RETIREMENT AND SEPARATION Sample Clauses

RETIREMENT AND SEPARATION. A. The Township shall abide by all applicable pension statutes and regulations. B. Upon service retirement or early retirement, an employee who is immediately eligible for retirement benefits will receive, in one (1) lump sum, one (1) day’s base salary, computed on the basis of the employee’s salary at the time of retirement, for each two (2) days of unused accumulated sick leave. For employees hired after December 31, 1995, total payment shall not exceed $12,000 per employee, regardless of the number of days accumulated. C. Upon permanent separation from employment for any reason except termination for cause, unused vacation days for the prior calendar year, as well as earned vacation days for the current year, shall be paid to the employee, computed on the basis of the employee’s salary at the time of separation. In lieu of the foregoing, the employee may elect to utilize all earned vacation days immediately preceding his or her separation, except termination for cause. D. The Township agrees to pay Employee Health Plan premiums for a managed care plan for all employees who, upon retirement, are immediately eligible for retirement benefits with twenty-five (25) years of service with the Township until they attain the age of sixty-five (65). E. If an active employee or eligible retiree dies, the spouse and dependents would continue to be covered by the Employee Health Plan for one (1) year at no cost subject to the Township contribution provisions of the agreement. It is understood that the one (1) year survivor provision is incorporated into the COBRA benefit period.
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RETIREMENT AND SEPARATION. The provisions of the existing Private Pension Plan remain in effect. Employees will be provided with an annual statement of pension status as required by the Pension Benefits Standards Act, subject to the Letter of Agreement between the parties attached as APPENDIX The features of the Post Retirement Health Benefit Program, introduced with the Private Pension Plan shall remain in effect and continue to cover those future retirees of the Private Pension Plan who have not left pensionable service within the An employee who is being separated for any reason other than "lay off with recall rights" may be paid a Separation Gratuity equal to payment at his regular rate of pay of three-quarters of the total of his accumulated sick leave credits, and this provision will apply to a deceased employee and the benefit may be paid to his estate.
Sample 1
RETIREMENT AND SEPARATION. The Company shall employ and Executive agrees to continue to be employed and serve as the Company’s CEO from the date hereof until the first to occur of: (i) the date on which another individual commences employment as the Company’s CEO (or such later date as may be reasonably requested by the Company) (the “Replacement Date”), (ii) such other date as may be mutually agreed to by the Executive and the Company, or (iii) the date on which the Executive’s employment is terminated by the Company for Cause (the first to occur of such dates, the “Separation Date”).
Sample 1
RETIREMENT AND SEPARATION. Section 1. An employee, at any time, is entitled to request and receive an annuity estimate from a Benefits Specialist, which may include informational material regarding Thrift Savings Plan, Health Benefits and Life Insurance. Section 2. Each employee who contemplates separation or retirement, or who has retired or separated, whether voluntarily or involuntarily, will receive written notification that they may contact a Benefits Specialist in the Benefits office, including phone number, address, and webpage, the be informed about their eligibility for disability retirement, applying for discontinued service annuity, eligibility for deferred annuity, and all options regarding retirement, TSP, life insurance, and health insurance. Section 3. An employee may withdraw a resignation or retirement application at any time prior to its effective date, provided the withdraw is communicated to the Employer in writing and received by the Employer. Employees who have resigned or retired may request that they be considered for re- employment to their recently vacated position in accordance with Government-wide rules and regulations. Section 