Formula - Proration Sample Clauses

Formula - Proration. A T.C.I. employee shall be eligible for severance pay based on the highest annual salary of the last five (5) years, at the following proration rate: Years of Service 15 or greater % of Salary 60% 14 50% 13 40% 12 30% 11 20% 10 10% Subd. 4. Severance payments shall be in one (1) lump sum within thirty (30) days following retirement. Eligible retiring employees in each school year beginning after July 1, 2004 will have their one time retirement payment paid directly into the district's approved 403 (b) plan for severance purposes in accordance with I.R.S. rules. This payment will be placed in an account in the employee’s name. The employee will have the opportunity to exercise any legal options available to leave, move or withdraw the funds as they see fit. If, after the effective date of retirement, the employee dies before receiving payment, the balance due shall be paid to the employees named beneficiary, or, lacking same, to the surviving spouse of the employee if any, otherwise to the estate of the deceased employee.
Sample 1
AutoNDA by SimpleDocs
Formula - Proration. Those principals and assistant principals hired prior to October 1, 1996 who have chosen to receive severance pay in lieu of a matching 403(b) contribution for severance proposed in the previous contract, will be paid severance pay in the following manner based on the highest annual salary of the last five (5) years: Years of Service Percentage Payment 15 years 75% 13 - 14 years 60% 12 years 50% 11 years 40% 10 years 30% 9 years 20% Time of Payment - Early retirement pay shall be in one (1) lump sum fifteen
Sample 1
Formula - Proration. A custodian shall be eligible for severance pay based on the highest annual salary of the last five (5) years, at the following proration rate: Years of Service % of Salary 15 or greater 60% 14 50% 13 40% 12 30% 11 20% 10 10%
Sample 1

Related to Formula - Proration

  • Billing Adjustment Credit To provide Customer the benefit of the rates and discounts in the Amendment as of the Effective Date and until such rates and discounts are implemented, the Company shall provide Customer with a one-time billing adjustment credit equal to $99,000.00, plus applicable taxes and surcharges. This credit shall compensate Customer for the difference between the Tariff/Guide/list rates invoiced during the 1st full billing cycle following Customer's signature date above and the rates and discounts in this Agreement. Waivers:

  • Proration For the month and year in which this Agreement becomes effective or terminates, there shall be an appropriate proration of the Adviser's fee on the basis of the number of days that the Agreement is in effect during such month and year, respectively.

  • Prorations The following shall be prorated between Buyer and Seller as of 11:59 p.m. local time of the day immediately preceding the Closing Date, on the basis of the actual number of days elapsed during the month in which the Closing occurs: general and special county and city real property taxes and special assessments (collectively, "Taxes") for the tax period then in effect and insurance premiums (but only if Buyer is assuming Seller's insurance policy or policies). Proration of Taxes shall be based on the most recent official tax bills or notice of valuation available for the fiscal year in which the Closing occurs, with due allowance to be made for the maximum available discount or other exemptions to the extent permissible for said year, and to the extent the tax bills do not accurately reflect the actual Taxes assessed against the Property (or any portion of the Property) and allocable either to the period before the Closing or to the period after the Closing, then Buyer and Seller shall adjust the actual Taxes between Buyer and Seller, outside of Escrow, as soon as reasonably possible following the Closing. In addition to the foregoing apportionments, Seller shall receive all rents and other income accrued, and shall pay all other expenses accrued or incurred, in connection with the ownership or operation of Property before the Closing Date, and Buyer shall receive all rents and other income accruing, and shall pay all other expenses accrued or incurred, in connection with the ownership or operation of Property on or after the Closing Date, all of which rents, other income and expenses shall be prorated as of the Closing. Rents and other income, if any, collected by Buyer after the Closing shall be applied first to any amounts due to Buyer and then, to the extent such rents or other income relate to the period ending on or before the Closing, such rents or other income shall be paid to Seller within ten (10) days after end of the month in which such amounts were collected. Buyer shall incur no obligation to Seller for Buyer's failure to collect such rentals or other income. All security and any other refundable deposits paid by tenants to Seller pursuant to tenant leases shall be delivered by certified funds to Buyer at the Closing or, at Seller's option, credited to Buyer against the cash portion of the Purchase Price at the Closing. Escrow Holder shall not be concerned with any prorations that are to be made after the Closing pursuant to this Agreement.

  • Proration of calculations If less than total program funding is subject to interest calculation procedures, the resulting interest liability calculations shall be prorated to 100% of program funding.

  • Second Year Wage Adjustment Effective July 1, 2020, all salary ranges and rates shall be increased by two and one-half percent (2.50%), rounded to the nearest cent. Salary increases provided by this Section shall be given to all employees including those employees whose rates of pay exceed the maximum rate for their class. The compensation grids for classes covered by this Agreement are contained in Appendix E-2. Conversion to the new compensation grid shall not change an employee’s eligibility for step progression increases.

  • PRORATION PERIOD The Tenant: (check one) ☐ - Shall take possession of the Premises before the start of the Lease Term on , 20 and agrees to pay $ for the proration period. The proration rate is calculated by the monthly Rent on a daily basis which shall be paid by the Tenant upon the execution of this Agreement. ☐ - Shall not be taking possession of the Premises before the Lease Term.

  • Settlement Statement A settlement statement setting forth the amounts paid by or on behalf of and/or credited to each of Purchaser and Seller pursuant to this Agreement;

  • Overtime Pay Calculation Overtime shall not be claimed or received for less than fifteen (15) minutes. If overtime amounts to fifteen (15) minutes, or more, it shall be paid for the total period.

  • Completion of Evaluation Cycle 1. The summative evaluation rating shall be based upon a preponderance of the evidence, assessed in a holistic manner, that is aligned to the Ohio Educator Standards. Only evidence gathered during the walkthroughs and formal observations that are conducted for the current school year may be used.

  • First Year Wage Adjustment Effective July 1, 2017, all salary ranges and rates shall be increased by two percent (2.0%), rounded to the nearest cent. The compensation grids for classes covered by this Agreement are contained in Appendix E-1. Employees shall convert to the new compensation grid as provided in Section 2.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!