REGULAR SEVERANCE PAY Sample Clauses

REGULAR SEVERANCE PAY. (a) Regular severance will be paid at the rate of one (1) week's pay, at the Employee's regular rate of pay, for each completed year of service to fifteen (15) years, and at the rate of two weeks' pay for each additional completed year of service over fifteen
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REGULAR SEVERANCE PAY. 1. This Section applies only to teachers employed for the 2003/2004 school year. 2. An eligible teacher who resigns or retires from the Xxxxxx Township Schools: a. In good standing and not as the result of pending disciplinary action; b. At age 55 or older; c. With ten or more years of service with this school corporation, and d. He/she resigns or retires from this school corporation shall receive $60 per day for one half of their accumulated sick leave days, but not to exceed $6,000.00. This amount shall be reduced by the value of the school corporation contribution from February 1, 2005 through the conclusion of the 2009-2010 school year to the tax sheltered annuity (one percent (1%) of the base salary including lanes and experience of each participating teacher to a Voluntary Employees Beneficiary Association (VEBA) account). 3. This amount shall be paid to a post-retirement 403(b) account by February 15 in the calendar year following retirement.
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REGULAR SEVERANCE PAY. 1. This Section applies only to teachers employed for the 2003/2004 school year.
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Related to REGULAR SEVERANCE PAY

  • Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Severance Benefit If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

  • Termination and Severance Pay Employees who terminate their employment with the City for any reason shall have their termination pay computed in the following manner.

  • Vacation Bonus Employees shall receive one day's base pay (or adjusted earnings) for each year of service beyond twenty-five (25) years, to a maximum of ten (10) days’ pay.

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