4. The parties recognize that final decisions concerning retirement applications and issuance of retirement checks are the responsibility of the Office of Personnel Management. The Employer agrees to process and transmit all necessary paperwork in connection with retirement applications in a timely fashion. Section 5. Upon receipt of a written request from an employee who is eligible to retire, or who is within 120 days of such eligibility, the Employer agrees to provide a statement setting forth an estimate of the employee's monthly compensation upon retirement, types of retirement options available, and the procedures for continuing any health or life insurance policies. This information will be updated at the employee's request, but not more frequently than once a year.
Sample 1
RETIREMENT AND SEPARATION. 15.1 To the extent required by law, the District shall make all pension contributions to the appropriate New York State Retirement System on behalf of each employee. 15.2 Employees upon separation from the District after ten years of service, shall receive payment for all unused sick days based upon the following: 25% of the daily value for the first 25 days; then 50% of the daily value for the next 25 days; then 75% of the daily value for the next 25 days; then 100% of the daily value for the next 25 days. Employees who are terminated from their position will not be eligible to receive this benefit.
Sample 1
RETIREMENT AND SEPARATION. A. The Township shall abide by all applicable pension statutes and regulations. B. Upon service retirement or early retirement, an employee who is immediately eligible for retirement benefits will receive, in one (1) lump sum, one (1) day’s base salary, computed on the basis of the employee’s salary at the time of retirement, for each two (2) days of unused accumulated sick leave. For employees hired after December 31, 1995, total payment shall not exceed $12,000 per employee, regardless of the number of days accumulated. C. Upon permanent separation from employment for any reason except termination for cause, unused vacation days for the prior calendar year, as well as earned vacation days for the current year, shall be paid to the employee, computed on the basis of the employee’s salary at the time of separation. In lieu of the foregoing, the employee may elect to utilize all earned vacation days immediately preceding his or her separation, except termination for cause. D. The Township agrees to pay Employee Health Plan premiums for a managed care plan for all employees and their spouse and eligible dependents who, upon retirement, are immediately eligible for retirement benefits with twenty-five (25) years of service with the Township until the employee attains the age of sixty-five (65). E. If an active employee or eligible retiree dies, the spouse and dependents would continue to be covered by the Employee Health Plan for one (1) year at no cost subject to the Township contribution provisions of the agreement. It is understood that the one (1) year survivor provision is incorporated into the COBRA benefit period.
Sample 1
RETIREMENT AND SEPARATION. Section 1. TRANSCO Provident Fund shall continue to operate for the residual employees (TRANSCO GOVERNMENT) upon the entry of the concessionaire. For separated employees, the balance of the credit of each member and the General Reserve for Employee Benefits shall be distributed Section 2. Restoration of Retirement Holiday Package/Incentive;
Sample 1
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RETIREMENT AND SEPARATION. Executive agrees to continue his employment until August 31, 2018 (the “Retirement Date”) at which time he agrees to retire and terminate his employment with the Company. The Company agrees to continue Executive’s employment through the Retirement Date, unless it has reason to terminate his employment for Cause (as defined below), in which case the Company may terminate his employment prior to the Retirement Date. The date that the Executive’s employment terminates, either on the Retirement Date or the date it is terminated earlier for Cause is referred to in this Agreement as the “Separation Date.”
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RETIREMENT AND SEPARATION 
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Related to RETIREMENT AND SEPARATION

