Health Savings Account Retirement Benefit Sample Clauses

Health Savings Account Retirement Benefit. Teachers who were employed before July 1, 1991 and who have completed twenty (20) years of full-time service in Shakopee Public Schools at the date of resignation from the District (excluding time spent on unpaid leave) shall be entitled to up to Thirty Thousand Dollars ($30,000) upon departure from the District’s employ. The $30,000 shall be reduced by the amount of the District’s total matching contribution, excluding the earnings from such District contribution, to the teacher’s Minnesota Deferred Compensation Plan and/or Tax Sheltered Annuity calculated through June 30, 2000. Payment shall be placed in a district designated Health Savings Account in the name of the teacher. Payment shall be made by the District on the 15th of the month following their retirement. If, after the effective date of retirement, the teacher dies before receiving payment, the balance due shall be paid to the teacher’s named beneficiary, or, lacking same, to the surviving spouse of the teacher, if any; otherwise, to the estate of the deceased teacher. If the teacher dies after becoming eligible for the benefit, but before resignation, the benefit due shall be paid to the teacher’s named beneficiary, or, lacking same, to the surviving spouse of the teacher, if any; otherwise to the estate of the deceased teacher. No benefits under this Article shall be granted to any teacher who has been discharged by the District.
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Health Savings Account Retirement Benefit. For teachers retiring after June 30, 2008, who were employed before July 1, 1991 and who have completed twenty (20) years of full-time service in Shakopee Public Schools at the date of resignation from the District (excluding time spent on unpaid leave) shall be entitled to up to Thirty Thousand Dollars ($30,000) upon departure from the District’s employ. The $30,000 shall be reduced by the amount of the District’s total matching contribution, excluding the earnings from such District contribution, to the teacher’s Minnesota Deferred Compensation Plan and/or Tax Sheltered Annuity calculated through June 30, 2000. Payment shall be placed in a district designated Health Savings Account in the name of the teacher. Payment shall be made by the District on the 15th of the month following their retirement.
Sample 1

Related to Health Savings Account Retirement Benefit

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • 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.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Retirement Credit Retirement credit for such periods of leave without pay shall be governed by the rules and regulations of the Division of Retirement and the provisions of Chapter 121, Florida Statutes.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

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