Payment of Retirement Allowance Sample Clauses

Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2016 and who therefore remains eligible for a retirement allowance may select one (1) of the following two (2) options for the payment of their retirement allowance earned up to March 31, 2016: (i) an immediate single lump sum payment based on the employee’s full years of continuous and the prorated amount for each partial year of continuous service and regular rate of pay on March 31, 2016; or (ii) a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full years of continuous service and the prorated amount for partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. At the written request of an employee, payment of the deferred retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years. (b) The immediate lump sum payment option in (a) (i) is also available to employees with a continuous service falling before March 31, 2016 and who have not yet accumulated five years or more of continuous service. (c) An employee who selects an immediate lump sum payment under 32.06 (a) (i) will not be eligible for any further retirement allowance payment at their retirement. (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years and partial years of continuous service for the purpose of calculating the retirement allowance no later than three (3) months after the date of signing of the Collective Agreement.
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Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2019 and who therefore remains eligible for a retirement allowance may select one of the following two options for the payment of their retirement allowance earned up to March 31, 2019: (i) an immediate single lump sum payment based on the employee’s full years of continuous service and regular rate of pay on March 31, 2019; or (ii) a single lump sum payment deferred to the time of the employee’s retirement b ased on the employee’s full years of continuous service on March 31, 2019 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. (b) The immediate lump sum payment option in (a) (i) is also available to employees with a continuous service falling before March 31, 2019 and who have not yet accumulated five years or more of continuous service. (c) An employee who selects an immediate lump sum payment under (a) (i) will not be eligible for any further retirement allowance payment at their retirement (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years of continuous service for the purpose of calculating (e) Employees will have until June 30, 2019 to advise the Employer that they select an immediate payment of their retirement allowance. Where an employee has not advised the Employer of their selection of an immediate payment by June 30, 2019, she will be deemed to have deferred their payment until retirement. (f) Notwithstanding that the retirement allowance will be discontinued effective March 31, 2019, an employee with a continuous service date falling before March 31, 2019 may voluntarily choose to discontinue his retirement allowance early and receive his single lump sum payment at any point between the date of signing of the collective agreement and March 31, 2019 as follows: (i) The employee will notify the employer in writing of his decision to discontinue his retirement allowance early and confirm his selected effective date for the discontinuance; (ii) The single lump sum payment will be based on the employee’s full years of continuous service and rate of pay on the effective date the employee has selected; (iii) An employee who selects an early lump sum payment will not be eligible for any further retirement allowance payment at their retirement.
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Payment of Retirement Allowance. Any employee with a continuous service date falling before March 31, 2016 and who therefore remains eligible for a retirement allowance may select one of the following two options for the payment of their retirement allowance earned up to March 31, 2016:
Sample 1
Payment of Retirement Allowance. (a) Deferred lump sum payment: A single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full and partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. The employee may at the time of retirement, request in writing payment of retirement allowance to be held over to the taxation year following the year in which the retirement allowance would normally be paid. (b) An employee who selected and received an immediate lump sum payment under Article 44.02 (a)(i) of the previous Collective Agreement that expired June 30, 2018 will not be eligible for any further retirement allowance payment at their retirement.
Sample 1
Payment of Retirement Allowance. (a) Deferred lump sum payment: a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full years of continuous service and the prorated amount for partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. At the written request of an employee, payment of the deferred retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years. (b) An employee who selected and received an immediate lump sum payment under Article 32.05 (a) (i) of the previous Agreements that all expired on February 29, 2020, will not be eligible for any further retirement allowance payment at their retirement.
Sample 1
Payment of Retirement Allowance of the Collective Agreement. Employees who, on or before March 24, 2016, voluntarily elected to discontinue their retirement allowance accumulated prior to October 1, 2015, in accordance with Article 28.02(f)(i) of the Medical Science Professionals collective agreement in force in 2015, will have no credits to transfer, but will have the retirement allowance credits accumulated in accordance with Article 32.04 (Retirement Allowance) of the Engineering & Field collective agreement. Such accumulation was limited to the difference between 125 days and the number of days already paid out.
Sample 1
Payment of Retirement Allowance. Employees who qualify for payment of the Retirement Allowance under this MOU will receive the Allowance in their last regular pay warrant for the month of June, 2018. The Retirement Allowance shall be subject to all legally required withholdings and tax deductions; however, since the allowance does not qualify as “creditable compensation” under relevant statutes, there shall be no withholding for STRS contributions.
Sample 1
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Related to Payment of Retirement Allowance

  • Retirement Allowance Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of 26 weeks' salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement."

  • 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.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • 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.

  • 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.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • 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.

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