Effect of Separation Payment on Seniority Sample Clauses

Effect of Separation Payment on Seniority. An Employee who accepts a Separation Payment
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Effect of Separation Payment on Seniority. 7.01 An Employee who is issued and accepts a Separation Payment shall cease to be an Employee and shall have his Seniority cancelled as of the date his application for the Separation Payment was received by the Company.
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Effect of Separation Payment on Seniority. An Employee who is issued and accepts a Separation Payment shall cease to be an Employee and his/her Seniority shall be deemed to have been broken as of the date his/her application for such Separation Payment was received by the company.
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Effect of Separation Payment on Seniority. An Employee who is issued and accepts a Separation Payment shall cease to be an Employee and shall have Seniority cancelled at any and all of the Company's plants and locations as of the date the Employee’s application for the Separation Payment was received by the Company. However, if an Employee has been paid a Separation Payment by reason of total and permanent disability and subsequently recovers and reports for work, the Employee’s Seniority shall be reinstated as set forth in Paragraph 54(i) of the Collective Bargaining Agreement.
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Effect of Separation Payment on Seniority. An Employeewho is issued and accepts a Sepa- ration Payment shall cease to be an Employee and shall have his Seniority cancelled as of the date his application for the Separation Payment was received by the Company.
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Effect of Separation Payment on Seniority. An Employee who is issued and accepts a Separation Payment (A) agrees that such Payment is a lump sum payment allocable to an inactive period (“Allocation Period”) during which no other pay or benefits or rights of employment shall apply, (B) shall cease to be an Employee and shall have Seniority canceled at any and all of the Company’s plants and locations as of the date the Employee’s application for the Separation Payment was received by the Company (“Termination Date”) for all purposes, (C) shall not be eligible to receive a special early retirement under any Company retirement plan, (D) shall not be permitted to retire under any Company retirement plan during the Allocation Period following the Termination Date, and
Sample 1
Effect of Separation Payment on Seniority. An Employee who is issued and accepts a Separation Payment (A) agrees that such Payment is a lump sum payment allocable to an inactive period (‘‘Allocation Period’’) during which no other pay or benefits or rights of employment shall apply, (B) shall cease to be an Employee and the Employee’s Seniority shall be deemed to have been broken as of the date the Employee’s application for such Separation Payment was received by the Company (‘‘Termination Date’’) for all purposes, (C) shall not be eligible to receive a special early retirement under any Company retirement plan, (D) shall not be permitted to retire under any Company retirement plan during the Allocation Period following the Termination Date, and (E) cannot grow-in to retirement if ineligible as of the break in Seniority (but without prejudice to any right to a deferred vested benefit). An Employee’s Allocation Period in weeks shall equal the Employee’s Separation Payment divided by one-half the unreduced Regular Benefit the Employee received, or would have received, for the current period of layoff. An Employee eligible for an immediate pension benefit under the Ford-UAW Retirement Plan, at the time of his/her break in service (due to receipt of a SUB Separation Payment), shall upon completion of the Allocation Period and application for a pension benefit under the Ford-UAW Retirement Plan become eligible for post retirement health care and life insurance on the same basis as other retirees. For purposes of applying the terms of the Ford-UAW Retirement Plan, such Employees shall not be treated as deferred vested by reason of their receipt of a SUB Separation Payment.
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Related to Effect of Separation Payment on Seniority

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • Termination of Seniority Seniority shall terminate when the employee:

  • 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.

  • Vacation Payment on Termination An employee whose service is terminated by the Company or by resignation shall be entitled to a cash payment in lieu of an outstanding vacation allowance, calculated proportionately from July 1 marking the beginning of the 12-month period in which the vacation entitlement applies. Upon the death of an employee, his or her estate shall be entitled to the same payment. The payment will be based on:

  • Retention of Seniority (a) Any employee, other than a probationary employee, whose employment ceases through no fault of his own, shall retain seniority and shall be recalled on the following basis:

  • Commencement of Benefits The benefits commence six (6) months from the date that disability began, which shall include the period of payment under the terms of the Short Term Income Protection Plan. Proof of disability must be submitted within six (6) months following the Qualifying Period.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Duration of Benefits Eligibility for Income Protection benefits will cease upon the earliest of the following dates:

  • Effect on Benefits a. Employees on Family and Medical Leave shall be covered by District Life Insurance Group Coverage and Hospital-Medical, Dental, Vision Group Coverage as though they were in active service.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

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