Pension
TRAINER ELIGIBILITY FOR TRAINERS’ NONQUALIFIED RETIREMENT PLAN
The trainers’ nonqualified retirement (“pension”) plan is funded from the allocation of gaming revenue per Act 71 § 1406(a)(1)(iii) dedicated to health and pension. The plan is to assist our trainers with saving for retirement as intended by Act 71.
Funding
A trainer that is currently racing at Parx Racing and is eligible as noted below will receive an amount per start as determined by the PTHA Board of Directors for his/her yearly contribution. On an annual basis, the per-start amounts will be reviewed by the PTHA Board of Directors to determine future amounts based on fund availability.
Eligibility
For complete eligibility guidelines, please see the section Health – Trainers Health Insurance
Vesting
A trainer will be 100% vested in their balance accumulated under the Plan upon meeting the above eligibility requirements, for five (5) consecutive calendar years. Any break in a trainer’s years of meeting the eligibility requirements, including a break due to suspension or any failure to maintain Good Standing, shall cause their vesting years to restart. The following example is provided to inform the application of this requirement: Trainer X meets the eligibility requirements above in years 1, 2, 3, and 4 but does not meet the eligibility requirements in year 5. If Trainer X meets the eligibility requirements in year 6, they will be treated as having accumulated one (1) year of vesting service under the Plan. Notwithstanding the above, a trainer who was 100% vested prior to the effective date of this Amendment shall remain 100% vested in their benefit under this Plan.
Distribution of Benefits
In order to collect retirement benefits the trainer must 1) be at least 65 years old, or 2) disabled as defined by Social Security or 3) have died.
BENEFICIARY DESIGNATION
Each Participant shall have the right, at any time, to designate any person or persons as their primary or secondary Beneficiary to whom any benefits payable under this Plan shall be paid in the event of his death prior to the complete distribution of the Participant’s Plan benefit. Each beneficiary designation shall be in writing on a form approved by the Committee and will be effective only when filed with the Committee. Any such beneficiary designation may be changed by a Participant without the consent or knowledge of the Beneficiary by filing a new beneficiary designation form with the Committee.
