Continuous Service Benefit Sample Clauses

Continuous Service Benefit. All employees with at least ten (10) continuous years of full-time employment in the District at the time of retirement will receive the following bonus levels: Years of Continuous Service Bonus Money Available 10-14 6% of salary at time of retirement* 15-19 6% of salary at time of retirement* or $3,000 (Ten Month Employees) $3,250 (Twelve Month Employees) whichever is higher Years of Continuous Service Bonus Money Available 20-24 9% of salary at time of retirement* or $3,500 (Ten Month Employees) $3,750 (Twelve Month Employees) whichever is higher 25+ 12% of salary at time of retirement* or $4,500 (Ten Month Employees) $4,750 (Twelve Month Employees) whichever is higher *"Salary at time of retirement" refers to the employee's annual salary at the time of retirement. (Example: Twelve-year employee with an annual salary at the time of retirement is $50,000, then the bonus money available = $3,000 ($50,000 x 6%). Any funds will not be due, owing, or payable until after the employee has retired and received their final paycheck for regular earnings and is payable after receipt of application for retirement benefits from IMRF.
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Related to Continuous Service Benefit

  • Termination for Cause If Vendor fails to materially perform pursuant to the terms of this Agreement, TIPS shall provide written notice to Vendor specifying the default. If Vendor does not cure such default within thirty (30) days, TIPS may terminate this Agreement, in whole or in part, for cause. If TIPS terminates this Agreement for cause, and it is later determined that the termination for cause was wrongful, the termination shall automatically be converted to and treated as a termination for convenience.

  • LEAVE OF ABSENCE With respect to the Award, the Company may, in its sole discretion, determine that if you are on leave of absence for any reason you will be considered to still be in the employ of, or providing services for, the Company, provided that rights to the Restricted Shares during a leave of absence will be limited to the extent to which those rights were earned or vested when the leave of absence began.

  • Termination This Agreement may be terminated at any time prior to the Closing:

  • Retirement Retirement" shall mean voluntary termination by the Executive in accordance with the Employers' retirement policies, including early retirement, generally applicable to their salaried employees.

  • Sick Leave The employee is eligible for long term disability benefits if provided for in the Collective Agreement. An employee will not receive pay for the first two (2) weeks of any period of absence due to a legitimate illness. The employee may utilize the paid holiday bank as income replacement for absences due to illness, as described in Article (c) above. An employee who is eligible may apply for Employment Insurance for weeks three (3) through seventeen (17) for any absence due to a legitimate illness. The Home will provide the employee with Disability Income Protection as per Article 14.01 (c) for weeks eighteen (18) through thirty (30) for any absence due to a legitimate illness. Employees may be required to provide medical proof of illness for any absence of a scheduled shift, which is neither vacation nor an approved leave of absence.

  • Probationary Period A new employee will be considered on probation until he has completed forty-five (45) days of work (or 337.5 hours of work for employees whose regular hours of work are other than the standard work day), within any twelve (12) calendar months. Upon completion of the probationary period he shall be credited with seniority equal to forty-five (45) working days. With the written consent of the Hospital, the probationary employee and the President of the Local Union or designate, such probationary period may be extended. Any extensions agreed to will be in writing and will specify the length of the extension. The release or discharge of an employee during the probationary period shall not be the subject of a grievance or arbitration.

  • Termination for Convenience TIPS may, by written notice to Vendor, terminate this Agreement for convenience, in whole or in part, at any time by giving thirty (30) days’ written notice to Vendor of such termination, and specifying the effective date thereof.

  • Leave Pregnancy leave will be granted in accordance with the provisions of the Employment Standards Act, except where amended in this agreement. Effective on confirmation by the Employment Insurance Commission of the appropriateness of the Hospital'sSupplemental Unemployment Benefit (SUB) plan, and retroactive to date of confirmation by the Employment Insurance Commission, an employee who is on pregnancy leave as provided under this agreement and who is in receipt of Employment Insurance pregnancy benefits pursuant to Section of the Employment Insurance Act, shall be paid a supplemental unemployment benefit. That benefit will be equivalent to the difference between seventy-five per cent (75%) of her regular weekly earnings and the sum of her weekly Employment Insurance pregnancy benefits during her leave and any other earnings. Such payment shall commence following completion of the two week Employment Insurance waiting period, and receipt by the Hospital of the employee's Employment Insurance cheque stub as proof that she is in receipt of Employment Insurance pregnancy benefits, and shall continue while the employee is in receipt of such benefits, for a maximum period of weeks for a pregnancy leave. The employee's regularweekly be determined by multiplyingher regular hourly rate on her last day worked prior to the commencement of the leave times her normal weekly hours. This provision only applies to employees with at least months of continuous service at the hospital prior to the commencement of the pregnancy leave. The employee does not have any vested right except to receive payments for the covered unemployment period. The plan provides that payment in respect of guaranteed annual remuneration or in respect of deferred remuneration or severance pay benefits are not reduced or increased by payments received under the plan. Note: Effective April the SUB top-up level increases from Transfer of Pregnant employees may request to be transferred from their current duties if, in the professional opinion of the employee's physician the pregnancy may be at risk. If such a transfer is not feasible, the pregnant employee, if she so requests, will be granted an unpaid leave of absence before commencement of the current contractual maternity leave provisions. Parental Leave Parental leaves will be granted in accordance with the provisions of the Employment Standards Act, except where amended in this agreement. Effective on confirmation by the Employment Insurance Commission of the appropriatenessof the Hospital'sSupplemental Unemployment Benefit (SUB) plan, and retroactive to date of confirmation by the Employment InsuranceCommission, an employeewho is on parental leave as provided under this agreement and who is in receipt of Employment Insuranceparental benefits pursuantto Section of the Employment Insurance Act, shall be paid a supplemental unemployment benefit. That benefit will be equivalent to the difference between seventy-five per cent (75%) of her regular weekly earnings and the sum of her weekly Employment Insurance parental benefits during her leave and any other earnings. Such payment shall commence following completion of the two week Employment Insurance waiting period, and receipt by the Hospital of the employee's Employment Insurance cheque stub as proof that she is in receipt of Employment Insurance parental benefits, and shall continue while the employee is in receipt of such benefits, for a maximum period of ten weeks for a parental leave. The employee's regular weekly earnings shall be determined by multiplying her regular hourly rate on her last day worked prior to the commencement of the parental leave times her normal weekly hours. This provision only applies to employees with at least months of continuous service at the hospital prior to the commencement of the parental leave. The employee does not have any vested right except to receive payments for the covered unemployment period. The plan provides that payment in respect of guaranteed annual remuneration or in respect of deferred remuneration or severance pay benefits are not reduced or increased by payments received under the plan. Note: Effective April the SUB top-up level increases from Where an employee has become a natural father or has qualified to adopt a child and has at least months of service at the commencement of approved parental leave, such employee may be entitled to extend the parental leave up to an aggregate of six

  • Vacation During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the most favorable plans, policies, programs and practices of the Company and its affiliated companies as in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies.

  • Maternity Leave (a) An employee is entitled to maternity leave of up to 17 weeks without pay.

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