Common use of ERIP Payment Clause in Contracts

ERIP Payment. a) The ERIP provides a lump sum payment for those eligible employees as an incentive to take early retirement. b) If the active employee is eligible, the applicable employee will receive the following ERIP, payment: - Age 60 with 30 years credited service = $14,000.00 - Age 61 with 30 years credited service = $13,000.00 - Age 62 with 30 years credited service = $ 12,000.00 - Age 63 with 30 years credited service = $ 4,000.00 - Age 64 with 30 years credited service = $ 2,000.00 c) For purposes of the ERIP, age and years of continuous Company service will be calculated as of the employee’s birthday in the month in which he retires. Such calculation will determine the ERIP Payment. d) Eligible employees will receive the ERIP Payment as a lump sum payment on the first pay period following retirement. e) All ERIP lump sum payments shall be subject to all applicable statutory tax deductions.

ERIP Payment. a) The ERIP provides a lump sum payment for those eligible employees as an incentive to take early retirement. b) If the active employee is eligible, the applicable employee will receive the following ERIP, payment: - Age 60 with 30 years credited service = $14,000.00 16,000.00 - Age 61 with 30 years credited service = $13,000.00 14,000.00 - Age 62 with 30 years credited service = $ 12,000.00 8,000.00 - Age 63 with 30 years credited service = $ 4,000.00 - Age 64 with 30 years credited service = $ 2,000.00 c) For purposes of the ERIP, age and years of continuous Company service will be calculated as of the employee’s birthday in the month in which he retires. Such calculation will determine the ERIP Payment. d) Eligible employees will receive the ERIP Payment as a lump sum payment on the first pay period following retirement. e) All ERIP lump sum payments shall be subject to all applicable statutory tax deductions.

ERIP Payment. a) The ERIP provides a lump sum payment for those eligible employees as an incentive to take early retirement. b) If the active employee is eligible, the applicable employee will receive the following ERIP, payment: - Age 60 with 30 years credited service = $14,000.00 15,000.00 - Age 61 with 30 years credited service = $13,000.00 - Age 62 with 30 years credited service = $ 12,000.00 6,000.00 - Age 63 with 30 years credited service = $ 4,000.00 - Age 64 with 30 years credited service = $ 2,000.00 c) For purposes of the ERIP, age and years of continuous Company service will be calculated as of the employee’s birthday in the month in which he retires. Such calculation will determine the ERIP Payment. d) Eligible employees will receive the ERIP Payment as a lump sum payment on the first pay period following retirement. e) All ERIP lump sum payments shall be subject to all applicable statutory tax deductions.