Rate of Supplemental Compensation Sample Clauses

Rate of Supplemental Compensation. 1. Each certified employee who retires under a state administered retirement system with at least twenty (20) years of pension credit and each non-certified employee who retires under a state administered retirement system with at least ten (10) years of pension credit shall be entitled upon retirement to supplemental compensation for accumulated sick leave days credited to such employee as of the last day of employment. 2. Supplemental compensation shall be calculated as follows: a. A retiring employee with fewer than fifty (50) accumulated sick days at the time of retirement shall receive supplemental compensation equal to eighty-five dollars ($85) per accumulated sick day. b. A retiring employee with at least fifty (50) but fewer than one hundred (100) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred ten dollars ($110) per accumulated sick day. c. A retiring employee with at least one hundred (100) but fewer than one hundred fifty (150) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred thirty five dollars ($135) per accumulated sick day. d. A retiring employee with one hundred fifty (150) or more accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred sixty dollars ($160) per accumulated sick day. e. In no case shall the daily rate of payment for supplemental compensation exceed the retiring employees daily rate of pay at the time of retirement. For example, a retiring employee whose daily rate of pay at the time of retirement is $85 and who has 160 accumulated sick days shall receive supplemental compensation in the amount of $13,600, not $25,600. f. The total amount of supplemental compensation for an employee working for the Board as of June 30, 2003 shall be subject to a cap of thirty thousand dollars ($30,000). Employees who commence working for the Board after June 30, 2003 shall be subject to a cap of fifteen thousand dollars ($15,000).
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Rate of Supplemental Compensation. 1. Each certified employee who retires under a state administered retirement system with at least twenty (20) years of pension credit and each non-certified employee who retires under a state administered retirement system with at least ten (10) years of pension credit shall be entitled upon retirement to supplemental compensation for accumulated sick leave days credited to such employee as of the last day of employment. 2. Supplemental compensation shall be calculated as follows: a. A retiring employee with fewer than fifty (50) accumulated sick days at the time of retirement shall receive supplemental compensation equal to eighty-five dollars ($85) per accumulated sick day. b. A retiring employee with at least fifty (50) but fewer than one hundred (100) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred ten dollars ($110) per accumulated sick day. c. A retiring employee with at least one hundred (100) but fewer than one hundred fifty (150) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred thirty-five dollars ($135) per accumulated sick day. d. A retiring employee with one hundred fifty (150) or more accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred sixty dollars ($160) per accumulated sick day. e. In no case shall the daily rate of payment for supplemental compensation exceed the retiring employees’ daily rate of pay at the time of retirement. For example, a retiring employee whose daily rate of pay at the time of retirement is $85 and who has 160 accumulated sick days shall receive supplemental compensation in the amount of $13,600, not $25,600. f. The total amount of supplemental compensation for an employee working for the Board as of June 30, 2003 shall be subject to a cap of thirty thousand dollars ($30,000) for those retiring in the 2012-2013 school year, of twenty-two thousand five hundred dollars ($22,500) for those retiring in the 2013-2014 school year, and fifteen thousand dollars ($15,000) for those retiring thereafter. g. Employees who commence working for the Board after June 30, 2003 shall be subject to a cap of fifteen thousand dollars ($15,000).
Sample 1

Related to Rate of Supplemental Compensation

  • Supplemental Compensation Pursuant to Section 7 of the Agreement, Supplemental Compensation is payable as follows.

  • Additional Compensation Notwithstanding anything in this Memorandum of Understanding to the contrary when in the judgment of the Board, it becomes necessary or desirable to utilize the services of County employees in capacities other than those for which they are regularly employed, the Board may authorize and, if appropriate, fix an additional rate of compensation for such employees.

  • Rate of Compensation In lieu of direct compensation for all overtime, shift work and standby (as defined in Articles 16, 17 and 18 of this Agreement), regular full-time employees shall receive a special compensation of 7% of their basic salary earned for each calendar year. This special compensation shall not be considered part of the employee's basic salary for the purpose of calculating any benefits or other premium entitlements.

  • Special Compensation The Company shall pay to the Executive a lump sum equal to three times the sum of (a) the highest per annum base rate of salary in effect with respect to the Executive during the three-year period immediately prior to the termination of employment plus (b) the Highest Bonus Amount. Such lump sum shall be paid by the Company to the Executive within ten business days after the Executive's termination of employment, unless the provisions of Section 3(e) below apply. The amount of the aggregate lump sum provided by this Section 3(c), whether paid immediately or deferred, shall not be counted as compensation for purposes of any other benefit plan or program applicable to the Executive.

  • No Additional Compensation Notwithstanding any other provision of this Agreement, the obligation of Agency to return Referred Accounts, provide current status reports of all such accounts or information reasonably required by Client shall be without right to any additional Contingent Fee, administrative fees or other compensation of any kind or type whatsoever after such termination date, including, without limitation, in quantum meruit, for any Services rendered prior to termination (except on recoveries received and remitted to Client pursuant to this Agreement prior to termination) whether or not said Services result in or contribute to recoveries received after termination.

  • 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.

  • Total Compensation Contractor shall include Total Compensation in XXX for each of its five most highly compensated Executives for the preceding fiscal year if: 4.1. The total Federal funding authorized to date under the Award is $25,000 or more; and 4.2. In the preceding fiscal year, Contractor received:

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Annual Compensation The Executive's "Annual Compensation" for purposes of this Agreement shall be deemed to mean the highest level of base salary paid to the Executive by the Employers or any subsidiary thereof during any of the three calendar years ending during the calendar year in which the Date of Termination occurs.

  • Variable Compensation In addition to any interim award that the Company owes to the Executive under the Variable Compensation Plan (or any similar provisions in a successor to the Variable Compensation Plan), the Executive shall be paid a lump sum cash amount equal to 2.0 times the target annual award under the Variable Compensation Plan for the Executive’s job for the calendar year during which the Change in Control occurs. In order to be entitled to a payment pursuant to this Section 4(b), the Executive must have been a participant in the Company’s Variable Compensation Plan at some time during the calendar year in which the Change in Control occurred or the calendar year immediately preceding the calendar year in which the Change in Control occurred.

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