2009 Termination Incentive Payment Sample Clauses

2009 Termination Incentive Payment. The Termination Incentive Payment (TIP) shall be paid out in accordance with the parties’ Letter of Understanding dated February 25, 2010.
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2009 Termination Incentive Payment. Bargaining unit members who retire or resign from the District following ratification of the 2009-2012 Agreement shall receive a Termination of Service Bonus of one- thousand dollars ($1,000) for each year of service with the District up to ten (10) years of service, with a cap of $10,000. Bargaining unit members on layoff status shall not be entitled to this Bonus until such time as they are removed from the layoff list pursuant to Article Fifteen. However, no member’s Termination of Service Bonus shall exceed the amount he/she contributed to his/her TIP account pursuant to Article Nine, Section B. Members may elect to have their Termination of Service Bonus paid as a lump sum, deposited into an annuity, or deposited into a Tax Deferred Plan (TDP).
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2009 Termination Incentive Payment. The Termination Incentive Payment (TIP) shall be paid out in accordance with the parties' agreement of December 3, 2009, and the modifications to such agreement set forth in the Letter of Understanding dated February 25, 2010, as reflected below. Beginning January 12, 2010 and ending with the fourth (4th) pay of the 2011-2012 school year (for a total of 40 payments), all salaried members of the bargaining unit (except assistant attendance officers, accompanists and members who work less than .50 FTE) shall have $250 per pay deducted from their pay and deposited into a Termination Incentive Plan (TIP) account. (Deductions shall not be made for the four (4) summer checks for members on 26 pays – checks numbered 23-26). A total of all deposits in an individual member’s TIP account shall be shown on the member's pay stub. Assistant attendance officers, accompanists, members who work less than .50 FTE, hourly and daily rated members shall not be required to pay into the TIP account but shall have the option of doing so. Bargaining unit members who are terminated, retire, or resign from the District following ratification of the 2009-2012 Agreement shall receive a Termination of Service Bonus of one thousand dollars ($1,000) for each year of service with the District up to ten (10) years of service, with a cap of $9,000. Bargaining unit members on lay off status shall not be entitled to this Bonus until such time as they are removed from the layoff list pursuant to Article Fourteen. However, no member’s Termination of Service Bonus shall exceed the amount he/she contributed to his/her TIP account. Members may elect to have their Termination of Service Bonus paid as a lump sum, deposited into an annuity, or deposited into a Tax Deferred Plan (TDP).
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Related to 2009 Termination Incentive Payment

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