer outside of the state. When an employer ceases to operate aplace of employment but offers to retain all of the employees at anotherlocation within the state, this chapter shall not apply.
(3) "Covered service" means periods of employment with anemployer which are recognized under the terms of the employer's pension planfor the purposes of determining an employee's eligibility to receive benefitsunder the plan or the amount of those benefits.
(4) "Director" means the director of labor and training.
(5) "Employee" means any person employed at the place ofemployment during the year prior to the date when the employer ceases tooperate the place of employment.
(6) "Employer" means any person, firm, or corporation whoemploys ten (10) or more people within this state at any time within one yearprior to the date that it ceases to operate a place of employment.
(7) "Non-vested pension benefit" means the accrued portion ofthe normal retirement benefit of an employee participating in a pension plan towhich the employee does not have a vested right.
(8) "Normal retirement benefit" means that benefit payableunder a pension plan in the event of retirement at the normal retirement age asprescribed by the plan.
(9) "Pension plan" means any plan, fund, or programestablished, maintained, or entered into by an employer for the purpose ofproviding for its employees, or their beneficiaries, retirement benefits.
(10) "Place of employment" means any location within thisstate at which ten (10) or more persons are employed at any time within oneyear prior to the date that the employer ceases to operate at that location.
(11) "Vested right" means a non-forfeitable, legal rightobtained by an employee participating in a pension plan to that part of animmediate or deferred pension benefit which arises from the employee's coveredservice under the plan and is no longer contingent on the employee remainingcovered under the plan.
(1) "Accrued portion of the normal retirement benefit" meansthe amount of benefit credited by the employer to the account of an employeeparticipating in a pension plan, or where there is no credit, that portion ofthe normal retirement benefit to which the director determines actuarially theemployee should be entitled based on the covered service of the employee, as ofthe date of termination of employment.
(2) "Ceases to operate a place of employment" means eitherthe complete termination of operations at a place of employment or asubstantial reduction in the number of employees at a place of employment aspart of a plan or in connection with an intent to move the business operationsat that place of employment outside of the state. Substantial fluctuations inthe number of employees of an employer whose business is of a seasonal natureshall not be deemed to be a ceasing to operate a place of employment except tothe extent that a substantial reduction in the number of employees of theemployer is attributable to a plan or intention to move the business operationsof the employer outside of the state. When an employer ceases to operate aplace of employment but offers to retain all of the employees at anotherlocation within the state, this chapter shall not apply.
(3) "Covered service" means periods of employment with anemployer which are recognized under the terms of the employer's pension planfor the purposes of determining an employee's eligibility to receive benefitsunder the plan or the amount of those benefits.
(4) "Director" means the director of labor and training.
(5) "Employee" means any person employed at the place ofemployment during the year prior to the date when the employer ceases tooperate the place of employment.
(6) "Employer" means any person, firm, or corporation whoemploys ten (10) or more people within this state at any time within one yearprior to the date that it ceases to operate a place of employment.
(7) "Non-vested pension benefit" means the accrued portion ofthe normal retirement benefit of an employee participating in a pension plan towhich the employee does not have a vested right.
(8) "Normal retirement benefit" means that benefit payableunder a pension plan in the event of retirement at the normal retirement age asprescribed by the plan.
(9) "Pension plan" means any plan, fund, or programestablished, maintained, or entered into by an employer for the purpose ofproviding for its employees, or their beneficiaries, retirement benefits.
(10) "Place of employment" means any location within thisstate at which ten (10) or more persons are employed at any time within oneyear prior to the date that the employer ceases to operate at that location.
(11) "Vested right" means a non-forfeitable, legal rightobtained by an employee participating in a pension plan to that part of animmediate or deferred pension benefit which arises from the employee's coveredservice under the plan and is no longer contingent on the employee remainingcovered under the plan.
