Payments at Retirement Sample Clauses

Payments at Retirement. ‌ An employee desiring to take advantage of these payments at retirement must submit a letter of resignation to Human Resources three (3) months prior to their retirement date. Section 1: Sick Leave Payout‌ 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, they shall be paid for their unused sick leave. Employees hired prior to December 1, 2009, will receive the maximum of eight hundred (800) hours. Employees hired December 1, 2009 and after are eligible to receive up to: July 1, 2019 through June 30, 2020 July 1, 2020 through June 30, 2021 July 1, 2021 through June 30, 2022 July 1, 2022 through June 30, 2023 Five hundred seventy-five (575) hours Six hundred fifty (650) hours Seven hundred twenty-five (725) hours Eight hundred (800) hours Part time employees shall have the benefit reduced according to their percent of full time employment.
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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.
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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...
Sample 1
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
Sample 1
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
Sample 1
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.
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Payments at Retirement 
Sample 1
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Related to Payments at 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).

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(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 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • 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 Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Termination Due to Retirement Subject to Section 7 below, in the event of Termination due to Retirement, then (regardless of any subsequent death of the Employee) the Option will continue to vest pursuant to Section 3, and the last date on which the Option may be exercised is the day prior to the Expiration Date.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

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