Accumulated Leave Plans. All employees who turn 55 or older in the calendar year in which they retire will take part in an Accumulated Leave Plan that is offered by one of the following four companies: VOYA, MetLife Investors Group, Variable Annuity Life Insurance Co., or Xxxxxx Xxxx. 1. If a retiring member is a participant in an accumulated leave plan, an employer contribution shall be made on his/her behalf under the accumulated leave plan within seventy-five (75) calendar days of the participant’s last workday in an amount equal to the lesser of: a. The total amount of the Participant’s Severance Pay, or b. The maximum contribution amount allowable under the terms of the accumulated leave plan. 2. To the extent that an accumulated leave plan participant’s severance pay exceeds the maximum amount allowable under the accumulated leave plan for a calendar year, the excess amount shall be payable to the accumulated leave plan in the following January, up to the maximum accumulated leave plan limits for that calendar year. If there is any remaining excess, it shall likewise be paid in subsequent calendar years; provided, however, that if any excess remains at the end of the fifth calendar year following the calendar year of retirement, the remainder shall be paid in cash to the retired employee. 3. If a member is entitled to have a contribution paid to an accumulated leave plan and dies prior to such contribution being paid to the Plan, the contribution shall be paid to the estate of the deceased member.
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Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
