Benefit on Retirement, Death or Termination of Employment Sample Clauses

Benefit on Retirement, Death or Termination of Employment. The benefit provided on the member’s retirement, death or termination of employment shall be the value of the member’s pension account. Payment options shall be in accordance with those allowable under the Ontario Pension Benefits Act and the Income Tax Act. COMPANY GROUP REGISTERED RETIREMENT SAVINGS PLAN (GROUP RRSP) (for employees 50 or over as of September 1, 2004) Note: The Group RRSP Plan is being established in order to compensate employees who are closer to retirement age against any lower retirement benefit entitlement that might otherwise flow from the change from a defined benefit pension plan to a defined contribution plan Effective Date: September 1, 2004 Eligibility: Bargaining unit employees who are members of the Company Defined Benefit Plan (DB Plan) and who are age 50 or over as of September1, 2004. Contributions: The Company will contribute an amount for each eligible member per month, calculated as a percentage of the contribution being made for that month to the Company Defined Contribution Plan (DC Plan) based on the members age at the beginning of each month as follows: Age Percentage 50 20% 51 40% 52 60% 53 80% 54 or older 100% The contributions will be deposited in the member’s registered retirement savings plan (RRSP) with the Investment Company. The member will determine how their RRSP will be invested within a selection of funds available from the Investment Company. Disability: Company contributions will continue for members who are disabled at the amount in effect as if they were active members. Expenses: All expenses of establishing and operating the Group RRSP shall be paid by the Company. No expenses shall be paid by the employee or charged against their RRSP.
Sample 1
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Benefit on Retirement, Death or Termination of Employment. The benefit provided on the member’s retirement, death or termination of employment shall be the value of the member’s pension account. Payment options shall be in accordance with those allowed under the Ontario Pension Benefits Act and the Income Tax Act.
Sample 1

Related to Benefit on Retirement, Death or Termination of Employment

  • Termination of Employment Executive's employment hereunder may be terminated under the following circumstances:

  • Employee Termination A) Regular employees other than those serving a probationary period, shall give twenty-eight (28) calendar days written notice of termination to a representative designated by the Employer with the authority to accept such written notice.

  • Employee’s Termination The Employee ☐ *shall ☐ shall not have the right to terminate this Agreement. *If allowed, the Employee shall be required to provide at least days’ notice. If the Employee should terminate this Agreement before the expiration date, he or she shall be entitled to severance, equal to their pay at the time of termination, for a period of .

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

  • Benefit Termination Any employee terminating employment shall be entitled to receive the District insurance contribution for the remainder of the calendar month in which the contribution is effective. In cases where separation occurs after completion of the employee’s full contract obligation (i.e. the end of the school/work year), benefit coverage will continue through August 31 of that year.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Death or Disability The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

  • EMPLOYMENT & TERMINATION This Agreement and the employment of the Executive shall terminate upon the occurrence of any of the following:

  • Re-employment After Voluntary Termination or Dismissal for Cause Where an employee voluntarily leaves the Employer's service, or is dismissed for cause and is later re-engaged, seniority and all perquisites shall date only from the time of re-employment, according to regulations applying to new employees.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

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