Early Departure Incentive Sample Clauses

Early Departure Incentive. 46.01 In the event that a member of the pension plan should retire from active service at anytime after the period from June 1, 2009 and at the member’s retirement date during this period, the member has attained at least age 55, the member will be entitled to receive an “early departure incentive.” The early departure incentive: • Will be paid monthly. • Will be paid to the member directly by the company. • Will commence to be paid at the same time the member elects to commence receiving his pension from the pension plan, but not earlier than the first day of the month coincident with or next following the member’s attainment of age 55, and • Will be paid to the member until the first day of the month immediately preceding the earlier of the member’s death or the member’s attainment of age 65. The monthly amount of the early departure incentive will equal $20.00 multiplied by the member’s credited service under the pension plan as at his retirement date, to a maximum of 30 such years. It is understood that the provision of the early departure incentive is intended to assist those employees who will reach age 55 after the period from October 1, 2009 with the transition from the workforce to retirement before their normal retirement age. Drug coverage and all other benefits will continue to age 65.
Sample 1Sample 2
AutoNDA by SimpleDocs
Early Departure Incentive. A. After twenty (20) years of service/seniority to the West Bridgewater schools a teacher will receive ten thousand dollars ($10,000). The teacher must notify the Superintendent on or before January 1st of his/her intention to leave at the end of the school year, (ex. School year ends June 22, check is due by July 15).
Sample 1

Related to Early Departure Incentive

  • LIVING AWAY FROM HOME ALLOWANCE 27.1 For the purpose of this Clause, a “distant project” is one where the location of the “on-site project work” is such that because of its distance or because of the travelling facilities available to and from the location, it is reasonably necessary for an employee to live and sleep at some place other than his/her usual place of residence.

  • Vacation Pay Upon Termination When an employee in the bargaining unit is terminated for any reason, he/she shall be entitled to all vacation pay earned and accumulated up to and including the effective date of the termination.

  • EARLY RETIREMENT INCENTIVE PLAN 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:

  • Sick Leave Incentive Program MSUAASF and Minnesota State may develop a sick leave incentive program through the establishment of a joint committee.

  • If You Fail to Sign Lease After Approval Unless we authorize otherwise in writing, you and all co-applicants must execute the Lease after your Application is approved. If you or any co-applicant fails to sign as required, we may keep the application deposit as liquidated damages and terminate all further obligation to each other.

  • Performance Incentive 4.9.1 If the Seller delivers Coal to the Purchaser in excess of ninety percent (90%) of the ACQ in a particular Year, the Purchaser shall pay the Seller an incentive (“Performance Incentive”/ “PI”), to be determined as follows: PI = P x Additional Deliveries x Multiplier Where: PI = The Performance Incentive payable by the Purchaser to the Seller P = The Base Price of Highest Grade, as shown in Schedule II Additional Deliveries = Quantity [in tonnes] of Coal delivered by the Seller in the relevant Year in excess of 90% of the ACQ. Multiplier shall be 0.15 for Additional Deliveries between 90%-95% of ACQ and 0.30 for Additional Deliveries in excess of 95% of ACQ.

  • Benefits Upon Layoff or Separation (a) Subject to (b) and (c) below, regular employees who have completed three (3) months of service and who are receiving benefits pursuant to Section 1.1(c), 1.1(d), or 1.2 shall continue to receive such benefits upon layoff or separation until the termination of the illness or until the maximum benefit entitlement has been granted, whichever comes first, if the notice of layoff or separation is given after the commencement of the illness for which the benefits are being paid.

  • Sick Leave Incentive Effective September 1, 1986, employees covered by this Agreement, hired on or after October 1, 1977, who are not entitled to disability leave under State Statute R.C.W. 41.26, shall be eligible for the following sick leave incentive program:

  • RETIREMENT INCENTIVE PROGRAM A. A Retirement Incentive Program will be provided by the District based upon the conditions stipulated below:

  • Physician Incentive Plans In the event Provider participates in a physician incentive plan (“PIP”) under the Agreement, Provider agrees that such PIPs must comply with 42 CFR 417.479, 42 CFR 438.3, 42 CFR 422.208, and 42 CFR 422.210, as may be amended from time to time. Neither United nor Provider may make a specific payment directly or indirectly under a PIP to a physician or physician group as an inducement to reduce or limit Medically Necessary services furnished to an individual Covered Person. PIPs must not contain provisions that provide incentives, monetary or otherwise, for the withholding of services that meet the definition of Medical Necessity.

Time is Money Join Law Insider Premium to draft better contracts faster.