Payments at Retirement Sample Clauses

Payments at Retirement. Section 1: If an employee with ten (10) years of service with the College begins drawing retirement benefits under the provisions of the Michigan Public Schools Employee Retirement System (MPSERS) within thirty (30) calendar days of retirement, he/she shall be paid for his/her unused sick leave up to a maximum of ninety‐four (94) days. Part‐time employees shall have the benefit reduced according to their percent of full‐time employment. Section 2: The following retirement incentive program shall be available. A. An employee desiring to take advantage of this program must submit a letter of resignation to the the Chief Financial Officer and Human Resources six (6) months prior to his/her retirement date. B. An employee submitting a timely letter of resignation shall be eligible to receive the appropriate benefit in C. below if he/she will be receiving retirement benefits from the MPSERS within thirty (30) calendar days of the effective date of the resignation. The benefits are based upon the number of years of consecutive credited service. C. The College will pay an eligible employee on the basis of the following schedule: At least fifteen (15) but less than eighteen (18) years $1,650 At least eighteen (18) but less than twenty‐one (21) years $3,300 At least twenty‐one (21) but less than twenty‐three (23) years $4,950 At least twenty‐three (23) but less than twenty‐five (25) years $6,600 At least twenty‐five (25) years $8,250 It is the employee’s responsibility to establish their account prior to their Retirement. The employee will be responsible for any tax liability (federal, state and local) at the time they make their withdrawals from this account.

Payments at Retirement. An employee desiring to take advantage of these payments at retirement must submit a letter of resignation to the Vice President for Administration and Finance six (6) months prior to his/her retirement date. Section 1: If an employee with ten (10) years of service with the College begins drawing retirement benefits under the provisions of the Michigan Public Schools Employee Retirement System (MPSERS) within thirty (30) calendar days of retirement, he/she shall be paid for his/her unused sick leave. For employees hired prior to December 1, 2009 the maximum is eight hundred (800) hours. For employees hired December 1, 2009 and after, the maximum is five hundred (500) hours. Part-time employees shall have the benefit reduced according to their percent of full-time employment. Section 2: The following retirement incentive program shall be available: A. An employee submitting a timely letter of resignation shall be eligible to receive the appropriate benefit in B. below if he/she will be receiving retirement benefits from the MPSERS within thirty (30) calendar days of the effective date of the resignation. The benefits are based upon the number of years of consecutive credited service. B. The College will pay an eligible employee on the basis of the following schedule: At least fifteen (15) but less than eighteen (18) years $1,650 At least eighteen (18) but less than twenty-one (21) years $3,300 At least twenty-one (21) but less than twenty-three (23) years $4,950 At least twenty-three (23) but less than twenty-five (25) years $6,600 At least twenty-five (25) years $8,250 Section 3: Payments for the above benefits will be made according to the KCC 403(b) plan agreed to by the parties. The employee shall choose from a list of approved 403(b) vendors and the College will make payment directly to the elected vendor. Payment will be made within thirty (30) calendar days of the employee’s retirement date. FICA, Medicare and other taxes will not be deducted from this payment. It is the employee’s responsibility to establish their account prior to their retirement. The employee will be responsible for any tax liability (federal, state and local) at the time they make their withdrawals from this account. Section 4: In the event of the death of the employee prior to the above payment, the payment shall be remitted to the employee’s beneficiary on record as of the date of retirement. In the event that no beneficiary is on record, the payment shall be made to the estate...

Payments at Retirement. Section 1: If an employee with ten (10) years of service with the College begins drawing retirement benefits under the provisions of the Michigan Public Schools Employee Retirement System (MPSERS) within thirty (30) calendar days of retirement, he/she shall be paid for his/her unused sick leave up to a maximum of ninety-four (94) days. Part-time employees shall have the benefit reduced according to their percent of full-time employment. Section 2: The following retirement incentive program shall be available. A. An employee desiring to take advantage of this program must submit a letter of resignation to the Chief Financial Officer and Human Resources six (6) months prior to his/her retirement date. B. An employee submitting a timely letter of resignation shall be eligible to receive the appropriate benefit in C. below if he/she will be receiving retirement benefits from the MPSERS within thirty

Payments at Retirement. Section 1: If an employee with ten (10) years of service with the College begins drawing retirement benefits under the provisions of the Michigan Public Schools Employee Retirement System (MPSERS) within thirty (30) calendar days of retirement, he/she shall be paid for his/her unused sick leave up to a maximum of ninety-four (94) days. Part-time employees shall have the benefit reduced according to their percent of full-time employment. Section 2: The following retirement incentive program shall be available. A. An employee desiring to take advantage of this program must submit a letter of resignation to the the Chief Financial Officer and Human Resources six (6) months prior to his/her retirement date. B. An employee submitting a timely letter of resignation shall be eligible to receive the appropriate benefit in C. below if he/she will be receiving retirement benefits from the MPSERS within thirty (30) calendar days of the effective date of the resignation. The benefits are based upon the number of years of consecutive credited service. C. The College will pay an eligible employee on the basis of the following schedule: It is the employee’s responsibility to establish their account prior to their Retirement. The employee will be responsible for any tax liability (federal, state and local) at the time they make their withdrawals from this account.

Payments at Retirement. Section 1: If an employee begins drawing retirement benefits under the provisions of the State Retirement Act within thirty (30) calendar days of retirement, he/she shall be paid for his/her unused sick leave up to a' maximum of between seven hundred and thirty-six (736) and eight hundred (800) hours based upon the provisions below. 1. The average number of sick hours used by members of the bargaining unit in a fiscal year shall be calculated. 2. The average computed in 1. above shall be compared to the average number of sick hours used by members of the bargaining unit during the base year, July 1,1996, through June 30, 1997. 3. For each decrease of four (4) hours usage during the fiscal year being calculated compared to the base year, the total number of hours eligible for payment shall increase by sixteen (16) hours over the base number of seven hundred thirty six (736) hours. Said increases shall be limited to thirty two

Payments at Retirement