Compensation at Retirement Sample Clauses

Compensation at Retirement. Upon retirement, a full-time member shall be compensated at the rate of one-fourth (1/4) of daily salary for each day of sick leave standing to the member’s credit as of the last day on the active payroll, up to a maximum of an equivalent of sixty (60) days’ pay.
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Compensation at Retirement. Upon retirement, pursuant to Connecticut General Statutes, Chapter 66, as amended, and all other retirement plans, a Faculty Member shall be compensated at the rate of one-fourth (1/4) of his/her daily salary for each day of sick leave standing to his/her credit as of his/her last day on the active payroll, up to a maximum of an equivalent of sixty (60) days’ pay. Upon the death of an employee who has completed ten years of State service, the Employer shall pay to the employee’s estate one-fourth (1/4/) of the deceased employee’s daily salary for each day of sick leave accrued to his/her credit as of his/her last day on the active payroll, up to a maximum of an equivalent of sixty (60) days’ pay. Compensation for twelve-month employees equals (annual salary/261) times the number of days accrued (to a maximum of 240) times 0.25. Compensation for ten-month employees equals (annual salary/217) times number of days accrued (to a maximum of 240) times 0.25.
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Compensation at Retirement. Except for certain provisions under the PERS laws that superseded this contract agreement, the language regarding compensation at retirement shall be stated herein. Upon retirement an employee shall receive a lump sum payment equal to fifty (50%) percent pay on his/her current hourly rate of pay for all earned and unused sick leave up to the maximum amount stipulated in the contract.
Sample 1
Compensation at Retirement. Except for certain provisions under the PERS laws that superseded this contract agreement, the language regarding compensation at retirement shall be stated herein. Upon retirement an employee shall receive a lump sum payment equal to fifty (50%) percent pay on his/her current hourly rate of pay for all earned and unused sick leave up to the maximum amount stipulated in the contract. Upon retirement an employee shall receive 100% (one hundred) percent pay for all earned and unused pro-rated vacation leave, pro-rated longevity pay, and pro-rated personal days pay, with no maximum amount. The above pro-rated vacation pay, pro-rated longevity pay, pro-rated personal days pay shall not be included as part of the maximum amount of the sick leave payout stipulated in the contract. Payments for sick or other pays listed above shall be made within thirty (30) days after the date of retirement, unless the employee and the Employer agree on a longer period of time that will help the employee for tax purposes.
Sample 1
Compensation at Retirement. If upon Retirement, Executive is not retained in a non-executive capacity as Chairman of the Company (or such other position agreed to by Executive) with compensation on such terms and conditions agreed to by Executive, the Company agrees to pay Executive (without duplication of amounts otherwise payable under Section 8) the following: i. The Company will pay to Executive an amount equal to two (2) times Executive’s Base Salary (at the rate in effect as of the date of Executive’s termination) in twenty-four (24) equal monthly installments commencing sixty (60) days following the date of termination, which shall be paid to Executive through the Company’s regular payroll; plus ii. The Company will pay to Executive an amount equal to two (2) times the bonus received by Executive during the fiscal year immediately preceding the fiscal year of Executive’s termination in twenty-four (24) equal monthly installments commencing sixty (60) days following the date of termination, which shall be paid to Executive through the Company’s regular payroll.
Sample 1
Compensation at Retirement. Upon retirement, pursuant to Chapter 66 or 167a of the Connecticut General Statutes, a professional staff member shall be compensated at the rate of one‐ fourth of her/his daily salary for each day of sick leave standing to her/his credit as of his/her last day on the active payroll, up to a maximum of 240 days.
Sample 1

Related to Compensation at Retirement

  • 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.

  • 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.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌ (a) Retire at age sixty-five (65) years; or (b) Retire after age sixty-five (65) years; or (c) Have completed at least ten (10) years continuous employment and retire after age fifty-five (55) years but before age sixty-five (65) years; (d) Employees who have completed at least ten (10) years continuous service with the Employer, whose age plus years of that service equal eighty (80); shall be granted retirement bonus on the basis of four (4) days per year of employment.

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