RETIREMENT AND DEATH BENEFITS. (For LTA members as at June 30, 1997 only)
1. The benefit shall be payment for one-half of the employee’s accumulated sick leave.
2. Sick leave for purposes of this policy shall be limited to 216 days, notwithstanding limitations set by the School Act.
3. The benefit will be paid only if retirement is at age 55 or later or if retirement is up to 5 years earlier, said benefit is to be paid only at age 55.
4. In the event of death while in service, said benefit will be paid to the estate of the employee.
5. Payment is to be 1/20 of the FTE monthly salary at retirement or death for each day of eligibility.
RETIREMENT AND DEATH BENEFITS. Any member of the Fort Dodge Police Department retiring on service with twenty-two (22) years of service with City of Fort Dodge Police Department or disability retirement will be entitled to pay for his unused vacation period and holiday period and 60% of accumulated sick leave up to maximum of twelve hundred (1200) hours (.6 x 1200 maximum = 720 hours maximum paid). In the event of the death of a member of the Police Department covered by this agreement, his estate will be paid his unused accrued vacation. Life insurance on each officer will be $20,000. The definition of retirement shall be construed pursuant to Chapters 400 and 411 of the Code of Iowa.
RETIREMENT AND DEATH BENEFITS. A. RETIREMENT BENEFITS
1. Retirement Age Each employee must retire on or before June 30 of the fiscal year in which the employee attains age seventy (70).
RETIREMENT AND DEATH BENEFITS. A. RETIREMENT BENEFITS
1. Retirement Program 298 Subject to the conditions set forth below, employees who have at least a fifty percent (50%) appointment at the time of enrollment may participate in the following retirement program.
299 a. Teachers Insurance and Annuities Association-College Retirement Equities Fund (TIAA-CREF).
300 b. Each eligible employee must elect to participate in the retirement program within ninety (90) calendar days of the commencement of his or her regular employment with the University. Any employee who does not make such an election within the ninety (90) calendar day time period, may there after enroll by completing an enrollment application in the Benefits Office. The retirement plan contributions shall be effective as of the date of enrollment and shall not be retroactive. 301 Note: Employees who, as of December 31, 1995, were enrolled in MPSERS shall continue participating in the plan, subject to the rules, policies, and requirements established by the State of Michigan for participation in the plan. Employees hired on and after January 1, 1996 are not eligible to enroll in MPSERS unless such employee has prior MPSERS service at one or more of the following Michigan Universities: Central Michigan University, Eastern Michigan University, Xxxxxx State University, Lake Superior State University, Michigan Technological University, Northern Michigan University, Western Michigan University.
2. University Contributions 302 The University shall contribute ten percent (10%) of an employee’s gross earnings to the TIAA-CREF Retirement Plan for those employees participating in said plan. Effective July 1, 2000, such contribution shall be increased to eleven percent (11%). 303 Effective July 1, 2013, employees hired into the bargaining unit will receive retirement benefits in accordance with the following University retirement plan. The employer will contribute 5% of employee earnings to TIAA-CREF with no required employee contribution. Employees will have 100% vesting after two (2) years of service. Employees may choose to contribute at least 5% of earnings for an additional employer match of 5% of earnings. 304 Sick leave payouts for all bargaining unit employees are eliminated effective December 31, 2013. Employees who will have 10 or more years of EMU service as of November 30, 2013 may elect to retain unused sick banks or receive a one-time payout in accordance with the University's process and procedures used to eliminate sick lea...
