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 Except for certain provisions under the PERS laws that superseded this contract agreement, the language regarding compensation at retirement shall be stated herein.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. Upon retirement an employee shall receive one hundred percent (100%) 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:
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

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • 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.

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Termination of Employment Due to Retirement In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant’s Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Board after the close of the Performance Cycle as described below. Subject to the negative discretion of the Board, the Participant will be entitled to receive a payment equal to the product of (i) the pro-rata vesting percentage equal to the days of Participant’s Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value. Such payment shall be made as soon as administratively feasible following the Board’s determination under Paragraph 2 and, in all cases, the payment shall be made within the first calendar year following the end of the Performance Cycle. If, in accordance with the Board’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 6.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

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