Retirement Incentive Payment Sample Clauses

Retirement Incentive Payment. Employees eligible to service retire under Article 6.62 are eligible for an additional retirement incentive payment of $10,000 to be paid with their severance pay as outlined in Article 6.61. The employee must provide an irrevocable letter of resignation, for purposes of retirement, by the date listed below: Anyone eligible to service retire at the end of the 2018-19 school year by February 1, 2019. Anyone first eligible to service retire at the end of the 2019-20 school year by December 1, 2019 Anyone first eligible to service retire at the end of the 2020-21 school year by December 1, 2020. This provision sunsets at the end of the contract, i.e., at the end of the 2020-21 contract year.
Sample 1Sample 2
AutoNDA by SimpleDocs
Retirement Incentive Payment. An employee tendering an irrevocable letter of resignation, in conformance with the following conditions shall be eligible for a retirement incentive in each of his or her final four years of teaching service, subject to the following conditions:
Sample 1Sample 2
Retirement Incentive Payment. 1. Upon retirement only from public education with the Rapid River Public Schools, under the Michigan Public Schools Employee Retirement System, employees with sufficient years of active duty service within the Rapid River Public School system shall be eligible to receive a retirement incentive payment based on pay a pro-rated portion of their accumulated sick leave as of the time of retirement (each unused sick leave day paid at a percent of the employee's per diem rate, computed by dividing the employee's annual salary by the number of duty days per year multiplied by the applicable percentage rate), as set forth below: after ten (10) full school ) 25% of unused sick leave years of active service ) after fifteen (15) full ) 50% of unused sick leave years of active service ) after twenty (20) full ) 75% of unused sick leave years of active service )
Sample 1Sample 2
Retirement Incentive Payment. For employees retiring with district-provided health insurance, the retirement incentive shall be eleven thousand dollars ($11,000) plus thirty dollars ($30) per sick day up to a maximum of two hundred (200) days. • For employees declining health coverage in retirement, the retirement incentive shall be ten thousand dollars ($10,000) plus seventy-five dollars ($75) per sick day up to 200 days. Base Incentive ($11,000 or $10,000) $ Payment for Sick Days ($30 or $75 per day) $ per day (x) # of days (200 maximum) $
Sample 1
Retirement Incentive Payment. $ Should the Jefferson Central School District merge, be absorbed, consolidate or dissolve this document will remain in place. I have received the above information and agree with its contents.
Sample 1
Retirement Incentive Payment. A. Retirement incentive is offered to any administrator who is a member of the bargaining unit as of December 15, 2008 who becomes eligible or is eligible for retirement during the term of this agreement provided notice of such intention to retire is given in writing to the Superintendent of Schools by February 1. The incentive payment shall consist of a payment of 10% of the final annual base salary upon filing for retirement, 10% upon retirement, and 10% to be paid in equal installments on each administrator payroll date between the effective date of retirement and the end of the calendar year of retirement. In an emergency and at the discretion of the Superintendent of Schools, the date of notice may be waived.
Sample 1
Retirement Incentive Payment. 5. In consideration for the Employee’s promises in this Agreement, the University agrees to pay the Employee the sum of $ (the Incentive Payment), which represents 50% (fifty percent) of the Employee’s annualized University base salary. This payment shall be made only after the Effective Date of this Agreement, as defined in paragraph 22 of this Agreement.
Sample 1
AutoNDA by SimpleDocs
Retirement Incentive Payment. 3 1. Upon retirement only from public education with the Rapid River Public Schools, under the Michigan 4 Public Schools Employee Retirement System, employees with sufficient years of active duty service within 5 the Rapid River Public School system shall be eligible to receive a retirement incentive payment based on 6 pay a pro-rated portion of their accumulated sick leave as of the time of retirement (each unused sick leave
Sample 1

Related to Retirement Incentive Payment

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.

  • RETIREMENT INCENTIVE PROGRAM A. A Retirement Incentive Program will be provided by the District based upon the conditions stipulated below:

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • 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%

  • EARLY RETIREMENT INCENTIVE PLAN 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:

  • 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

  • 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:

  • 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.

Time is Money Join Law Insider Premium to draft better contracts faster.