Payout at Retirement Sample Clauses

Payout at Retirement. An employee who retires after attaining age 62 with ten (10) years or more of continuous employment shall receive one-half (1/2) of any accumulated unused sick leave credited to him/her at the time of retirement. Upon termination of employment under any other circumstances, an employee shall not be entitled to any payment on account of any unused sick leave.
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Payout at Retirement. Employee who retire from the college and qualifies for retirement benefits under the Michigan Public School Employees Retirement System shall be entitled to be paid for their unused sick and emergency leave allowance as follows: Up to 70 days - full straight-time daily rate exclusive of shift differential 70 to 140 days - One-half of straight-time daily rate exclusive of shift differential
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Related to Payout at Retirement

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Normal Retirement Date The term “Normal Retirement Date” means the Executive’s attainment of age sixty-five (65).

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