Post-Retirement Award Sample Clauses

Post-Retirement Award. To qualify for the post-retirement award provided in this paragraph, a member must meet the eligibility requirements of paragraph 1 above. Any retiring member who so qualifies shall receive an award of $1,000 for each year of full- time teaching service in the District, up to a maximum of 25 years. This award shall be provided as a one-time lump sum payment issued after the retiring member’s final regular paycheck and after the last day of employment (i.e., not intended to be a part of creditable earnings).
Sample 1
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Post-Retirement Award. To qualify for the post-retirement award provided in this paragraph, an employee must meet the eligibility requirements of Section J above. Any retiring employee who so qualifies shall receive an award of $1,000 for each year of full-time service in the District, up to a maximum of twenty-five (25) years. This award shall be provided as a one-time lump sum payment issued after the retiring employee’s final regular paycheck and after the last day of employment (i.e., not intended to be a part of creditable earnings).
Sample 1
Post-Retirement Award. To qualify for the post-retirement award provided in this paragraph, a teacher must meet the eligibility requirements of paragraph 1 above and must be able to retire under the Illinois Teachers’ Retirement System with no discount penalty (i.e., be at least 60 years of age on or before the last day of service in the District or at least age 55 with at least 35 years of TRS creditable service by the last day of service). Any retiring teacher who so qualifies shall receive an award of $1,000 for each year of full-time service in the District, up to a maximum of 20 years. (Example: If a teacher retires with twenty-five (25) years of service in District 102, the teacher shall receive $20,000.) This award shall be provided as a one-time lump sum payment issued after the retiring teacher’s final regular paycheck and after the last day of employment (i.e., not intended to be a part of creditable earnings).
Sample 1

Related to Post-Retirement Award

  • 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.

  • 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.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

  • Severance and Retirement Options (a) (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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

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