RETIREMENT BENEFIT PROGRAM Sample Clauses

RETIREMENT BENEFIT PROGRAM. The purpose of this program is to assist teachers by providing an incentive for licensed employees to save for their respective retirement. This plan shall comply with all retirement program requirements as set forth by the federal government and the State of Kansas. Definition –
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
RETIREMENT BENEFIT PROGRAM. Administrators who retire under the provision of the Pennsylvania School Employees’ Retirement System, but not including a disability retirement, who have a minimum of twelve (12) years of service in the West Xxxxxxx Area School District, have a minimum of five (5) years as an Administrator in the District and who are at least 50 years of age, will be entitled to receive benefits for Administrator and spouse*, in the group insurance programs (Hospitalization, Medical-Surgical & Major Medical Insurance, Dental, Vision, and Prescription)
Sample 1Sample 2
RETIREMENT BENEFIT PROGRAM. A. To participate in the Retirement Benefit Program, the individual must be eligible for retirement under Teachers’ Retirement System (TRS) rules without incurring a district- paid TRS penalty. The member must also have been a district employee for a minimum of ten (10) years at the time of retirement in order to qualify for the retirement benefit. B. By September 15, of every school year the District and Association will develop a list of all licensed employees that are within four (4) years of being eligible for any Teachers’ Retirement System Retirement Program. C. Members of the bargaining unit who have served a minimum of ten (10) years in the District, who are eligible for retirement without incurring a District-TRS penalty, and who present the District with a letter of retirement up to four (4) years prior to the first day of February of their final year of active service, shall be removed from the salary schedule and paid in accordance with the formula set forth below. Employees who give up to a four (4) year notice shall receive, for each year, an increase equal to two percent (2%) of their current year’s scheduled salary, including a longevity stipend when applicable; provided however, that in no event shall such increase be greater than six percent (6%), of the prior year’s total credible earnings. Once an irrevocable notice of intent to retire is received by the District, in no year shall creditable earnings in excess of 6% from one year to the next be paid to the retiring employee. However earnings that are legally exempt from the state imposed “6% liability” rule in effect at the time of ratification of this agreement, or which shall be enacted within the scope of this agreement, shall not be considered in the calculation of the 6% increase limitation. Such exempt earnings include but may not always be limited to and may not always include:  Summer school teaching paid pro-rata  Overloads paid pro-rata  Change in employment status from part-time to full-time paid pro-rata D. The retirement benefit shall be paid on or before 30th of May or may be divided equally into each of the member’s normal salary paychecks in each of the years that the individual is eligible for the benefit as approved by the Board of Education. The retirement benefit will be reported to TRS as income earned during the year it was paid. E. Once approved by the Board of Education, the decision to retire is irrevocable and the Board cannot guarantee the anonymity of the ...
Sample 1
RETIREMENT BENEFIT PROGRAM. Classified employees who wish to retire before being eligible for Medicare will be provided a retirement benefit program by the District.
Sample 1
RETIREMENT BENEFIT PROGRAM. The Board agrees to continue a Retirement Benefit Program. Retirement is defined as an employee collecting a pension.
Sample 1
RETIREMENT BENEFIT PROGRAM. A. All full time employees who have accumulated a minimum of forty (40) unused sick days at the time of retirement from the District and who are collecting pension benefits pursuant to Title 18A:66-1 et. seq. “Teacher Pension and Annuity Fund” or “Public Employee Retirement System” are eligible. B. No employee shall be entitled to the Retirement Benefit Program upon returning from a leave of absence, other than sick leave, until said employee has completed a minimum of ten ( 10) months work. C. Each eligible employee shall receive a retirement benefit of one (1) day’s salary (a benefit day) for each three (3) days accumulated unused sick leave, but not to exceed fifty-five (55) benefit days. The method of calculating the rate shall be at the hourly rate paid at the time of retirement. D. Retirement benefit payments shall be made in a lump sum by January 30 or June 30 following the effective date of retirement. Such payment date shall be at the option of the employee. E. July 1, 1988, shall serve as the effective starting date of accumulating unused sick leave days which will qualify for compensation in accordance with the provisions outlined in A through D above. F. A stipend of five hundred dollars ($500) shall be given to a full-time employee who has acquired seventy (70) unused accumulated sick days at the close of the work year in which said employee has accumulated seventy (70) days. The stipend shall be given to any particular employee only once. G. A stipend of five hundred dollars ($500) shall be given to a full-time employee who has acquired one hundred and ten (110) unused accumulated sick days at the close of the school year in which said employee has accumulated one hundred and ten (110) days. The stipend shall be given to any particular employee only once.
Sample 1
RETIREMENT BENEFIT PROGRAM. A. To participate in the Retirement Benefit Program, the individual must be eligible for retirement under Teacher Retirement System rules without incurring a district-paid TRS penalty. The member must also have been a district employee for a minimum of ten
Sample 1
AutoNDA by SimpleDocs
RETIREMENT BENEFIT PROGRAM. The Board agrees to implement a Retirement Benefit Program.
Sample 1
RETIREMENT BENEFIT PROGRAM 
Sample 1Sample 2Sample 3

Related to RETIREMENT BENEFIT PROGRAM

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

  • 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.

  • 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.

  • 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 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.

  • 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.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

  • 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.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!