Accumulation Benefit Sample Clauses

Accumulation Benefit. Upon retirement, bargaining unit members who have not used the early retirement incentive and who have been members of the XxXxxx Rural Agricultural school system and/or the Falmouth Elementary school system for more than 20 years will receive $275for each year of service beyond 20 years. Deleted: 11 Deleted: 250
Sample 1
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Accumulation Benefit. Upon retirement, bargaining unit members who have not used the early retirement incentive and who have been members of the McBain Rural Agricultural school system for more than 20 years as a teacher will receive $325 for each year of service beyond 20 years.
Sample 1
Accumulation Benefit. On the Rider Maturity Date, if the Accumulation Benefit is greater than the Contract Value plus, if applicable, the amount of any loan outstanding plus accrued interest, then the Contract Value will be increased to equal the Accumulation Benefit. The excess amount of any such increase will be allocated to the money market Variable Sub-account. Prior to the Rider Maturity Date, the Accumulation Benefit will not be available as a Contract Value, Settlement Value, or Death Proceeds. Additionally, if this rider is terminated for any reason prior to the Rider Maturity Date, no Accumulation Benefit will be paid. After the Rider Maturity Date, this rider provides no additional benefit.
Sample 1
Accumulation Benefit. 1. An employee who retires under the Michigan Public School Employees Retirement System will be paid sixty-five percent (65%) of their accumulated sick days at the prevailing rate of pay. An employee who does not retire, but leaves the employ of the Board after ten (10) years of continuous service shall receive thirty-five percent (35%) of the accumulated sick days at the prevailing rate of pay. An employee who leaves the employ of the Board after five (5) years of continuous service shall receive twenty percent (20%) of accumulated sick days at the prevailing rate of pay. Any employee who voluntarily leaves the employ of the Board, and gives proper notification, with less than five (5) years of continuous service shall forfeit all accumulated sick days for deposit into the unit’s sick bank. 2. An employee with more than two (2) years of continuous service who is placed on layoff status shall have the option of receiving five (5) days pay (if available) at their current rate of pay, to be deducted from their accumulated sick leave. 3. The employee’s beneficiary shall receive the employee’s accumulation benefit, as if the employee retired on the date of death.
Sample 1
Accumulation Benefit. Employees shall be allowed a year-end accumulation maximum of 500 unused sick leave hours, except those employees having more than 480 hours of sick leave accumulation on January 1, 1984, shall retain such accumulations for sick leave usage and termination consideration. Employees shall be compensated at a rate of one hour of pay for each three hours of unused sick leave in excess of the 500 hours, except those employees having more than 480 hours of sick leave accumulation on January 1, 1984, shall retain such accumulations for sick leave usage and termination consideration. Part-time employees will receive sick leave buyback on a pro-rata basis, based on their hours worked or shift schedule.
Sample 1
Accumulation Benefit. 1. An employee who retires under the Michigan Public School Employees Retirement System will be paid sixty-eight (68%) percent of their accumulated sick days up to 90 days at their current rate of pay. Retirees would be required to receive payment via the Board designated provider in qualified 403(b) program. An employee who does not retire, but voluntarily resigns with a 10 working day notice after ten (10) years of continuous service shall receive thirty-five (35%) percent of the accumulated sick days up to 90 sick days at their current rate of pay. The payment is to be made to a the Board designated provider in a qualified 403(b). 2. Association members that accumulate days in excess of ninety (90) days or their frozen accumulation total above 90 days will have their excess days purchased by the Board at the rate of fifty (50%) percent of their current rate of pay and invested Board in a designated provider of a qualified 403(b) program.
Sample 1

Related to Accumulation Benefit

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Public Benefit It is Reaction Retail’s understanding that the commitments it has agreed to herein, and actions to be taken by Reaction Retail under this Settlement Agreement, would confer a significant benefit to the general public, as set forth in Code of Civil Procedure § 1021.5 and Cal. Admin. Code tit. 11, § 3201. As such, it is the intent of Reaction Retail that to the extent any other private party initiates an action alleging a violation of Proposition 65 with respect to Reaction Retail’s failure to provide a warning concerning exposure to DEHP prior to use of the Products it has manufactured, distributed, sold, or offered for sale in California, or will manufacture, distribute, sell, or offer for sale in California, such private party action would not confer a significant benefit on the general public as to those Products addressed in this Settlement Agreement, provided that Reaction Retail is in material compliance with this Settlement Agreement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

  • Change of Control Benefit Upon a Change of Control, the Company shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

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