Retirement Bonus/Incentives Sample Clauses

Retirement Bonus/Incentives. A. A teacher of the District upon his/her retirement from the teaching profession may be eligible for a retirement bonus. In order for a teacher to be eligible for the retirement bonus, the teacher must be eligible for retirement under TRS rules and have taught in the District at least fifteen (15) years. B. The retirement bonus will consist of the maximum increase that is allowed by law and TRS regulations (currently six pcenr t (6%)) in the teacher's TRS creditable earnings in up to each of the four (4) years prior to retirement. C. The Board of Education must receive the teacher's letter of resignation up to four
Sample 1
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Retirement Bonus/Incentives. A. A teacher of the District upon his/her retirement from the teaching profession may be eligible for a retirement bonus. In order for a teacher to be eligible for the retirement bonus, the teacher must be eligible for retirement under TRS rules and have taught in the District at least fifteen
Sample 1
Retirement Bonus/Incentives. A. A teacher of the District upon his/her retirement from the teaching profession may be eligible for a retirement bonus. In order for a teacher to be eligible for the retirement bonus, the teacher must be eligible for retirement under TRS rules and have taught in the District at least fifteen (15) years. B. The retirement bonus will consist of the maximum increase that is allowed by law and TRS regulations (currently six percent (6%) in the teacher's TRS creditable earnings in up to each of the four (4) years prior to retirement. C. The Board of Education must receive the teacher's letter of resignation up to four (4) years prior to the teachers TRS retirement date. This written notice of date of retirement shall be submitted on or before March 1. D. The true Retirement Bonus/Incentive shall be the difference between the (a) maximum increase that is allowed by law and TRS regulations (currently six percent (6%) over the total TRS creditable earnings the teacher received in the prior school year, and (b) increases in total creditable earnings, such as the teacher's normal yearly raise(s) and TRS Board-paid benefits, received by the teacher in the four (4) years, three (3) years, two (2) years, or one (1) year, as applicable, prior to retirement. The total number of years may not exceed the four (4) year total. The Retirement Bonus/Incentive shall be the maximum increase that is allowed by law and TRS regulations (currently six percent (6%) for each of the previous school year's total TRS creditable earnings.) For further explanation, the following example shows how the true retirement bonus/incentive will be calculated:
Sample 1

Related to Retirement Bonus/Incentives

  • Bonus Compensation During the term hereof, the Executive shall participate in the Company’s Senior Executive Annual Incentive Plan, as it may be amended from time to time pursuant to the terms thereof (the “Plan,” a current copy of which is attached hereto as Exhibit A) and shall be eligible for a bonus award thereunder (the “Bonus”). For purposes of the Plan, the Executive shall be eligible for a Bonus, and the Executive’s specified percentage (the “Specified Percentage”) for such Bonus shall initially be fifty percent (50%) of Base Salary and shall thereafter be established annually by the Board of Directors (the “Board”) or, if the Board delegates the Specified Percentage determination process to a Committee of the Board, by such Committee. In the event the Board or Committee does not approve the Executive’s Specified Percentage within 90 days of the beginning of a fiscal year, such Specified Percentage shall be the same as the immediately preceding year. Whenever any Bonus payable to the Executive is stated in this Agreement to be prorated for any period of service less than a full year, such Bonus shall be prorated by multiplying (x) the amount of the Bonus otherwise earned and payable for the applicable fiscal year in accordance with this Sub-Section 4.2 by (y) a fraction, the denominator of which shall be 365 and the numerator of which shall be the number of days during the applicable fiscal year for which the Executive was employed by the Company. Executive agrees and understands that any prorated Bonus payments will be made only after determination of the achievement of the applicable Performance Measures (as defined in the Plan) in accordance with the terms of the Plan. Any compensation paid to the Executive as Bonus shall be in addition to the Base Salary.

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