Benefit Computation Sample Clauses

Benefit Computation. A. The monthly pension benefits of Officers who retire due to age and service or on account of service-connected total disability shall be based upon the Officer’s monthly average salary during his/her last thirty-six (36) months of employment (final monthly average salary). The compensation to be used in determining the monthly final average salary shall be the same compensation used by the Social Security Administration in its computation of the Medicare portion of the Social Security tax. Monthly final average salary shall include all payments which a member contributes to a Section 125 plan and/or a 457 plan by payroll deduction. B. In addition, Officers who retire who were recipients of Heart and Lung/Workers Compensation benefits paid by the Township in their last 36 months of employment shall have those payments considered as compensation for the purposes of calculating their monthly final average salary. C. The Township shall calculate the Officer’s monthly average salary during his/her final 36 months of employment in accordance with current procedures whereby the first calendar year of the calculation is prorated. Further, for an Officer paid a lump sum in lieu of using his/her remaining paid leave prior to retirement date, the calculation will add the days representing the lump sum to the actual retirement date to create a new effective date for monthly average salary calculation purposes only. D. There shall be zero percent (0%) Social Security Offset for Officers who retire under the terms of this Agreement.
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Benefit Computation. All hours paid to an employee shall be considered as hours worked for the purpose of computing any of the benefits under this Agreement.
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Benefit Computation. For purposes of this Agreement and the method of computing EIB, PTO, seniority, and other benefit conditions of employment, except as otherwise provided for herein, a “month” shall be defined as one hundred seventy-three and thirty-three one hundredths (173.33) hours of work, and a “year” shall be defined as two thousand eighty (2,080) hours of work. Time worked, which is paid on an overtime basis, shall count as time worked for purposes of computing benefits not to exceed two thousand eighty (2,080) hours within any twelve (12) month period. Regular full-time and part-time nurses who are asked not to report for work as scheduled or are sent home because of low census shall also have their low census day hours count for purposes of computing service increments and accrual of fringe benefits. Nurses shall be eligible to receive accrued benefits on a calendar year basis, but their benefits shall be computed on the basis of two thousand eighty (2,080) paid hours and low census hours per year as defined above. Service increments shall become effective at the beginning of the first payroll period following completion of one (1) year of employment as defined above.
Sample 1
Benefit Computation. For purposes of this Agreement and the method of computing EIB, PTO, seniority, and other benefit conditions of employment, except as otherwise provided for herein, a “month” shall be defined as one hundred seventy-three and thirty-three one hundredths (173.33) hours of work, and a “year” shall be defined as two thousand eighty (2,080) hours of work. Time worked, which is paid on an overtime basis, shall count as time worked for purposes of computing benefits not to exceed two thousand eighty (2,080) hours within any twelve (12) month period. Regular full-time and part-time nurses who are asked not to report for work as scheduled or are sent home because of low census shall also have their low
Sample 1
Benefit Computation. A. The monthly pension benefits of Officers who retire due to age and service, or on account of service-connected total disability, shall be based upon the Officer’s monthly average salary during his/her last thirty-six (36) months of employment, referred to as final average salary (“FAS”). The compensation to be used in determining the FAS shall be the same compensation used by the Social Security Administration in its computation of the Medicare portion of the Social Security tax. FAS shall include all payments which a member contributes to a Section 125 plan and/or a 457 plan by payroll deduction. B. Opt-out payments earned after January 1, 2017 will not be included in the FAS calculation, nor shall they be subject to a pension deduction/contribution. C. In addition, Officers who retire who were recipients of Heart and Lung/Workers Compensation benefits paid by the Township in their last 36 months of employment shall have those payments considered as compensation for the purposes of calculating their monthly final average salary. D. The Township shall calculate the Officer’s monthly average salary during his/her final 36 months of employment in accordance with current procedures whereby the first calendar year of the calculation is prorated. Further, for an Officer paid a lump sum in lieu of using his/her remaining paid leave prior to retirement date, the calculation will add the days representing the lump sum to the actual retirement date to create a new effective date for monthly average salary calculation purposes only. E. There shall be zero percent (0%) Social Security Offset for Officers who retire under the terms of this Agreement.
Sample 1
Benefit Computation. An eligible employee, upon early retirement, shall receive as early retirement benefits, a one time amount based upon computations associated with employee’s salary as of September 1,1981, based upon the 1981-1982 Salary Schedule. following as benefits on September 1, 1982. 1. Age 60:100% of the difference between the salary associated with Class 1-Step 4 and the employees salary as of September 1, 1981, on the 1981-82 salary schedule. 2. Age 61: 90% of the difference between the salary associated with Class I-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule. 3. Age 62: 80% of the difference between the salary associated with Class I-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule. 4. Age 63: 70% of the difference between the salary associated with Class I-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule. 5. Age 64: 60% of the difference between the salary associated with Class 1-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule. 6. Age 65: 50% of the difference between the salary associated with Class 1-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule.
Sample 1
Benefit Computation. Compensatory time off taken by an eligible employee during the employees regularly scheduled working hours shall be considered as time worked in computing benefits for that employee. (In no event may an employee be credited with more than forty hours worked in a work week).
Sample 1
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Related to Benefit Computation

