Lump Sum Retirement Benefit Sample Clauses

Lump Sum Retirement Benefit. Teachers employed before July 1, 1991 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 Thirty Thousand Dollars ($30,000) upon departure from the District’s employ. This $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 paid by the District on January 15 following the calendar year of 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.
Sample 1
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Lump Sum Retirement Benefit. 1. Subject to Art. 18 paragraph 8, members may request a partial or full lump-sum payment of their retirement assets, provided they submit their petition at least one month in advance. Payment in several instalments is not permitted.
Sample 1

Related to Lump Sum Retirement Benefit

  • 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.

  • 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.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • 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.

  • 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.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Lump Sum Compensation Lump sum computation refers to the method of payment under this Agreement for the professional services of the Consultant.

  • Basic Benefit Effective January 1, 2008, the basic life insurance benefit will be increased from $15,000 to $18,000 for employees. This shall be the default level of life insurance coverage, which shall be provided at no cost to the employee.

  • Dental Benefit (1) A confirmed staff shall be eligible for reimbursement of expenses incurred for restorative and preventive dental treatment up to $150 per calendar year.

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any xxxx-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

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