FRINGE BENEFIT PROVISIONS Sample Clauses

FRINGE BENEFIT PROVISIONS. 13.01 Severance Pay (a) Severance pay shall be granted to employees upon retirement. The amount of payment is to be determined as follows: (1) For those employees who have been employed in the District for ten (10) years through fourteen (14) years of service and who, upon leaving the employment of the District, retires and begins to receive benefits from SERS, State of Ohio, shall receive severance pay in an amount equal to one-quarter (1/4) of the employee's accumulated but unused sick leave, including personal days converted to sick leave pursuant to other provisions of this AGREEMENT in excess of the maximum sick leave accumulation, if appropriate to do so pursuant to such other provisions. (2) For those employees who have been employed in the District for fifteen (15) years through nineteen (19) years of service and who, upon leaving the employment of the District, retires and begins to receive benefits from SERS, State of Ohio, and who has not accumulated the maximum number of sick days pursuant to Section 10.01 (b) of the AGREEMENT shall receive severance pay in an amount equal to one-quarter (1/4) of the employee's accumulated but unused sick leave, including personal days converted to sick leave pursuant to other provisions of this AGREEMENT in excess of the maximum sick leave accumulation, if appropriate to do so pursuant to such other provisions. (3) For those employees who have been employed in the District for fifteen (15) years through nineteen (19) years of service and who, upon leaving the employment of the District, retires and begins to receive benefits from SERS, State of Ohio, and who has accumulated the maximum number of sick days pursuant to Section 10.01 (b) of the AGREEMENT shall receive severance pay in an amount equal to one-third (1/3) of the employee's accumulated but unused sick leave, including personal days converted to sick leave pursuant to other provisions of this AGREEMENT in excess of the maximum sick leave accumulation, if appropriate to do so pursuant to such other provisions. (4) For those employees who have been employed in the District for twenty (20) or more years of service and who, upon leaving the employment of the District, retires and begins to receive benefits from SERS, State of Ohio, shall receive severance pay in an amount equal to one-third (1/3) of the employee's accumulated but unused sick leave, including personal days converted to sick leave pursuant to other provisions of this AGREEMENT in excess of ...
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FRINGE BENEFIT PROVISIONS. 13.01 Severance Pay (a) Severance pay shall be granted to employees upon retirement. The amount of payment is to be determined as follows: (1) For those employees who have been employed in the District for ten (10) years and who, upon leaving the employment of the District, retires and begins to receive benefits from SERS, State of Ohio, shall receive severance pay in an amount equal to twenty- five percent (25%) of the employee's accumulated but unused sick leave, including personal days converted to sick leave pursuant to other provisions of this AGREEMENT in excess of the maximum sick leave accumulation, if appropriate to do so pursuant to such other provisions. (2) Severance payment shall be made only after the retirement has been accepted by the BOARD and after the employee has presented notification to the BOARD from the School Employees Retirement System that they are officially accepted for retirement. (3) Severance pay shall be paid in January following the year of retirement of the employee, as elected by the BOARD.
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FRINGE BENEFIT PROVISIONS. Section 1: Health Insurance $3000/$6000 HDHP1/HSA Plan Annual Employer $5000/$10000 HDHP 2/HSA Plan Annual Employer HSA Contribution: Each eligible teacher on the plan shall receive $500 lump sum contribution in January 2022 for plan year 2022.
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FRINGE BENEFIT PROVISIONS. Section 1: Health Insurance $3000/$6000 HDHP1/HSA Plan Annual Employer $5000/$10000 HDHP 2/HSA Plan Annual Employer HSA Contribution
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Related to FRINGE BENEFIT PROVISIONS

  • Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.

  • Benefit Programs The Executive shall be eligible to participate in any plans, programs or forms of compensation or benefits that the Company or the Company’s subsidiaries provide to the class of employees that includes the Executive, on a basis not less favorable than that provided to such class of employees, including, without limitation, group medical, disability and life insurance, paid time-off, and retirement plan, subject to the terms and conditions of such plans, programs or forms of compensation or benefits.

  • Other Fringe Benefits During the Employment Period, Executive shall be entitled to receive such of the Company’s other fringe benefits as are being provided to other Executives of the Company on the Senior Executive Team.

  • Fringe Benefits During the Employment Period, the Executive shall be entitled to fringe benefits, including, without limitation, tax and financial planning services, payment of club dues, and, if applicable, use of an automobile and payment of related expenses, in accordance with the most favorable plans, practices, programs and policies of the Company and its affiliated companies in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies.

