CREDIT UNIT CANCELLATION ON PAYMENT OF BENEFITS Sample Clauses

CREDIT UNIT CANCELLATION ON PAYMENT OF BENEFITS. The number of credit units to be canceled for any benefit shall be determined in accordance with the following table on the basis of: (1) The seniority of the employee to whom such benefit is paid; and (2) The Trust Fund position applicable to the week for which such benefit is paid. If the seniority of the person whom such benefit is paid is: If the Trust Fund position For which such Benefit Yrs. Yrs. Yrs. Yrs. & Over Is paid Is: 80 % or over 1.00 1.00 1.00 1.00 1.00 70-79.99% 1.15 1.00 1.00 1.00 1.00 60-69.99% 1.30 1.15 1.00 1.00 1.00 50-59.99% 1.50 1.30 1.15 1.00 1.00 40-49.99% 2.00 1.50 1.30 1.15 1.00 30-39.99% 2.50 2.00 1.50 1.30 1.15 20-29.99% 3.33 2.50 2.00 1.50 1.30 10-19.99% 5.00 3.33 2.50 2.00 1.50 4- 9.99% 7.50 5.00 3.33 2.50 2.00 Under 4% No benefits payable Exceptions to the credit unit cancellation rates in the above table are as follows: (1) 1 2 of the number of credit units will be canceled for an unscheduled automatic short work week benefit payable for three or more hours when, with respect to such week, the employee has earned from the Company an amount equal to or in excess of 80% of his/her weekly straight time pay; and
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Related to CREDIT UNIT CANCELLATION ON PAYMENT OF BENEFITS

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Distribution of Benefits Members of this unit with at least one year of the service to the District may apply for a number of days consistent with a one-for-one match of their individual sick leave accumulation as of the end of the previous contract year brought forward to the year of the onset of disability. The combined benefit of accumulated personal sick leave and disability bank leave may not exceed one hundred-eighty days and may carry over from one contract year to another. Employees with less than one full year of service in the District will not be require to contribute one of their individual accumulated sick leave days to the disability bank. The Board reviews the right to request re-application and documentation from anyone requesting more than forty (40) days from the pool. Any benefits will be minus other insurance coverage (i.e. worker’s compensation, social security, etc.).

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Payment in Lieu of Benefits a) All employees not transferred to the Trust who received pay in lieu of benefits under a collective agreement in effect as of August 31, 2014, shall continue to receive the same benefit.

  • Amount of Benefits The vested amount credited to a Participant’s Account as determined under Articles 6, 7 and 8 shall determine and constitute the basis for the value of benefits payable to the Participant under the Plan.

  • Retention of Benefits Union leave under the following four (4) sections will be unpaid. The Employer will maintain regular pay and xxxx the Union for the costs of the employee’s salary and benefits. If the Union member is part-time or casual, and the leave is greater than their normal work hours, the Employer will pay the employee for the full length of the leave requested by the Union. The Employer will xxxx the Union for these days as noted above. The Union will pay these invoices within twenty-eight (28) days. Union leave is not unpaid leave for the purposes of Article 22.02 [i.e. such leave will not affect the employee’s benefits, seniority or increment anniversary date].

  • Cessation of Benefits An employee shall cease to be eligible for benefits of this Plan at the earliest of the following dates: (a) at the end of the month in which the employee reaches his/her sixty-fifth (65th) birthday; (b) on the date of commencement of paid absence prior to retirement; (c) on the date of termination of employment with the Employer. Benefits will not be paid when an employee is serving a prison sentence. Cessation of active employment as a regular employee shall be considered termination of employment except when an employee is on authorized leave of absence with or without pay.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

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