Lump Sum Payment in Lieu of Step Sample Clauses

Lump Sum Payment in Lieu of Step. Effective beginning July 1, 2018, faculty members who are at the top of the salary schedule and who otherwise would be eligible for the Career Step shall receive, at the of beginning the faculty member’s sixteenth (16th) consecutive year of service in the MSCF bargaining unit, a lump sum payment equivalent to one (1) step. The lump sum payment for part-time faculty shall be prorated according to the faculty member’s FTE in the preceding academic year (i.e., cumulative FTE for fall and spring semesters, truncated at 1.0). Article 13
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Lump Sum Payment in Lieu of Step. A faculty member who, during the 2018-2019 academic year, was employed at least one (1) semester (fall and/or spring), and paid according to the salary schedule shall, effective January 1, 2020 receive a single lump- sum payment of fifteen hundred dollars ($1500.00) in lieu of the progression step described in Subd. 2.A., above, if the faculty member is employed for spring semester 2020, at the top step of the faculty member’s respective salary column, and paid according to the salary schedule.
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Lump Sum Payment in Lieu of Step i. Effective beginning July 1, 2018 2021, faculty members who are at the top of the salary schedule and who otherwise would be eligible for the a Career Step under Section 6, Subd. 1.A(i), above, shall receive, at the of beginning the faculty member’s sixteenth (16th) consecutive year of service in the MSCF bargaining unit, a one-time lump- sum payment equivalent to one (1) step. The lump- sum payment for part-time faculty shall be prorated according to the faculty member’s FTE in the preceding academic year (i.e., cumulative FTE for fall and spring semesters, truncated at 1.0). ii. Effective July 1, 2022, faculty members who are at the top of the salary schedule and who otherwise would be eligible for a Career Step under Section 6, Subd. 1.A(ii), above, shall receive a one-time lump-sum payment equivalent to one (1) step at the beginning of the faculty member’s twenty-first (21st) consecutive year of service in the MSCF bargaining unit. The lump-sum payment for part-time faculty shall be prorated according to the faculty member’s FTE in the preceding academic year (i.e., cumulative FTE for fall and spring semesters, truncated at 1.0).
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Lump Sum Payment in Lieu of Step. A faculty member who, during the 2018-2019 2020-2021 academic year, was employed at least one (1) semester (fall and/or spring), and paid according to the salary schedule shall, and at the top step of the faculty member’s respective salary column, shall, effective January 1, 2020 July 1, 2021, receive a single lump-sum payment of fifteen hundred one thousand nine hundred fifty- five dollars ($1500.00) ($1,955.00) in lieu of the progression step described in Subd. 2.A., above, if the faculty member: i. in the 2021 academic year was employed at least one (1) semester (fall and/or spring) and paid according to the salary schedule, and
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Related to Lump Sum Payment in Lieu of Step

  • Lump Sum Payment Upon award of the contract for this improvement, the LA will pay to the STATE, in lump sum, an amount equal to 80% of the LA’s estimated obligation incurred under this Agreement, and will pay to the STATE the remainder of the LA’s obligation (including any nonparticipating costs) in a lump sum, upon completion of the project based upon final costs. Method B - Monthly Payments. Upon award of the contract for this improvement, the LA will pay to the STATE, a specified amount each month for an estimated period of months, or until 80% of the LA’s estimated obligation under the provisions of the Agreement has been paid, and will pay to the STATE the remainder of the LA’s obligation (including any nonparticipating costs) in a lump sum, upon completion of the project based upon final costs.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Lump Sum Payments The retiring allowance shall be paid in annual instalments, to a maximum of three

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

  • Change of Control Benefit Upon a Change of Control, the Company shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Agreement.

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • 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.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

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