  • Fringe Benefit The benefits provided by this Agreement are granted by the Employer as a fringe benefit to the Executive and are not a part of any salary reduction plan or any arrangement deferring a bonus or a salary increase. The Executive has no option to take any current payments or bonus in lieu of the benefits provided by this Agreement.

  • Retirement, Welfare and Fringe Benefits During the Period of Employment, the Executive shall be entitled to participate in all employee pension and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s employees generally, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time.

  • Other Compensation and Fringe Benefits In addition to any executive bonus, pension, deferred compensation and stock option plans which the Company may from time to time make available to the employee upon mutual agreement, the Employee shall be entitled to the following: (a) The standard Company benefits enjoyed by the Company's other top executives. (b) Payment by the Company of the Employee's initiation and membership dues in all social and/or recreational clubs as deemed necessary and appropriate by the Employee to maintain various business relationships on behalf of the Company; provided, however, that the Company shall not be obligated to pay for any of the Employee's personal purchases and expenses at such club. (c) Provision by the Company during the Term and any extensions thereof to the Employee and his dependents of medical and other insurance coverage under the Company's Executive Medical Plan. (d) Provision by the Company of supplemental disability insurance sufficient to provide two-thirds of the Employee's pre-disability minimum base annual salary. (e) An annual incentive bonus for each calendar year included in this Agreement calculated pursuant to a formula substantially similar to (and the formula of which will not yield a bonus less than) the FY 2001 Incentive Plan adopted by the Compensation Committee of the Company with a target bonus based upon 100% of base annual salary, a copy of which is attached hereto as Exhibit A ("Incentive Bonus"); provided, however, that the Employer's stockholders approve an annual incentive bonus plan containing substantially the terms of the Incentive Bonus prior to its payment in accordance with Section 162(m) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. The annual bonus shall be paid no later than March 15th of the following year and is fully vested at the end of each year in the event of a non-renewal of this Agreement by the Company. Subject to Section 7 below, the annual bonus shall be pro-rated for any partial employment year. The Company shall deduct from all compensation payable under this Agreement to the Employee any taxes or withholdings the Company is required to deduct pursuant to state and federal laws or by mutual agreement between the parties

  • Vacation and Fringe Benefits During the Employment Period, the Executive shall be entitled to paid vacation and fringe benefits at a level that is commensurate with the paid vacation and fringe benefits available to the Executive immediately prior to the Effective Date, or, if more favorable to the Executive, at the level made available from time to time to the Executive or other similarly situated officers at any time thereafter.

  • Compensation and Fringe Benefits (a) The Company shall, during the Term of Employment, pay to the Executive as compensation for the performance of his duties and obligations a salary of $240,000 per annum. This compensation is subject to annual review and adjustment, as appropriate in the judgment of the Company. The compensation payable pursuant to this Section 5(a) shall be payable in equal semi-monthly installments on the last day of each such pay period. (b) The Executive shall be enrolled and participate in any retirement, group insurance and other fringe benefit plans and arrangements which are applicable to the similarly situated personnel of the Company and in effect from time to time, if the Executive is eligible therefor, in each case in accordance with and subject to the provisions thereof.

  • EMPLOYEE BENEFIT PROGRAM (i) During the TERM, the EMPLOYEE shall be entitled to participate in all formally established employee benefit, bonus, pension and profit-sharing plans and similar programs that are maintained by the EMPLOYERS from time to time, including programs in respect of group health, disability or life insurance, reimbursement of membership fees in civic, social and professional organizations and all employee benefit plans or programs hereafter adopted in writing by the Boards of Directors of the EMPLOYERS, for which senior management personnel are eligible, including any employee stock ownership plan, stock option plan or other stock benefit plan (hereinafter collectively referred to as the "BENEFIT PLANS"). Notwithstanding the foregoing sentence, the EMPLOYERS may discontinue or terminate at any time any such BENEFIT PLANS, now existing or hereafter adopted, to the extent permitted by the terms of such plans and shall not be required to compensate the EMPLOYEE for such discontinuance or termination. (ii) After the expiration of the TERM or the termination of the employment of the employee for any reason other than JUST CAUSE (as defined hereinafter), the EMPLOYERS shall provide a group health insurance program in which the EMPLOYEE and her spouse will be eligible to participate and which shall provide substantially the same benefits as are available to retired employees of the EMPLOYERS on the date of this AGREEMENT until both the EMPLOYEE and her spouse become 65 years of age; provided, however that all premiums for such program shall be paid equally by the EMPLOYERS and the EMPLOYEE and/or her spouse after the EMPLOYEE's retirement; provided further, however, that the EMPLOYEE may only participate in such program for as long as the EMPLOYERS elect in their sole discretion to make available an employee group health insurance program which permits the EMPLOYERS to make coverage available for retirees.