Interim Supplement or Temporary Benefit Sample Clauses

Interim Supplement or Temporary Benefit. To the extent that any Interim Supplement or Temporary Benefit is payable under the GRP to a Group I or Group II Employee, the amount of the Interim. Supplement or Temporary Benefit as applicable, shall be determined by multiplying the number of years of credited service (not to exceed 30), including fractions of a year, under the GRP as of the Benefit Transition Date by the monthly Interim Supplement Rate, or Temporary Benefit Rate, as applicable, in effect at the time of retirement. To the extent that any Interim or Temporary Benefit is payable under the Visteon Mirror GRP to a Group I or Group II Employee, the amount of the benefit shall be determined by multiplying the number of years of credited service (except if the combined Ford and Visteon service exceeds thirty, then the Visteon benefit shall be determined by subtracting from thirty years the years of Ford credited service), including fractions of a year, under the Visteon Mirror GRP by the monthly Interim Supplement Rate, or Temporary Benefit Rate, as applicable, in effect at the time of retirement. In the event a Group I or Group II Employee has credited service under the GRP of thirty or more years as of the Benefit Transition Date, no Visteon Mirror Interim Supplement or Temporary Benefit shall be payable.
AutoNDA by SimpleDocs

Related to Interim Supplement or Temporary Benefit

  • Part-Time and Temporary Employees 16.1. A part-time employee is one who is hired to work regularly twenty-four (24) hours per week or less. Except as expressly provided in the circumstances described in Article 16 (3) hereunder, a temporary employee is one employed for a special project or a specified time, in either case, not to exceed three (3) months except by mutual agreement, or in the case of students, the academic vacation period, or for a specified leave of absence. The Employer shall notify the employee and the CAW of the nature and anticipated duration of all temporary employment. 16.2. Neither part-time nor temporary employees shall be employed where such employment would eliminate or displace a regular or full-time employee. The Company will continue its practice of only hiring part-time or temporary employees when it deems it impractical to hire a full-time employee. 16.3. Notwithstanding Article 16 (1) above, temporary employees may be employed to replace regular employees who are absent due to illness, injury, maternity or other leave of absence to a maximum of twelve (12) months. The period of employment of the temporary employee will cease when the regular employee on leave returns to work or when the regular employee on leave informs the Company and the CAW in writing that he/she will not be returning to work. In any event, temporary employees hired pursuant to this Article 16 (3) shall not be employed for more than twelve (12) months except by mutual agreement in writing. 16.4. A part-time employee shall be paid on an hourly basis equivalent to the weekly minimum salary provided for the employee's classification and experience. 16.5. A part-time employee shall advance on the schedule of minimum salaries and shall receive all benefits that depend on length of service according to the length of his/her employment with the Employer, according to actual hours worked, based on a 1,600-hour year. 16.6. Temporary employees shall be paid an hourly rate consistent with the minimum weekly salary provided for their classification and experience. 16.7. Part-time and temporary employees shall be covered by all provisions of this Agreement, except as provided otherwise. 16.8. In the event of a part-time or temporary employee becoming a full-time employee, he/she shall be credited with the length of his/her employment with the Employer, according to actual hours worked, based on a 1,600-hour year.

  • Binding Agreement; Benefit The provisions of this Agreement will be binding upon, and will inure to the benefit of, the respective heirs, legal representatives and successors of the parties hereto.

  • 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.

  • Temporary Vacancies The Company and the Union recognize that temporary employees may be required to temporarily provide additional manpower due to vacation, weekly indemnity, excess of work, etc. All temporary employees performing bargaining unit work are members of the bargaining unit and as such all terms and conditions of the collective agreement apply except as herein provided. Individuals may be hired to fill temporary vacancies. Temporary vacancies and employees shall last a maximum of eight (8) calendar weeks. This does not prevent the Company and the Union from mutually agreeing to extend the eight (8) week limitation on an individual basis. However, unless there is written agreement to the contrary, the eight (8) calendar week limitation shall be respected. Should the position be made permanent, the job will be posted as per 9.07(e). Any skills or experience gained by the temporary employee while in the temporary job, shall not be used to determine him more suitable for the position than the employee with seniority who applies. Prior to any layoff all temporary employees will be terminated. Overtime will only be offered to temporary employees after all qualified senior and probationary employees within the classification concerned have refused. Public holidays will be paid to the temporary employees as per the Employment Standards Act Part X (10). Temporary employees will be hired for the applicable classification and wage rate as per Appendix A of the Collective Agreement. Should a temporary employee apply for a job posting and be successful as per Article 9.07 of the Collective Agreement the temporary employee shall then become a probationary employee. The seniority date of a temporary employee who is awarded a full-time position will equal the date the full-time position is awarded. No person, who is or has been employed by the Company outside of the bargaining unit, shall be eligible to work as a temporary employee within the bargaining unit, unless his record of employment with the Company has been severed in excess of one week.

  • 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.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • 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.

  • Pay on Temporary Assignment An employee temporarily assigned by the Employer to a position with a rate of pay lower than her regular rate of pay shall maintain her regular rate of pay.

  • Assignment; Benefit This Agreement is personal and may not be assigned by Employee. This Agreement may be assigned by Employer and shall inure to the benefit of and be binding upon the successors and assigns of Employer.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

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