Conversion of Vacation Entitlement Prior to Retirement Sample Clauses

Conversion of Vacation Entitlement Prior to Retirement at Age 66 or Earlier (a) Under the conditions set out below, a Member may opt to convert (the "Conversion Option") one (1) week of annual vacation entitlement in each year preceding retirement (to a maximum of three [3]) into a one-time 2% salary increase based on the Member's salary in the immediately preceding salary year. The 2% increase will be calculated on the Member’s base salary immediately prior to the start of the salary year during which it takes effect. Both the salary increase and the reduction in vacation will be ongoing until the Member's retirement date. (b) The Member shall submit the Conversion Option to the Employer within three (3) years (or earlier) of his or her intended retirement date. The latest eligibility date for the Conversion Option shall be the Member's sixty-fifth birthday, with a retirement date no later than the end of the academic term (i.e., either 30 April, 31 August, or 31 December) during which the Member turns 66. (c) Where the Member notifies the Employer prior to the earliest eligibility date, the 2% salary increase shall take effect on the earliest eligibility date (three [3] years prior to the retirement date). Where the Member notifies the Employer after the earliest eligibility date, the 2% salary increase shall take effect on the first day of the month following such notification.
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Conversion of Vacation Entitlement Prior to Retirement. 11.4.1 Under the conditions set out below, a Member within three years of retirement may opt to convert one week of annual vacation entitlement into a 2% salary increase based on the Member’s salary in the immediately preceding salary year. 11.4.2 The eligibility date for such conversion shall be the date on which the Member is within three years of her/his latest retirement date, or within three years of such earlier retirement date as the Member shall declare in writing to the University. Such eligibility date shall be not later than April 30, 2009, with retirement on or before May 1, 2012. 11.4.3 Where the Member notifies the University prior to the eligibility date, the 2% salary increase shall take effect on the eligibility date. Where the member notifies the University after the eligibility date, the 2% salary increase shall take effect without retroactivity on the first day of the month following such notification.
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Conversion of Vacation Entitlement Prior to Retirement at Age 66 or Earlier 11.4.1 Under the conditions set out below, a Member may opt to convert (the "Conversion Option") one week of annual vacation entitlement in each year preceding retirement (to a maximum of three) into a 2% salary increase based on the Member's salary in the immediately preceding salary year. The 2% increase will be calculated on the Member’s base salary immediately prior to the start of the salary year during which it takes effect. Both the salary increase and the reduction in vacation will be ongoing until the Member's retirement date. 11.4.2 Eligibility date for conversion of vacation entitlement shall be not later than April 30, 2013 with retirement on or before May 1, 2016. 11.4.3 The Member shall submit the Conversion Option to the University within three years (or earlier) of his or her intended retirement date. The latest eligibility date for the Conversion Option shall be the Member's 65th birthday, with a retirement date no later than the end of the academic term (i.e., either 30 April, 31 August, or 31 December) during which he or she turns 66. 11.4.4 Where the Member notifies the University prior to the earliest eligibility date, the 2% salary increase shall take effect on the earliest eligibility date (three years prior to the retirement date). Where the Member notifies the University after the earliest eligibility date, the 2% salary increase shall take effect on the first day of the month following such notification. 2. Effective 1 May 2006, the Memorandum of Agreement Article 13.3.3(d) will be replaced with the following:
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Related to Conversion of Vacation Entitlement Prior to Retirement

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • Coverage Selection Prior to Retirement An employee who retires and is eligible to continue insurance coverage as a retiree may change his/her health or dental plan during the sixty (60) calendar day period immediately preceding the date of retirement. The employee may not add dependent coverage during this period. The change takes effect on the first day of the month following the date of retirement.

  • Vacation Entitlement i) A transferring employee will accrue vacation in accordance with the collective agreement of the designated employer. ii) A transferring employee will have pre-approved vacation requests honoured. iii) Vacation entitlement not used by the employee at the time of transfer shall transfer with the employee to the designated employer, if applicable. iv) Vacation scheduling will be in accordance with the applicable collective agreement and the practice of the designated employer.

  • Annual Vacation Entitlement (a) An Employee shall be entitled to receive annual vacation leave with pay: (i) each year during their first forty-eight (48) months of service at the rate of one and one-quarter (1 1/4) days for each month of service; and (ii) each year after forty-eight (48) months of service at the rate of one and two-thirds (1 2/3) days for each month of service; and (iii) each year after one hundred and sixty-eight (168) months of service at the rate of two and one-twelfth (2-1/12) days for each month of service; and (iv) each year after two hundred and eighty-eight (288) months of service at the rate of two and one half (2 ½) days for each month of service. (b) An Employee who, as of February 19, 2001, has earned entitlement to more vacation than provided for in Article 17.01(a) of the collective agreement by virtue of their terms and conditions of employment with a predecessor employer shall retain that entitlement. Any future increase in vacation entitlement for such Employees shall be pursuant to Article 17.01(a).

  • Vacation Entitlement Upon Dismissal Employees dismissed for cause shall be paid their unused earned vacation allowance pursuant to Articles 28.01 and 28.02.

  • Public Employees Retirement System “PERS”) Members.

  • Termination of 401(k) Plan Unless otherwise directed in writing by Parent at least five business days prior to the consummation of the Offer, and to the extent permitted by Applicable Law, the Company will terminate any and all Employee Plans intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code, effective as of the day immediately preceding the date the Company becomes a member of the same Controlled Group of Corporations (as defined in Section 414(b) of the Code) as Parent (the “401(k) Termination Date”). The Company shall provide Parent evidence that such resolutions to terminate the 401(k) plan(s) of the Company and its Subsidiaries have been adopted by the Company Board or the board of directors of its Subsidiaries, as applicable. The form and substance of such resolutions shall be subject to the reasonable approval of Parent. The Company shall also take such other actions in furtherance of terminating any such 401(k) plans as Parent may reasonably request. Immediately prior to the 401(k) Termination Date, the Company will make (or cause to be made) all necessary payments to fund the contributions (i) necessary or required to maintain the tax-qualified status of any such 401(k) plan and (ii) for elective deferrals made pursuant to any such 401(k) plan for the period prior to its termination. As promptly as practicable after the 401(k) Termination Date and subject to the terms of Parent’s 401(k) plan, Parent shall permit all employees of the Company and its Subsidiaries who were eligible to participate in any such 401(k) plan immediately prior to the 401(k) Termination Date to participate in Parent’s 401(k) plan, and to the extent permitted by the terms of the applicable plan, shall permit each continuing employee of the Company and its Subsidiaries to elect to roll over his or her account balance from any terminated 401(k) plan maintained by the Company or any of its Subsidiaries, to Parent’s 401(k) plan.

  • Vacation Eligibility Subject to the provisions of Sections 3., 4., 8., and 9. hereof, vacations with pay shall be granted during the vacation year to each employee, except upon dismissal for misconduct, who shall have completed a period of six (6)-months’ employment since date of engagement or reengagement, whichever is later, and who has performed work for the Company within the vacation year, as follows: a. One (1) week’s vacation to any such employee who has completed six (6) months or more but less than twelve

  • Accumulation of Vacation Leave For each month of a fiscal year in which an employee receives ten (10) days pay, he shall earn vacation leave at the following rates:

  • Benefits Upon Plan Termination In the event this Long-Term Disability Plan is terminated, the benefit payments shall continue to be paid in accordance with the provisions of this Plan to disabled employees who became disabled while covered by this Plan prior to its termination.

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