Normal Payments - In General Sample Clauses

Normal Payments - In General. 25 1. Such longevity pay shall be paid to each eligible employee in 26 January and July of each year and shall normally cover the six 27 (6) months preceding the month in which payment is made. 28 2. Longevity pay for each eligible employee shall be calculated by 29 multiplying the base pay of such employee for the month of 30 January or July next preceding the month in which such 31 longevity pay is to be paid by the number of months intervening 1 from the month preceding the month in which longevity pay 2 was last made to and including the month preceding the month 3 in which payment of longevity pay is to be made. The results 4 thus obtained shall then be multiplied by the applicable 5 percentage rate as shown in the schedule in Section 21.1 and 6 the result shall be the amount of longevity pay to be paid.
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Related to Normal Payments - In General

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

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