Procedure and Benefits Sample Clauses

Procedure and Benefits. Except as provided in subsection C. 1. below any notice of retirement given pursuant to this Section 19.3 shall be deemed to be irrevocable. This retirement benefit is available for up to three years. An employee, however, must give the Board a written notice of retirement by June 1 of 2016, for a retirement benefit for either three or two years, or June 1 of 2017, for a retirement benefit for one year, said notices to be for a retirement on or before the end of the 2017-2018 school year. In such event, the employee shall be removed from the salary schedule and the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in IMRF creditable compensation, for his/her remaining years of service. By way of illustration: 1. If an employee gives the Board a written notice of retirement by June 1, 2016 with a retirement date at the end of the school year of 2018, such notice shall state whether it is effective for the 2015-2016 school year or whether it is effective beginning with the 2016-2017 school year. The Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in IMRF creditable compensation, for his/her three years or two years of service consistent with the notice. 2. If an employee gives the Board a written notice of retirement by June 1, 2017 with a retirement date at the end of the school year 2018 then such notice shall be effective for the 2017-2018 school year only and the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in IMRF creditable compensation, for his/her remaining one year of service.
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Procedure and Benefits. Please note that for the 2012-2013 school year only, employees shall have until March 1, 2013 to submit an irrevocable written notice of retirement in order to receive benefits that would start in 2013. 1. If an employee gives the Board an irrevocable written notice of retirement by June 1 four years prior to the year of retirement, the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in IMRF creditable compensation, for each of his/her remaining four years of service. 2. If an employee gives the Board an irrevocable written notice of retirement by June 1 three years prior to the year of retirement, the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in IMRF creditable compensation, for each of his/her remaining three years of service. 3. If an employee gives the Board an irrevocable written notice of retirement by June 1 two years prior to the year of retirement, the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in IMRF creditable compensation, for each of his/her remaining two years of service. 4. If an employee gives the Board an irrevocable written notice of retirement by June 1 one year prior to the year of retirement, the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in IMRF creditable compensation, for his/her remaining one year of service. 5. If, after submitting an irrevocable written notice of retirement by June 1 provided in paragraphs 1 through 4 above, the employee resigns from or is dismissed from duties for which the employee was paid a stipend or additional compensation in the previous year, the retirement incentive for that employee will be reduced accordingly. 6. An employee is not eligible for the District Retirement Benefit if his/her creditable compensation exceeded 106% of the prior year’s creditable compensation in any of the employee’s final four years.
Sample 1
Procedure and Benefits. Except as provided in subsection C. 2. below any notice of retirement given pursuant to this Section 14.6 shall be deemed to be irrevocable. This retirement benefit is available for up to three years. An employee, however, must give the Board a written notice of retirement by June 1 of 2016, for a retirement benefit for either three or two years, or June 1 of 2017, for a retirement benefit for one year, said notices to be for a retirement on or before the end of the 2017-2018 school year. In such event, the employee shall be removed from the salary schedule and the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining years of service. By way of illustration:¶ ¶
Sample 1

