LONGEVITY RETIREMENT BONUS Sample Clauses

LONGEVITY RETIREMENT BONUS. 10.8.1 The Board will recognize loyal and long teaching service to the District through payment of a retirement bonus based on the following: a) Minimum age attained 60 60 b) Years in teaching 20 20 c) Years in Alton 10 20 d) Percent Employed 50% 100% The maximum benefit is $10,000 teachers who have taught full time for twenty (20) years in Alton; the benefit for those with less service in Alton will be: Percent of 20 years in Alton, times percent of full time, times $10,000. 10.8.2 Upon retirement, a teacher with fifteen (15) or more years of service in Alton shall be compensated for 25% of accumulated sick days up to 110 days. Such compensation shall be equal to 50% of the certified substitute compensation rate. 10.8.3 A maximum of three professional employees per year with twenty (20) or more years of service in Alton will be eligible in their final year of employment for an early retirement incentive. A teacher who retires at the age of 57, 58 or 59 will receive an incentive equal to 45% of the retiree’s high earned salary in the District. Eligibility will be determined by the age of the retiree on June 30 of the final year of employment. In the event of more than three applicants, determination of the three eligible retirees shall be made by the Superintendent first on the basis of the greatest sum of years of service as a professional employee to the District, followed by the retirees’ date of birth (preference to age 57 then 58 then 59). The length of service of part-time professional employees shall be pro-rated. This payment is intended to be part of the final year’s compensation as defined by the New Hampshire Retirement System. Individuals that receive the early retirement incentive are not eligible for longevity retirement bonuses stated in articles 10.8.1 and 10.8.2
Sample 1
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LONGEVITY RETIREMENT BONUS. 10.8.1 The Board will recognize loyal and long teaching service to the District through payment of a retirement bonus based on the following: a) Minimum age attained 60 60 b) Years in teaching 20 20 c) Years in Alton 10 20 d) Percent Employed 50% 100% The maximum benefit is $10,000 teachers who have taught full time for twenty (20) years in Alton; the benefit for those with less service in Alton will be: Percent of 20 years in Alton, times percent of full time, times $10,000. 10.8.2 The retiring teacher must have notified the Board in writing, by 1 October of the last individual teacher contract year, of intent to retire at the end of that individual teacher contract year for budgeting purposes.
Sample 1
LONGEVITY RETIREMENT BONUS. 10.8.1 The Board will recognize loyal and long teaching service to the District through payment of a retirement bonus based on the following: a) Minimum age attained 60 60 b) Years in teaching 20 20 c) Years in Alton 10 20 d) Percent Employed 50% 100% The maximum benefit is $10,000 teachers who have taught full time for twenty (20) years in Alton. The benefit for those with less service at Xxxxx Central School and/or Prospect Mountain High School will be as follows: Percent of years at Xxxxx Central School and/or Prospect Mountain High School (where the teacher’s years of service at the schools is the numerator and 20 is the denominator) times percent of full time (on average, over the teacher’s entire length of service at the schools) times $10,000. 10.8.2 Upon retirement, a teacher with fifteen (15) or more years of service in Alton shall be compensated for 25% of accumulated sick days up to 110 days. Such compensation shall be equal to 50% of the certified substitute compensation rate. 10.8.3 The parties recognize that teachers may wish to retire early. The Board agrees to provide health insurance for those who wish to retire after reaching age 60, provided that by the date of retirement they have worked as a certified public school teacher or administrator for at least twenty (20) years and for the Board for at least ten (10) years. 10.8.4 The retiring teacher must have notified the Board in writing, by 1 October of the last individual teacher contract year, of intent to retire at the end of that individual teacher contract year for budgeting purposes.
Sample 1
LONGEVITY RETIREMENT BONUS. 10.8.1 The Board will recognize loyal and long teaching service to the District through payment of a retirement bonus based on the following: a) Minimum age attained 60 60 b) Years in teaching 20 20 c) Years in Xxxxx 10 20 d) Percent Employed 50% 100% The maximum benefit is $10,000 teachers who have taught full time for twenty (20) years in Xxxxx; the benefit for those with less service in Xxxxx will be: Percent of 20 years in Xxxxx, times percent of full time, times $10,000.
Sample 1

Related to LONGEVITY RETIREMENT BONUS

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌ (a) Retire at age sixty-five (65) years; or (b) Retire after age sixty-five (65) years; or (c) Have completed at least ten (10) years continuous employment and retire after age fifty-five (55) years but before age sixty-five (65) years; (d) Employees who have completed at least ten (10) years continuous service with the Employer, whose age plus years of that service equal eighty (80); shall be granted retirement bonus on the basis of four (4) days per year of employment.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • 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.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Longevity Bonus After twenty (20) years of continuous service, an employee will receive a longevity bonus of seven hundred dollars ($700) per year, payable in one lump sum by the second pay period following the employee's anniversary date.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • 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.

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