PENSION BENEFIT AT RETIREMENT Sample Clauses

PENSION BENEFIT AT RETIREMENT. Your benefit at retirement on contributions, that include accumulated credited interest, made prior to April 1, 2003 by you and the Company on your behalf, will be used to purchase a life annuity. Your benefit at retirement on contributions, that include accumulated credited interest, made April 1, 2003 forward by you and the Company on your behalf, to the Registered Retirement Savings Plan (RRSP), can be taken in cash (less tax), transferred to another RRSP, and/or to purchase a life annuity.
Sample 1Sample 2Sample 3
PENSION BENEFIT AT RETIREMENT. At retirement, an employee’s sick leave days shall be credited as days worked for purposes of pension benefits, pursuant to rules of the PERF.
Sample 1
PENSION BENEFIT AT RETIREMENT. At retirement, an employee's Personal/Sick leave days may be credited as days worked for purposes of pension benefits, pursuant to rules of the Illinois Municipal Retirement Fund. For the purposes of this Section only, employees shall be permitted to accrue Personal/Sick leave days up to the maximum permitted by IMRF.
Sample 1

Related to PENSION BENEFIT 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.

  • 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.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!