Incentive Payments The Settlement Fund Administrator will treat incentive payments under Section IV.F on a State-specific basis. Incentive payments for which a Settling State is eligible under Section IV.F will be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.
Education Incentive Pay An employee shall be entitled to receive educational incentive pay as follows:
Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% 64 0%
Service Payments Subject to the direction and control of the Board of Trustees as set forth in the Plan, the Fund shall make Service Payments to Qualified Recipients pursuant to instructions by the Distributor, either directly to the Distributor or, as instructed, through the Distributor or shareholder servicing agent to other Qualified Recipients. The amounts, sources and purposes of the Service Payments shall be subject to the restrictions set forth in the Plan. To the extent that Service Payments are made directly to the Distributor, the Distributor acknowledges that such payments are intended as compensation for the Distributor’s services as contemplated by the Plan and undertakes to provide such services. Part III
Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then
Bonus Payments In addition to Base Salary, Executive shall be entitled, during the Employment Term, to participate in and receive payments from all bonus and other incentive compensation plans (as currently in effect, as modified from time to time, or as subsequently adopted) of the Company; provided, however, that nothing contained herein shall grant Executive the right to continue in any bonus or other incentive compensation plan following its discontinuance by the Board (except to the extent Executive had earned or otherwise accumulated vested rights therein prior to such discontinuance).
Educational Incentive Pay Effective January 1, 2022, the current Education Incentive Differential (EID) rates from the pre-existing salary schedules shall be eliminated and, in their place, the following Educational Incentive Pay program will be applied. The salary schedules contained in Addendum B reflect the new Educational Incentive pay allowances. Upon successful completion of field training and promotion to the rank of Police Officer, an officer who has received or obtains one of the degrees set forth below from an accredited college or university shall receive an annual incentive allowance added to their hourly rate, as follows: • $1,500 for associate’s degree ($0.723/hour) • $3,000 for bachelor’s degree ($1.446/hour) • $4,500 for master’s degree and above ($2.169/hour) Educational incentives are not cumulative, but rather the employee will be entitled to the highest incentive based on the degree(s) obtained. In the event an employee obtains a new or higher degree during employment, the employee will submit to the Department proof of degree attainment. Upon verification and approval by the Department, within thirty (30) days of submission, the employee’s pay will be adjusted effective on the first day of the pay period following the date of submission by the employee. Any current employee with an EID classification will be adjusted to the non-EID rate, but will receive the annual incentive allowance as part of their hourly rate, spread over twenty-six (26) pay periods. The hourly rate will be calculated by dividing the annual educational incentive by 2,074 hours. Educational incentive pay will be included in the regular rate for overtime purposes. In addition, it will be counted as part of the employee’s annual salary for pension purposes, consistent with the prevailing Fire & Police Employees Retirement System regulations, and reflected on the salary schedules.
Education Incentive A. The following monthly education incentive pay will be paid to each employee upon completing the listed degree and providing proof of completion to the Agency. Associate Degree Two percent (2%) Bachelor Degree Four percent (4%)
Monthly Salary The words “monthly salary” when used in this Agreement shall mean: (Bi-weekly pay at regular rate of pay times 26.1) divided by 12 = monthly salary
Severance Payments 6.1 If the Executive's employment is terminated following a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the Executive without Good Reason, then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 6.1 ("Severance Payments") and Section 6.2, in addition to any payments and benefits to which the Executive is entitled under Section 5 hereof; provided, however, that the Executive shall not be entitled to the Severance Payments unless and until the Executive (or, in the event of the Executive's death, the executor, personal representative or administrator of the Executive's estate) has signed a written waiver and release substantially in the form set forth on Exhibit A hereto. For purposes of this Agreement, the Executive's employment shall be deemed to have been terminated following a Change in Control by the Company without Cause or by the Executive with Good Reason, if (i) during the Term the Executive's employment is terminated by the Company without Cause following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination was at the request or direction of a Person who has entered into an agreement with the Company the consummation of which would constitute a Change in Control, (ii) during the Term the Executive terminates his employment for Good Reason following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such Person or (iii) during the Term the Executive's employment is terminated by the Company without Cause or by the Executive for Good Reason and such termination or the circumstance or event which constitutes Good Reason is otherwise in connection with or in anticipation of a Change in Control (whether or not a Change in Control ever occurs). An Executive will not be considered to have been terminated by reason of the divestiture of a facility, sale or other disposition of a business or business unit, or the outsourcing of a business activity with which the Executive is affiliated, notwithstanding the fact that such divestiture, sale or outsourcing takes place within two years following a Change in Control, if the Executive is offered comparable employment by the successor company and such successor company agrees to assume the Company's obligations to the Executive under this Agreement.
