Optional Lump-sum Payment Sample Clauses

Optional Lump-sum Payment. 31.5.2.1 If during the leave of absence, the individual exhausts his/her sick- time and is no longer eligible for paid compensation, that individual will have the option, upon notification to the payroll department, to receive all accumulated earned compensation (including funds held back for the summer) in a lump-sum payment upon the commencement of the unpaid leave. 31.5.2.2 Individuals eligible to receive a lump-sum payment, will receive a worksheet outlining the scheduled payments to be received during the leave of absence. (Sample available in the Treasurer’s Office.) 31.5.2.3 Withholding of federal, state and local taxes from the lump-sum payments’ will be based upon prevailing Internal Revenue Service and Ohio Department of Taxation rates established for lump-sum payments. 31.5.2.4 All union dues and medical and life insurance premium contributions payable during the period of the leave of absence will be deducted from the lump-sum payment. 31.5.2.5 If the individual who elects the lump-sum payment option returns to work in the same school year that the leave of absence is granted, that individual’s bi-weekly salary will be recalculated into equal payments for the remainder of the contract year based upon the number of days worked upon return from the leave.
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Optional Lump-sum Payment. Subject to Paragraph 8(a), in lieu of the forms of payment otherwise provided in this Article V, effective on and after August 17, 2017, an Employee may elect with spousal consent, prior to the commencement of his Normal, Early or Deferred Vested Pension, to receive his entire pension in the form of a single lump sum payment equal to the actuarial equivalent present value (determined at the time of payment) of his pension payable at his normal retirement age; provided, however, that this lump sum option (a) shall not be available to an Employee who is eligible for and elects to receive a Permanent and Total Disability Pension, (b) shall not be available to an Employee whose pension has an actuarial equivalent present value of more than $ 250,000, determined as of the first day of the month following the Employee’s termination of employment, and (c) shall only be available to an Employee if payment of his pension is made on or before the first day of the month immediately following the month that includes the six-month anniversary of his termination of employment.
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Optional Lump-sum Payment. VI - CLAIMS & APPEALS PROCEDURE ..........................................................................................
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Optional Lump-sum Payment. VI - CLAIMS & APPEALS PROCEDURE ....................................................................................... VII - GENERAL PROVISION OF PENSION AGREEMENT............................................................. 1. Pension Applications ................................................................................................... 2. Pension Suspension when Retired or Former Employee Returns to Employment.................................................................................................................
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Related to Optional Lump-sum Payment

  • 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.

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

  • Optional Payments Subject to Section 3.04, the Company may, at any time or from time to time, upon at least three Business Day’s written notice to the Administrative Agent, ratably prepay Loans in whole or in part, in amounts of $5,000,000 or any multiple of $1,000,000 in excess thereof. Such notice of prepayment shall specify the date and amount of such prepayment and whether such prepayment is of Base Rate Loans, or Offshore Rate Loans, or any combination thereof. Such notice shall not thereafter be revocable by the Company and the Administrative Agent will promptly notify each Bank thereof and of such Bank’s Commitment Percentage of such prepayment. If such notice is given by the Company, the Company shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to each such date on the amount prepaid and any amounts required pursuant to Section 3.04.

  • 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.

  • Premium Payment The Bank shall pay any premiums due on the Policy.

  • Payment Options The exercise price shall be paid by one or any combination of the following forms of payment that are applicable to this option, as indicated on the cover page hereof: (i) by check payable to the order of the Company; or (ii) delivery of an irrevocable and unconditional undertaking, satisfactory in form and substance to the Company, by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price, or delivery by the Optionee to the Company of a copy of irrevocable and unconditional instructions, satisfactory in form and substance to the Company, to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price; or (iii) subject to Section 7(b) below, if the Common Stock is then traded on a national securities exchange or on the Nasdaq National Market (or successor trading system), by delivery of shares of Common Stock having a fair market value equal as of the date of exercise to the option price. In the case of (iii) above, fair market value as of the date of exercise shall be determined as of the last business day for which such prices or quotes are available prior to the date of exercise and shall mean (i) the last reported sale price (on that date) of the Common Stock on the principal national securities exchange on which the Common Stock is traded, if the Common Stock is then traded on a national securities exchange; or (ii) the last reported sale price (on that date) of the Common Stock on the Nasdaq National Market (or successor trading system), if the Common Stock is not then traded on a national securities exchange.

  • Optional Benefits Optional Group Life Insurance

  • 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.

  • Optional Life Insurance The State shall make available optional term-life insurance to employees. The cost will be paid by the employee on a payroll deduction basis. The available coverage will be at least two (2) times the employee’s salary. No evidence of insurability will be required if an adequate number of employees participate. The State will explore smoker/non-smoker rates and spousal coverage.

  • Optional Repayment If so indicated in the Accumulation Fund Schedule, GLAIC shall pay to the Policyholder the amount the Policyholder needs to redeem or repay any notes or other instruments issued by the Policyholder and backed by this Policy, pursuant to any limited right of redemption or repayment contained in such note or instrument. GLAIC may require reasonable evidence that the redemption or repayment request satisfies all the terms and conditions described in the prospectus, prospectus supplement and/or pricing supplement applicable to such note or other instrument. Additional restrictions, if any, on the Policyholder’s reimbursement rights under this Section may be included in the Accumulation Fund Schedule.

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