Related to Procedure and Benefits

  • Compensation and Benefits Subject to the terms and conditions of this Agreement, during the Employment Period, while Executive is employed by the Employer, the Employer shall compensate Executive for Executive’s services as follows for periods following the Effective Date: (a) Executive shall be compensated at an annual rate of $290,000 (the “Annual Base Salary”), which shall be payable in accordance with the Employer’s normal payroll practices as are in effect from time to time. Beginning on January 1, 2012 and on each anniversary of such date, Executive’s rate of Annual Base Salary shall be reviewed by the Compensation Committee (the “Compensation Committee”) of the Board of Directors of the Company (the “Board”), and following such review, the Annual Base Salary may be adjusted upward but in no event will it be decreased. (b) Executive shall be entitled to receive performance based annual incentive bonuses (each, the “Incentive Bonus”) from the Employer for each fiscal year ending during the Employment Period. Any such Incentive Bonus shall be paid to Executive within thirty (30) days of the completion of the annual audit by the Company’s auditor, but in no event later than two and one-half months after the close of each such fiscal year. Executive’s target Incentive Bonus shall be not less than forty percent (40%) of the Annual Base Salary, which Incentive Bonus shall be determined by specific performance criteria established from time to time by the Compensation Committee. (c) Executive shall be eligible to participate, subject to the terms and conditions thereof, in all other incentive plans and programs, including such cash and deferred bonus programs and equity incentive plans as may be in effect from time to time with respect to senior executives employed by the Employer on as favorable a basis as provided to other similarly situated senior executives. Executive and Executive’s dependents, as the case may be, shall be eligible to participate in all pension and similar benefit plans (qualified, non-qualified and supplemental), profit sharing, 401(k), as well as all medical and dental, disability, group and executive life, accidental death and travel accident insurance, and other similar welfare benefit plans and programs of the Employer, subject to the terms and conditions thereof, as in effect from time to time with respect to senior executives employed by the Employer on as favorable a basis as provided to other similarly situated senior executives. (d) Executive shall be entitled to accrue vacation at a rate of no less than four (4) weeks paid vacation for each calendar year, subject to the Employer’s vacation programs and policies as may be in effect during the Employment Period. (e) Executive shall be reimbursed by the Employer, on terms and conditions that are substantially similar to those that apply to other similarly situated executives of the Employer, for reasonable out-of-pocket expenses for entertainment, travel, meals, lodging and similar items which are consistent with the Employer’s expense reimbursement policy and actually incurred by Executive in the promotion of the Employer’s business.

  • Pay and Benefits The Agency shall continue to pay salary and benefits which includes pension contribution, insurance and paid leave time consistent with what they earned before their appointment. Employees appointed as a Contract Specialist shall not be eligible for reimbursement for uniforms, boots or other ancillary items while serving as a Contract Specialist the specifics which will be noted in the employee’s Contract Specialist agreement.

  • Vacation and Benefits The Executive is entitled to four (4) weeks of vacation, which will accrue on a pro-rata basis during the employment year, in addition to all public holidays when the office is closed. Executive will be eligible to participate in all employee benefit plans established by the Company for its employees from time to time, subject to general eligibility and participation provisions set forth in such plans. In accordance with Company policies from time to time and subject to proper documentation, the Company will reimburse you for all reasonable and proper travel and business expenses incurred by you in the performance of your duties.

  • Salary and Benefits (a) During the period from the date of delivery of a Termination Notice (the “Notice Date”) until the earlier of (i) the date twelve (12) months after the Notice Date, or (ii) the date the Executive commences employment with another company or organization, it being agreed that the Executive shall immediately notify the Company of such event (the “Severance Period”), and so long as the Executive is in compliance with the terms of this Agreement and any material provision of any other written agreement with the Company, the Company shall (A) pay to the Executive, per normal payroll practice, a salary (the “Severance Period Salary”) at a rate equal, on an annualized basis, to the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six month period immediately preceding the Termination Notice and (B) provide the Executive with employee benefits, including health insurance, dental insurance, life insurance, participation in the Company’s 401(k) plan and Employee Stock Purchase Plan and short-term and long-term disability coverage, pursuant to the same terms and conditions under which the Company makes such benefits available to employees generally, all subject to the terms and conditions of the respective plans and applicable law (collectively, the “Severance Period Benefits”). (b) In the event that (i) there is a Change in Control (as defined below) of the Company and (ii) within twelve (12) months thereafter, a Change in Status (as defined below) of the Executive occurs, and so long as the Executive is in compliance with the terms of this Agreement and any material provision of any other written agreement with the Company, the Company shall pay the Severance Period Salary and provide the Severance Period Benefits to the Executive during the period from the effective date of the Change in Status until the earlier of (i) the date twelve (12) months after such date or (ii) the date the Executive commences employment with another company or organization, it being agreed that the Executive shall immediately notify the Company of such event. Such compensation and benefits, and those provided under Section 3, shall be in lieu of any other compensation and benefits to the Executive with respect to any continuing employment during such period, and the Company shall have no obligation to make any payments or provide any benefits to the Executive under Section 2(a) above.

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