Mandatory Accrued Leave Contribution (at Retirement) Sample Clauses

Mandatory Accrued Leave Contribution (at Retirement). For every employee who is represented by the Association, the City shall, upon the employee’s retirement from the City, irrevocably contribute to the employee’s Trust account on a pre-tax basis, 100% of the employee’s accumulated but unused vacation leave under the Memorandum of Understanding. In the event of retirement, an employee who has completed five (5) years or more with the City shall receive a payment equal to fifty percent (50%) of his or her accumulated but unused sick leave, not to exceed seven hundred and twenty (720) hours that shall be contributed to the Trust on a pre-tax basis. For those individuals who are being retired on a disability retirement, the employee shall receive a payment equal to fifty percent (50%) of his or her accumulated but unused sick leave, not to exceed one-thousand (1000) hours that shall be contributed to the trust on a pre-tax basis. Effective upon establishment of the Retiree Medical Trust, the City shall contribute these payments into the trust and employees shall no longer be eligible to receive a payment.
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Related to Mandatory Accrued Leave Contribution (at Retirement)

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • 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.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Vacation Pay on Retirement Termination is as follows:

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Mandatory Retirement Retirement shall be mandatory only to the extent required by law.

  • Annual Leave Accrual If an employee leaves State Classified employment and is later rehired, he/she shall accrue annual leave at the same rate as a new hire. However, once a rehired employee has been in pay status for five (5) years, all previous service time shall be credited for annual leave accrual. The only exception shall be for employees rehired who repay severance pay received.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

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