Payment by Employer. The Employer shall pay eight per cent (8%) of the Employee’s basic salary, towards a Registered Pension Plan for the benefit of the Employee. This payment by the Employer shall be made regularly on a monthly basis to the designated fund, and shall not be considered by either the Employer or Employee as constituting, in whole or in part, a payment of salary except as may be required in respect to income tax payments under the terms of the Fund. It is further provided that the Employee may allocate a portion of his/her regular salary or any other amount towards his/her share of the Fund, providing he or she does so under the terms set forth by the administrators of the Fund. Upon retirement the Employee shall be fully entitled to his or her share of the Fund, which shall include all amounts accumulated therein as well as all earnings and capital accumulations thereon. At the same time, the Employer shall be considered to be free from any further obligations towards the maintenance of the Fund in respect of the retired Employee.
Payment by Employer. As consideration for signing, and not revoking, this Agreement and Release, Employer agrees to pay Executive the gross amount of $____________.00 (“Severance Compensation”). The Severance Compensation will be payable in twenty-four (24) substantially equal monthly installments (“Severance Period”) commencing at the end of the calendar month in which the Termination Date occurs.
Payment by Employer. The Employer shall forward the aggregate amount of such deduction promptly each month to the Union.
Payment by Employer. EMPLOYER will pay EXECUTIVE the total sum of Five Million Seven Hundred and Fifty Thousand Dollars 00/100 (US $5,750,000.00) (the “Settlement Payment”) as provided herein. The Settlement Payment shall be paid by Bank Wire Transfer not later than 1 business days after counsel for the EXECUTIVE delivers an executed copy of this Agreement to counsel for EMPLOYER. The EMPLOYER shall provide an executed copy of this Agreement to counsel for EXECUTIVE not later than the date that EMPLOYER must pay the Settlement Payment. The Parties acknowledge and agree that they are solely responsible for paying any attorneys’ fees and costs they incurred and that neither Party nor its attorney(s) will seek any award of attorneys’ fees or costs from the other Party, except as provided herein.
Payment by Employer. In addition to the compensation provided to teachers pursuant to the Contract, the Board agrees to pay directly to the ISTRF the 3% ISTR contribution required of teachers, but not to exceed 3% of said compensation. Salary Range: -$34,000 to $62,612 (not including current year increases or TRF contributions) Base Salary Increases
