Basis of Retirement Benefit Sample Clauses

Basis of Retirement Benefit. The retirement benefit shall be an annual payment equal to 15% of the retiree's annual salary in the primary teaching contract for the final year of service. The payment shall be paid annually in January. Payment will be made for a period of five (5) years.
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Basis of Retirement Benefit. The early retirement benefit shall be an annual payment made in the retired Professional Employee’s name to the college’s identified 403(b) plan provider. The payment will be determined by utilization of the percentage opposite the year of benefit on the following table. The percentage for the year shall be multiplied by the Professional Employee’s last annual contract salary. The payment shall be paid annually in either January or July. The early retirement benefit period will end when the Professional Employee reaches age 65 or when five (5) years of early retirement benefits have accrued, whichever occurs first. The benefit for a benefit year in which the full-time employee reaches age 65 shall be prorated. The initial date selected for first year payment (January/July) shall then become the anniversary date for subsequent payments. Early retirement benefits shall be based on KPERS retirement eligibility and years of service after eligibility according to the chart below. KPERS Eligible 21% Eligibility + 1 year service 18% Eligibility + 2 years service 15% Eligibiilty + 3 years service 12% Eligibility + 4 years service 9% Eligibility + 5 years service 6% Eligibility + 6 years service 3% It is further provided that the President of the College shall compute an estimated early retirement benefit for each Professional Employee. This information shall be provided to the Professional Employee and become a part of the Professional Employee’s permanent file.
Sample 1
Basis of Retirement Benefit. The early retirement benefit shall be an annual payment determined by utilization of the percentage opposite the year of benefit on the following table. The percentage for the year shall be multiplied by the Professional Employee's last annual contract salary. The payment shall be paid annually in either January or July through the College contract year in which the Professional Employee reaches age sixty-four (64) or for a period of five (5) years, whichever occurs first. The initial date selected for first year payment (January/July) shall then become the anniversary date for subsequent payments. The age at the time of retirement shall determine the percentage of last annual salary for that year and each subsequent year. Year of Benefit Percent of Last Annual Salary Age 56 8% Age 57 10% Age 58 13% Age 59 17% Age 60 21% Age 61 17% Age 62 13% Age 63 10% Age 64 8% It is further provided that the President of the college shall compute on or before January 15 of each year an estimated early retirement benefit for each Professional Employee between ages fifty-six
Sample 1

Related to Basis of Retirement Benefit

  • 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.

  • 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.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

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