Calculation of Benefit Sample Clauses
Calculation of Benefit. A teacher will be eligible to receive as retirement incentive pay, upon their retirement, the amount obtained by multiplying eighty-two percent (82%) of their unused number of sick leave days, but in any event not to exceed one hundred twenty-three (123) days times their daily rate of pay.
Calculation of Benefit. An employee will be eligible to receive as incentive pay, upon retirement, the amount obtained by multiplying sixty percent (60%) of the unused number of sick leave days, but in any event not to exceed ninety (90) days, times his/her daily rate of pay.
Calculation of Benefit. An employee who retires with the City of Madison shall receive a Benefit for the number of days of unused accumulated sick leave held by the retiring employee on his or her date of retirement, based on the following formula: Total hours of accumulated sick leave x regular hourly rate of pay at time of retirement.
Calculation of Benefit. For all eligible teachers, the cumulative total amount will not exceed an amount determined by multiplying the teacher’s daily rate of pay at the time of retirement times the number of the teacher’s accumulated sick leave days in excess of one hundred and twenty-three (123) days as of the date of retirement. However, the total amount will not exceed $37,800. The monthly district contribution toward the premium will be determined using the cumulative total amount earned by the teacher divided by the number of months until the teacher qualifies for Medicare. The benefit amount will not exceed 100% of the premium of the insurance plan selected by the teacher. Starting July 1, 2020 with teachers who retire in the 2020-2021 school year, the benefit amount may be used for health insurance contribution, remaining funds may be then used for dental insurance contribution, and then life insurance premiums if Medicare eligible and will not exceed 100% of the premium of the insurance plan selected by the teacher. If the teacher’s FTE status is not full time at the time of retirement the benefit will be pro-rated according to the teacher’s current FTE.
Calculation of Benefit. A Principal will be eligible to receive as retirement incentive pay upon their retirement in the amount obtained by multiplying one hundred percent (100%) of their unused number of sick leave days, but in any event not to exceed one hundred ninety-two and one half (192.5) days, times their daily rate of pay.
Calculation of Benefit. For all eligible teachers, the cumulative total amount will not exceed an amount determined by multiplying the teacher’s daily rate of pay at the time of retirement times the number of the teacher’s accumulated sick leave days in excess of one hundred and twenty- three (123) days as of the date of retirement. However, the total amount will not exceed $37,800. The monthly district contribution toward the premium will be determined using the cumulative total amount earned by the teacher divided by the number of months until the teacher qualifies for Medicare. The benefit amount will not exceed 100% of the premium of the insurance plan selected by the teacher. If the teacher’s FTE status is not full time at the time of retirement the benefit will be pro-rated according to the teacher’s current FTE.
Calculation of Benefit. A Licensed Coordinator will be eligible to receive as retirement incentive pay upon their retirement the amount obtained by multiplying one hundred percent (100%) of their unused number of sick leave days, but in any event not to exceed one hundred eighty-five (185) days times their daily rate of pay.
Calculation of Benefit. For all eligible teachers, the cumulative total amount will not exceed an amount determined by multiplying the teacher’s daily rate of pay at the time of retirement times the number of the teacher’s accumulated sick leave days in excess of one hundred and twenty-three (123) days as of the date of retirement. However, the total amount will not exceed $37,800. If the teacher’s FTE status is not full time at the time of retirement the benefit will be pro-rated according to the teacher’s current FTE.
Calculation of Benefit. The Supplemental Benefit shall be the actuarial equivalent of a monthly pension benefit equal to the difference between:
(i) The amount of the hypothetical monthly pension benefit that would be payable to the employee as a single-life annuity under the Pension Plans had the Employee (A) continued to be employed as an employee of the Company during the Continuation Period and (B) received compensation equal to the amount described in Section 6(b) during the Continuation Period; minus
(ii) the amount of the actual monthly pension benefit payable to the Employee as a single-life annuity under the Pension Plans. For purposes of this subsection (b), actuarial equivalence shall be determined by applying the actuarial assumptions then set forth in the Company's principal funded pension plan for salaried employees used to determine lump sum payments.
Calculation of Benefit. The amount of the sick leave benefit shall be determined by the accumulated sick leave balance at the effective date of retirement or death, accumulated since the beginning date of employment. The accumulated sick leave balance shall be multiplied by seventy-five ($75) dollars per day. The total sick leave benefit shall not exceed twenty two thousand five hundred ($22,500) dollars.