Payment of Supplemental Compensation. 1. Supplemental compensation shall be payable in three (3) equal annual payments. In the event that notice of retirement is given on or before December 1 of a given school year, the payments shall be made by August 1 in each of the following school years. In the event that notice of retirement is given after December 1 of a given school year, the payments shall be made by August 1 of the second, third, and fourth school years following the school year of retirement. For example, if notice is given on December 1, 2006, payments shall be made by August 1, 2007, August 1, 2008, and August 1, 2009. If notice is given on January 1, 2007, payments shall be made by August 1, 2008, August 1, 2009, and August 1, 2010.
2. In the event of the death of an employee who meets the requirements for compensation provided by this Article, the estate of the deceased employee shall be entitled to the above benefits.
3. Any employee who is eligible for a disability retirement from either the Teachers' Pension and Annuity Fund or the Public Employees Retirement System and elects to retire prior to the exhaustion of accumulated sick leave shall receive compensation at the applicable rate in accordance with Section D of this Article for all accumulated sick leave based on his/her salary at the time of retirement in a lump sum immediately upon retirement.
4. At the option of the retiring employee, the cash value of supplemental compensation that is due and owing to him/her at the time of retirement may be converted into a credit for the purchase of health benefits during retirement.
Payment of Supplemental Compensation. 1. The lump sum supplemental compensation payment will be made by the Board no later than August 1 of the school year subsequent to the school year in which the last day of employment was rendered, provided that notification of retirement is given to the Superintendent of Schools on or before December 1 of the school year in which the last day of employment is to be rendered. In the event that timely notice is not given, the lump sum supplemental compensation payment shall still be due and owing. If, however, payment of same presents a fiscal difficulty to the Board, then the Board may delay payment of the supplemental compensation, but in no event may payment be delayed later than August 1 of the year following the August 1 it would have been paid if timely notice had been given.
2. In the event of the death of an employee who meets the requirements for compensation provided by this Article, the estate of the deceased employee shall be entitled to the above benefits.
3. Any employee who is eligible for a disability retirement from the Public Employees Retirement System and elects to retire prior to the exhaustion of accumulated sick leave shall receive compensation at the applicable rate in accordance with Section B. for all accumulated sick leave based on his/her salary at the time of retirement in a lump sum immediately upon retirement.
4. At the option of the retiring employee, the cash value of supplemental compensation that is due and owing to him/her at the time of retirement may be converted into a credit for the purchase of health benefits during retirement.
Payment of Supplemental Compensation. 1. Upon termination of employment, supplemental compensation shall be contributed on behalf of a retiree who is fifty-five (55) years of age or older as a non-elective employer contribution to a contract the retiree owns as part of a plan maintained by the Board, as described in Internal Revenue Code 403(b), provided the minimum threshold for contributions into a 403(b) account is satisfied. The minimum threshold for contribution into a 403(b) account shall be satisfied when the total value of a retiree’s supplemental compensation is in excess of $6,000. The Board and the Association agree that such retiree may not elect to receive, in lieu of such non-elective employer contribution, a cash payment from the Board for supplemental compensation.
2. Employees who are under the age of fifty-five (55) when they retire shall receive a cash payment from the Board for supplemental compensation.
3. When the total value of a retiree’s supplemental compensation does not satisfy the minimum threshold for contribution into a 403(b) account as delineated in Part One, Article IX.E, Paragraph 1, such retiree shall receive a cash payment from the Board for supplemental compensation.
4. The supplemental compensation contribution or cash payment, as applicable, will be payable in three (3) equal annual payments. In the event that notice of retirement is given on or before December 1 of a given school year, the contributions or cash payments shall be made by August 1 in each of the following school years. In the event that notice of retirement is given after December 1 of a given school year, the contributions or cash payments shall be made by August 1 of the second, third, and fourth school years following the school year of retirement. For example, if notice is given on December 1, 2010, contributions or cash payments shall be made by August 1, 2011, August 1, 2012, and August 1, 2013. If notice is given on January 1, 2011, contributions or cash payments shall be made by August 1, 2012, August 1, 2013 and August 1, 2014. In the event the supplementary compensation is six thousand dollars ($6,000) or less, the full amount shall be paid in one single payment by August 1 of the school year following the school year of retirement.
