R etirement Benefits Sample Clauses

R etirement Benefits. A. The Board will meet and negotiate with the Association regarding IMRF retirement packages and utilize IMRF representative(s) to assist the parties in understanding IMRF options. B. Support Staff planning to retire without using the Employer’s early retirement plan is requested to notify the Superintendent in writing no less than sixty (60) days before the requested retirement date. C. The Board shall pay the Employer portion of IMRF and the Support Staff Employee shall pay the Support Staff Employee portion of IMRF. D. Streator Elementary District #44 will provide the following early retirement package with the following provisions: 1. The individual support staff member employed must have a minimum of fifteen (15) years of service to Streator Elementary School District #44 immediately preceding retirement to qualify for the early retirement plan. 2. The individual support staff member must be fifty-five (55) years old or older, prior to the first legal school day of the retirement school year. 3. The individual support staff member must meet all IMRF requirements. 4. The individual support staff member shall submit to the Board of Education a letter of their intent to retire stating the date of intended retirement. 5. Upon written notification of retirement, the Board shall increase the annual salary of each early retirement participant six percent (6%) over the previous year’s earnings for the remaining years of service, not to exceed four (4) years. 6. Notification shall be submitted to the Superintendent no later than February 1st of the school year preceding the beginning year of the retirement incentive. 7. No payment shall be owed or made under this provision if it would result in an accelerated payment or penalty assessed by IMRF against the District. 8. When multiple employees are eligible and apply in the same year, the Board may limit the number of participants in a given year, provided that at least one (1) eligible employee shall be approved. If more than one employee is eligible and applies, and the Board decides to limit the number of participants, seniority in the District shall govern who is approved.
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R etirement Benefits. The Employer has established and maintains VEBA (Voluntary Employee Benefit Association) Plans pursuant to § 501(c) (9) of the Internal Revenue Code for each teacher employed under a teacher’s contract. The Employer shall make an on-going contribution to individual teacher VEBA accounts at a rate of .5%. Teachers will be assigned to a VEBA Plan based upon their individual employment date. Teachers will not be authorized to receive on-going contributions to multiple plans. The VEBA Plan (VEBA I) for teachers under contract with the Elkhart Community Schools on January 1, 2006, or on a Board approved Leave of Absence at such time includes the following terms and conditions:  Vesting: A teacher must have served in the Elkhart Community Schools fifteen
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Related to R etirement Benefits

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • 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.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

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