Retirement Buy Out Sample Clauses

Retirement Buy Out. At the time of separation from state service due to retirement or death, an eligible employee or the employee's estate shall receive remuneration at a rate equal to one (1) hour's current monetary compensation of the employee for each four (4) hours of a. Accumulated sick leave hours taken will be first deducted from accumulated compensable hours. b. Eligibility requirements for retirement buy out of sick leave shall comply with the requirements of the plan in which the employee is enrolled. The employee must meet retirement guidelines before sick leave buy out shall be paid. The provisions of this subsection are contingent on the continuation of the enabling legislation.
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Retirement Buy Out. At the time of separation from state service due to retirement or death, an eligible employee or the employee's estate shall receive remuneration at a rate equal to one (1) hour's current monetary compensation of the employee for each four (4) hours of compensable accrued sick leave. Sick leave calculations and compensation shall be subject to the following rules:
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Retirement Buy Out. Academic Staff
Sample 1
Retirement Buy Out. At the time of separation from state service due to retirement or death, an eligible employee or the employee's estate shall receive remuneration at a rate equal to one (1) hour's current monetary compensation of the employee for each four (4) hours of compensable accrued sick leave. Sick leave calculations and compensation shall be subject to the following rules: a. Accumulated sick leave hours taken will be first deducted from accumulated compensable hours. b. Eligibility requirements for retirement buy out of sick leave shall comply with the requirements of the plan in which the employee is enrolled. The employee must meet retirement guidelines before sick leave buy out shall be paid. The provisions of this subsection are contingent on the continuation of the enabling legislation.
Sample 1
Retirement Buy Out. These provisions shall be effective with respect to any Teacher retiring on or after the 1st day of July 2004. Any Teacher who has retired before the effective date will only be entitled to those benefits contained in the Contract agreement as of the time of his or her retirement, but as may be otherwise revised from time to time.
Sample 1

Related to Retirement Buy Out

  • 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.

  • 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.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

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