5. In the event of the death of a retiree who meets the requirements for compensation provided by Part One, Article IX.E. and whose supplemental compensation satisfied the minimum threshold for contribution into a 403(b) account as delineated in Part ...
Payment of Supplemental Compensation. The Employers shall pay to Executive the amount of Nine Thousand Five Hundred Eighty-Three Dollars and Thirty-Three Cents ($9,583.33) per month, until the latter of Executive's death or the completion of a total of 240 payments. Such payments shall commence as of the first day of the month following the earlier of (i) the month in which Executive attains the Applicable Benefit Commencement Age ("ABCA"), as determined pursuant to Exhibit A hereto based on the year in which Executive's Voluntary Termination or Retirement Date ("VTRD") occurs, (ii) the earlier of the month in which Executive attains age 65 or in which Executive's death occurs if Executive's employment had previously terminated either involuntarily or following a change-in-control, or (iii) Executive's death. For purposes of this Agreement, the Executive's VTRD shall be the date on which Executive ceases to be an active employee of the Employers as the result of either a voluntary termination of employment or retirement.
Payment of Supplemental Compensation. PFC shall pay to Xxxxx Supplemental Compensation on the terms and conditions set forth below:
2.1 If Xxxxx is still employed with PFC on the three-year anniversary of the Effective Date, he will be entitled to Supplemental Compensation in an amount equal to $1,000,000 minus Y.
2.2 If Xxxxx leaves the employment of PFC for any reason whatsoever (voluntarily or involuntarily) before the first anniversary of the Effective Date, he will not be entitled to any Supplemental Compensation under this Agreement.
2.3 If Xxxxx leaves the employment of PFC on or after the one-year anniversary of the Effective Date, but prior to the two-year anniversary of the Effective Date, he will be entitled to Supplemental Compensation in an amount equal to $333,333 minus Y.
2.4 If Xxxxx leaves the employment of PFC on or after the two-year anniversary of the Effective Date, but prior to the three-year anniversary of the Effective Date, he will be entitled to Supplemental Compensation in an amount equal to $666,667 minus Y.
2.5 In addition, PFC will pay to Xxxxx the interest to accrue on $1,000,000 from the Effective Date of the Agreement through the earlier of (a) the three-year anniversary of the Effective Date, or (b) Xxxxx'x employment termination date. This interest will accrue at a variable annual rate equal to the Prime Rate (as published in The Wall Street Journal from time to time). The accrued interest will be paid on the one, two and three-year anniversaries of the Effective Date if Xxxxx is still employed by PFC on those dates. If Xxxxx'x employment is terminated for any reason on the one-year anniversary of the Effective Date or thereafter, he will be paid the accrued, unpaid interest through his last day of employment, within seven (7) days after his termination date. If Xxxxx'x employment is terminated for any reason (voluntarily or involuntarily) prior to the one-year anniversary of the Effective Date, he will not be entitled to any interest. All payments that become due under this Agreement will be subject to applicable employee tax withholdings and deductions and will be paid in cash within seven (7) days of becoming due in accordance with written notice to be delivered to PFC by Xxxxx not later than three (3) days prior to the applicable payment date.
Payment of Supplemental Compensation. 1. For all employees who retire after July 1, 2000, supplemental compensation shall be payable in three (3) equal annual payments. In the event that notice of retirement is given on or before December 1st of a given school year, the payments shall be made by August 1st in each of the following school years. In the event that notice of retirement is given after December 1st of a given school year, the payments shall be made by August 1st of the second, third, and fourth school years following the school year of retirement. For example, if notice is given on December 1, 2002, payments shall be made by August 1, 2003, August 1, 2004 and August 1, 2005. If notice is given on January 1, 2003, payments shall be made by August 1, 2004, August 1, 2005 and August 1, 2006.
2. In the event of the death of an employee who meets the requirements for compensation provided by this Article, the estate of the deceased employee shall be entitled to the above benefits.
3. Any employee who is eligible for a disability retirement from either the Teacher’s Pension and Annuity Fund or the Public Employees Retirement System and elects to retire prior to the exhaustion of accumulated sick leave shall receive compensation at the applicable rate in accordance with Section D of this Article for all accumulated sick leave based on his/her salary at the time of retirement in a lump sum immediately upon retirement.
4. At the option of the retiring employee, the cash value of supplemental compensation that is due and owing to him/her at the time of retirement may be converted into a credit for the purchase of health benefits during retirement.
