Actuarial Determination of Value of Current Retirement Bridge and Severance Benefits Sample Clauses

Actuarial Determination of Value of Current Retirement Bridge and Severance Benefits. The ISTA Financial Services Corporation has been selected to determine the present value of the unfunded Retirement Severance Pay Benefits and the Early Retirement Program benefits described in the Prior Agreement. In making this present value determination, FSC shall use the following assumptions:
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Actuarial Determination of Value of Current Retirement Bridge and Severance Benefits. The Educational Services Corporation has been selected to determine the present value of the unfunded Retirement Severance Pay Benefits and the Social Security and Medicare Bridge Benefits described in the Prior Agreement. In making the present value determination, ESC shall use the following assumptions:
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Actuarial Determination of Value of Current Retirement Bridge and Severance Benefits. The ISTA Financial Services Corporation (“FSC”) has been selected to determine the present value of the unfunded Retirement Severance Pay and Retirement Bridge Program benefits described in the Prior Agreement. In making this present value determination, FSC shall use the following assumptions: Interest Rate. The assumed short term interest rate for the first three (3) years for purposes of determining the present value is 4%, the interest rate for the next three years is 5.83%, and the assumed long term interest rate for purposes of determining the present value is 7.50%.
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Related to Actuarial Determination of Value of Current Retirement Bridge and Severance Benefits

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.

  • Vacation Pay on Retirement Termination is as follows:

  • Termination and Severance Pay Employees who terminate their employment with the City for any reason shall have their termination pay computed in the following manner.

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