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Benefit Coverage The Company agrees to provide pension and welfare benefits as described in the Company Booklets, benefit plan documents or policies of insurance for the duration of the Agreement.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Benefit Continuation (a) For leaves taken pursuant to Clause 21.1, 21.2 and 21.3 the Employer shall maintain coverage for medical, extended health, dental, group life and long-term disability, and shall pay the Employer’s share of these premiums. (b) Notwithstanding Clause 21.4(a) above, should an employee be deemed to have resigned in accordance with Clause 21.5 the Employer will recover monies paid pursuant to this clause.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.05(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long-term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or via the Government Employees Compensation Act prevents the employee from receiving Employment Insurance or Québec Parental Insurance Plan benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.05(a), other than those specified in sections (A) and (B) of subparagraph 17.05(a)(iii), shall be paid, in respect of each week of benefits under the parental allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of the employee's rate of pay and the gross amount of his or her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.05 for a combined period of no more than the number of weeks during which the employee would have been eligible for parental, paternity or adoption benefits under the Employment Insurance or Québec Parental Insurance Plan, had the employee not been disqualified from Employment Insurance or Québec Parental Insurance Plan benefits for the reasons described in subparagraph (a)(i).

  • Benefit Level The primary care clinics available through each plan administrator are assigned a Benefit Level. The Benefit Levels are outlined in the benefit chart below. Primary care clinics may be in different Benefit Levels for different plan administrators. Family members may be enrolled in clinics that are in different Benefits Levels. Employees and their dependents may change to clinics in different Benefit Levels during the annual open enrollment. Employees and their dependents may also elect to move to a clinic in a different Benefit Level within the same plan administrator up to two (2) additional times during the plan year. Unless the individual has a referral from his/her primary care clinic, there are no benefits for services received from providers in Benefit Levels that are different from that of the primary care clinic in which the individual has enrolled.

  • Code Section 409A Compliance Each payment under this Agreement shall be considered a separate payment for purposes of Section 409A. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amount or benefit upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Internal Revenue Code Section 409A (“Section 409A”) and, for purposes of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” Notwithstanding anything to the contrary in this Agreement, if the Executive is a “specified employee” (within the meaning of Section 409A) on the date of the Executive’s separation from service, then any payments or benefits that otherwise would be payable under this Agreement within the first six months following the Executive’s separation from service (the “409A Suspension Period”), shall instead be paid in a lump sum within fourteen (14) days after the end of the sixth month period following the Executive’s separation from service, or Executive’s death, if sooner, but only to the extent that such payments or benefits provide for the “deferral of compensation” within the meaning of Section 409A, after application of the exemptions provided in Sections 1.409A-1(b)(4) and 1.409A-1(b)(9)(ii)-(v) thereof. After the 409A Suspension Period, the Executive will receive any remaining payments and benefits due pursuant to this Agreement in accordance with its terms (as if there had not been any suspension beforehand). To the extent that severance payments or benefits under this Agreement are conditioned on the execution of a release by Executive, Executive shall forfeit all rights to such payments and benefits unless such release is signed and delivered to the Company within the time required by this Agreement. Whenever a payment under this Agreement specified a payment period with respect to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company. The Company will cooperate with the Executive in making any amendments to this Agreement that the Executive reasonably requests to avoid the imposition of taxes or penalties under Section 409A of the Code provided that such changes do not provide the Executive with additional benefits (other than de minimus benefits) under this Agreement.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.02(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or the Government Employees Compensation Act prevents her from receiving Employment Insurance or Québec Parental Insurance Plan maternity benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.02(a), other than those specified in sections (A) and (B) of subparagraph 17.02(a)(iii), shall be paid, in respect of each week of maternity allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of her weekly rate of pay and the gross amount of her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.02 for a combined period of no more than the number of weeks during which she would have been eligible for maternity benefits under the Employment Insurance or Québec Parental Insurance Plan had she not been disqualified from Employment Insurance or Québec Parental Insurance maternity benefits for the reasons described in subparagraph (a)(i).

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • TAX LIMITATION ELIGIBILITY In order to be eligible and entitled to receive the value limitation identified in Section 2.4 for the Qualified Property identified in Article III, the Applicant shall: A. have completed the Applicant’s Qualified Investment in the amount of Ten Million Dollars ($10,000,000) during the Qualifying Time Period; B. have created and maintained, subject to the provisions of Section 313.0276 of the TEXAS TAX CODE, New Qualifying Jobs as required by the Act; and C. pay an average weekly wage of at least $678.25 for all New Non-Qualifying Jobs created by the Applicant.

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