Common use of Pro-rated Payments Clause in Contracts

Pro-rated Payments. Pro-rated payments shall be made to those employees who retire under the University retirement plan prior to October 1. This also applies to those employees not under a retirement plan but who are sixty-five (65) years of age at the time of the separation. In case of death, longevity payments shall be made to the beneficiary designated in writing to the Employer Benefit and Compensation Services Office, or if such employee has not designated such beneficiary, to his/her estate. Such pro-rated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October 1 to the date of retirement, separation or death and shall be made as soon as practicable thereafter. For purposes of pro-rated payments only, any month in which the employee has provided full time continuous service through the fifteenth (15th) day thereof shall be deemed a month of full-time service.

Pro-rated Payments. Pro-rated payments shall be made to those employees who retire under the University retirement plan prior to October 1. This also applies to those employees not under a retirement plan but who are sixty-five (65) years of age at the time of the separation. In case of death, longevity payments shall be made to the beneficiary designated in writing to the Employer Benefit and Compensation Services Office, or if such employee has not designated such beneficiary, to his/her estate. Such pro-rated payments as indicated above shall be based on the number of calendar months of full-full- time service credited to an employee from the preceding October 1 to the date of retirement, separation or death and shall be made as soon as practicable thereafter. For purposes of pro-rated payments only, any month in which the employee has provided full time continuous service through the fifteenth (15th) day thereof shall be deemed a month of full-time service.