Buy Out of Retirement Benefits Sample Clauses

Buy Out of Retirement Benefits. A. Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit The Board and the Association specifically reserved the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and the Association now confirm that in Article VI, entitled Compensation in the Agreement immediately before this amendment’s effective date, the Early Retirement Pay benefit described in Article VI, Sections F, G and H of the prior agreement are terminated and shall not apply to any teacher retiring from the school corporation on or after this amendment’s effective date, except that any teacher who meets the retirement eligibility contained herein by June 30, 2006 may choose to retire under the provisions of the previous agreement provided that they have given the Corporation an irrevocable notice of such election no later than October 1, 2004. Those teachers who retired before the effective date shall only be entitled to the retirement benefits contained in the prior agreement as of the time of his or her retirement.
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Buy Out of Retirement Benefits. (Prior to 2004 hire date) Elimination of Prior Agreement’s Retirement and Severance Pay Plan The Board and the Association specifically reserves the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and the Association now confirm that Article VIII, Section F, entitled Retirement Benefit, in the Agreement immediately before this amendment’s effective date, is terminated and shall not apply to any teacher retiring or severing employment with the school corporation on or after this amendment’s effective date, except that those teachers who are eligible to retire prior to the start of the 2006-07 school year may elect to retire under the provision of this section or the retirement provisions contained in the prior agreement. To exercise such option, the eligible teachers must submit a one-time irrevocable letter to the Superintendent indicating their choice no later than October 11, 2004. (For those teachers submitting a letter to retire at the end of the 2005-06 school year, such retirement date may be moved up by one year, upon mutual agreement between the Board and the teacher.) Those teachers who retired or severed employment before the effective date shall only be entitled to the retirement benefits contained in the prior agreement as of the time of his or her retirement, but as may be otherwise revised from time to time. Entitlement to Retirement Benefits and Vesting Requirements A teacher shall be fully vested in the Retirement Benefits described in this article if the retiring teacher has satisfied the following requirements: The teacher has reached the age of fifty (50); and The teacher must have completed not less than fifteen (15) full years as a professional educator; and The teacher has at least 10 continuous years of service with the Corporation. The teacher must notify the Board in writing through the Superintendent of his/her intent to retire by January 1 of the year of retirement. In the event a teacher must retire for his/her own health, the notice shall be waived by Board action. Actuarial Determination of Value of the Current Retirement and Severance Pay Plan The Educational Services Corporation has been selected to determine the present value of the unfunded severance benefits described in the prior agreement. In making this present value determination, the Educational Services Corporation shall use the following assumptions: The assumed interest rate for the pur...
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Buy Out of Retirement Benefits. (Prior to 2004 hire date) A. Elimination of Prior Agreement’s Retirement and Severance Pay Plan The Board and the Association specifically reserves the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and the Association now confirm that Article VIII, Section F, entitled Retirement Benefit, in the Agreement immediately before this amendment’s effective date, is terminated and shall not apply to any teacher retiring or severing employment with the school corporation on or after this amendment’s effective date, except that those teachers who are eligible to retire prior to the start of the 2006-07 school year may elect to retire under the provision of this section or the retirement provisions contained in the prior agreement. To exercise such option, the eligible teachers must submit a one-time irrevocable letter to the Superintendent indicating their choice no later than October 11, 2004. (For those teachers submitting a letter to retire at the end of the 2005-06 school year, such retirement date may be moved up by one year, upon mutual agreement between the Board and the teacher.) Those teachers who retired or severed employment before the effective date shall only be entitled to the retirement benefits contained in the prior agreement as of the time of his or her retirement, but as may be otherwise revised from time to time.
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Buy Out of Retirement Benefits. A. Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit 1. The Board and the Association specifically reserved the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and the Association now confirm that Article X. entitled “Severance Pay” and Article XI. entitled “Retirement Bridge” in the Agreement immediately before this amendment’s effective date are terminated and shall not apply to any teacher retiring or severing employment with the school corporation on or after this amendment’s effective date. Those teachers who retired or severed employment before the effective date shall only be entitled to the retirement benefits contained in the prior agreement as of the time of his or her retirement, but as may be otherwise revised from time to time.
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Buy Out of Retirement Benefits 
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Related to Buy Out of Retirement Benefits

  • 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.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • 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.

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

  • 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 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.

  • 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.

  • 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.

  • 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

  • Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

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