RETIREMENT AND DEATH BENEFITS. Not later than the date of execution of this Agreement, (i) Executive shall be designated as a participant in, and entitled to receive retirement benefits in accordance with, the Company's Supplemental Executive Retirement Plan dated October 1, 1992, as amended (the "SERP"), a copy of which is annexed as Exhibit A hereto and which is incorporated as a part hereof; and
RETIREMENT AND DEATH BENEFITS. Upon termination of employment for any reason (the "Pension Commencement Date"), the Executive shall be paid an annual retirement benefit of $1,250,000 for his life less any benefit payable pursuant to the Company's and FOA's qualified retirement plan and in lieu of any benefit to which he might be entitled under FOA's Supplemental Retirement Plan or any nonqualified retirement plan of the Company (the "Retirement Benefit"). Upon the Executive's death, his current spouse, should she survive the Executive, shall be paid an annual benefit of 75% of the Retirement Benefit for her life; provided that in the event that both the Executive and his spouse should die before the tenth anniversary of the Pension Commencement Date, the Retirement Benefit will continue to be paid to the beneficiaries of the Executive or his spouse, as the case may be, until the tenth anniversary of the Pension Commencement Date. If not provided by FOA prior to the Effective Date, the Company shall provide the Executive with a life insurance policy on his life with a death benefit of $10,000,000 pursuant to a split-dollar arrangement providing for an initial one-time premium not to exceed $3.8 million.
RETIREMENT AND DEATH BENEFITS. 21.01 Effective July l, l988, upon the retirement of any employee covered by this AGREEMENT under the terms of Massachusetts General Laws or the death of any employee, the City will pay to the said employee or his/her heirs at law the following amounts at the following levels of unused special leave then remaining. Dollar Amount Unused Special Leave $ 4,000 More than and including l50 days but less than 200 days. $ 5,000 More than and including 201 days but less than 225 days. $ 6,000 226 days or more.
21.02 Upon the retirement of any employee covered by this AGREEMENT, the CITY will continue his/her Basic Life Insurance policy of $5,000.00 and pay fifty percent (50%) of the premium cost thereof.
RETIREMENT AND DEATH BENEFITS. All full time employees who have been employed by the Borough for a minimum of twenty (20) years shall receive upon retirement, in addition to any and all other benefits due, a sum of money equivalent to ninety (90) days salary at said employees regular rate of pay at the time of said retirement. Any full time employee who has been employed by the Borough for a minimum of twenty (20) years shall receive upon death, a sum of money equivalent to ninety (90) days salary at said employees’ regular rate of pay at the time of death. Payment is conditional upon death occurring during the time such employee is actively employed by the Borough of Avon-By-The-Sea. This payment is in addition to any and all other benefits due. This is figured at one-fourth (1/4) of the employees annual salary.
RETIREMENT AND DEATH BENEFITS. SECTION 1. All full time employees who have been employed by the Borough for a minimum of twenty-five (25) years shall receive upon retirement, in addition to any and all other benefits due, a sum of money equivalent to ninety (90) days salary at said employees regular rate of pay at the time of said retirement. Any full time employee who has been employed by the Borough for a minimum of twenty-five (25) shall receive upon death, a sum of money equivalent to ninety (90) days salary at said employees’ regular rate of pay at the time of death. Payment is conditional upon death occurring during the time such employee is actively employed by the Borough of Avon-By-The-Sea. This payment is in addition to any and all other benefits due. This is figured at one-fourth (1/4) of the employees annual salary.
SECTION 2. The Borough shall continue to pay health care premiums in accordance with chapter 78 for employees covered by this Agreement who have retired after not less than twenty-five (25) years of service with the Borough until said employee is the age at which time he/she is entitled to and eligible to enroll in Medicare programs as their primary care provider. The Borough shall continue to pay for the secondary supplemental carrier.
RETIREMENT AND DEATH BENEFITS. 14.1 The Village shall provide for the benefit of the employees the guaranteed minimum death benefit pursuant to Sections 60b and 360b of the Retirement and Social Security Law and exercise its prerogative of purchasing service credit for employees with World War II military service pursuant to Section 41K and 341K thereof.
14.2 The Village shall continue in force for the benefits of the employees in the Negotiating Unit the non-contributory improved “20-Year Career” plan provided by Section 75i of the Retirement and Social Security Law.
14.3 The Village shall continue in force for the benefit of employees in the negotiating unit the benefits provided in Section 41J of the Retirement and Social Security Law relative to unused sick leave.
14.4 Employees hired after July 1, 1973, should see the appropriate New York State law relative to tiers in the New York State Retirement System Plan.