  • Disability Separation A. An employee with permanent status may be separated from service when the Employer determines that the employee is unable to perform the essential functions of the employee’s position due to a mental, sensory, or physical disability, which cannot be reasonably accommodated. Determinations of disability may be made by the Employer based on an employee’s written request for disability separation or after obtaining a written statement from a licensed physician or licensed mental health professional. The Employer can require an employee to obtain a medical examination, at Employer expense, from a licensed physician or licensed mental health professional of the Employer’s choice. Evidence may be requested from the licensed physician or licensed mental health professional regarding the employee’s limitations. B. When the Employer has medical documentation of the employee’s disability and has determined that the employee cannot be reasonably accommodated in any available position for which they qualify, or the employee requests separation due to disability, the Employer may immediately separate the employee. C. The Employer will inform the employee in writing of the option to apply to return to employment prior to their separation due to disability. The Employer will provide assistance to individuals seeking reemployment under this Article for two (2) years. If reemployed, upon successful completion of the employee’s probationary period, the time between separation and reemployment will be treated as leave without pay and will not be considered a break in service. D. A disability separation is not a disciplinary action. Disability separation at the employee’s request is not subject to the grievance procedure in Article 30.

  • Retirement and Welfare Benefits During the Term, the Executive shall be eligible to participate in the Company’s health, life insurance, long-term disability, retirement and welfare benefit plans, and programs available to similarly-situated employees of the Company, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate (as defined below) of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • The Separation Subject to the satisfaction or waiver (in accordance with the provisions of Section 4.3) of the conditions set forth in Section 4.3, each of MII and B&W will use commercially reasonable efforts to take, or cause to be taken, any actions, including the transfer of Assets and the assumption of Liabilities, necessary to effect the Separation on or prior to the Distribution Date. As of and after the Distribution Time, B&W and its Subsidiaries shall, as between the B&W Group and the MII Group, be responsible for all B&W Liabilities, regardless of when or where such B&W Liabilities arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the date hereof, regardless of where or against whom such B&W Liabilities are asserted or determined or whether asserted or determined prior to, at or after the date hereof, and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of statute or Law, fraud or misrepresentation, breach of contract or other theory, by any member of the MII Group or the B&W Group or any of their respective directors, officers, employees, agents, Subsidiaries or Affiliates. As of and after the Distribution Time, MII and its Subsidiaries shall, as between the MII Group and the B&W Group, be responsible for all MII Liabilities, regardless of when or where such MII Liabilities arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the date hereof, regardless of where or against whom such MII Liabilities are asserted or determined or whether asserted or determined prior to, at or after the date hereof, and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of statute or Law, fraud or misrepresentation, breach of contract or other theory, by any member of the MII Group or the B&W Group or any of their respective directors, officers, employees, agents, Subsidiaries or Affiliates. Subject to Section 3.8(f), each of MII and B&W agrees on behalf of itself and each of its Subsidiaries as of the Distribution Time that the provisions of the Tax Sharing Agreement shall exclusively govern the allocation of Assets and Liabilities related to Taxes.

  • Retiree Health Benefits 1. There is currently in effect a retiree health benefit program for retired members of LACERS under LAAC Division 4, Chapter 11. All covered employees who are members of LACERS, regardless of retirement tier, shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits as provided by this program. The retiree health benefit available under this program is a vested benefit for all covered employees who make this contribution, including employees enrolled in LACERS Tier 3. 2. With regard to LACERS Tier 1, as provided by LAAC Section 4.1111, the monthly Maximum Medical Plan Premium Subsidy, which represents the Kaiser 2-party non-Medicare Part A and Part B premium, is vested for all members who made the additional contributions authorized by LAAC Section 4.1003(c). 3. Additionally, with regard to Tier 1 members who made the additional contribution authorized by LAAC Section 4.1003(c), the maximum amount of the annual increase authorized in LAAC Section 4.1111(b) is a vested benefit that shall be granted by the LACERS Board. 4. With regard to LACERS Tier 3, the Implementing Ordinance shall provide that all Tier 3 members shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits, and shall amend LAAC Division 4, Chapter 11 to provide the same vested benefits to all Tier 3 members as currently are provided to Tier 1 members who make the same four percent (4%) contribution to LACERS under the retiree health benefit program. 5. The entitlement to retiree health benefits under this provision shall be subject to the rules under LAAC Division 4, Chapter 11 in effect as of the effective date of this provision, and the rules that shall be placed into LAAC Division 4, Chapters 10 and 11, with regard to Tier 3, by the Implementing Ordinance. 6. As further provided herein, the amount of employee contributions is subject to bargaining in future MOU negotiations. 7. The vesting schedule for the Maximum Medical Plan Premium Subsidy for employees enrolled in LACERS Tier 1 and LACERS Tier 3 shall be the same. 8. Employees whose Health Service Credit, as defined in LAAC Division 4, Chapter 11, is based on periods of part-time and less than full-time employment, shall receive full, rather than prorated, Health Service Credit for periods of service. The monthly retiree medical subsidy amount to which these employees are entitled shall be prorated based on the extent to which their service credit is prorated due to their less than full time status.

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Layoff Benefits All rights to which a certificated employee was entitled at the time of his/her layoff including unused accumulated sick leave and credits toward leave eligibility will be restored to the certificated employee upon his/her return to active employment, and the certificated employee will be placed upon the proper step of the salary schedule for the certificated employee's current position according to the certificated employee's experience and education.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

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