Retirement Cash Out Sample Clauses

Retirement Cash Out a. At the time of separation from the College due to retirement or death, each full-time faculty member or his/her estate will receive payment for unused Personal Leave at a rate of one (1) full day’s per diem pay for each four (4) full accumulated Personal Leave days; part-time faculty will receive payment for unused Personal Leave at a rate of one (1) hour’s pay for each four (4) hours of Personal Leave. For part-time faculty, the cash-out rate will be the hourly rate in effect at the time of the cash out. For purposes of this section, retirement means separation from the College after at least ten (10) years of employment at the College for employees who are at least fifty (50) years old. b. In lieu of a cash payout for sick leave at retirement as provided in this Section, an employee will receive the amount of any such payout in the form of a contribution to a medical reimbursement plan if the employee is eligible to participate in such a plan at the time of his or her reimbursement. Election to participate in a medical expense plan will be determined in accord with the College’s plan.
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Retirement Cash Out a. At the time of separation from the College due to retirement or death, each full-time faculty member or their estate will receive payment for unused Personal Leave at a rate of one (1) full day’s per diem pay for each twenty- eight (28) full accumulated Personal Leave hours; adjunct faculty will receive payment for unused Personal Leave at a rate of one (1) hour’s pay for each four (4) hours of Personal Leave. For adjunct faculty, the cash-out rate will be the hourly rate in effect at the time of the cash out. For purposes of this section, retirement means separation from the College after at least ten
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Retirement Cash Out. The District shall offer the VEBA III Sick Leave Conversion Medical Reimbursement Plan, RCW 28A.400.210 and WAC 392.136, and agrees to make contributions to the Plan on behalf of eligible employees, based on the conversion value of sick leave days accrued and available to them at retirement. The Association shall notify the District of its intention to participate in VEBA III Plan, annually, prior to December 31 of each year.
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Retirement Cash Out. (hired before 1-1-2007): Upon retirement or death, each employee hired before January 1, 2007 shall be paid one full days pay for each two days of earned an unused sick leave credits, based on a maximum accumulation of three hundred days, such payment is not to exceed the equivalent of one hundred and fifty days pay. Payment will be at the employee’s rate of pay at the time of retirement or death.
Sample 1
Retirement Cash Out. At the time of separation from employment with the District due to retirement or death, an eligible employee or the employee's estate shall receive remuneration at a rate equal to one (1) day's current compensation for the employee for each four (4) days accrued sick leave. No more than one hundred eighty (180) sick leave days shall be eligible for conversion as permitted by law. 10.3.1 Any accumulated sick leave up to a maximum of forty-five (45) days shall be creditable as service rendered for the purpose of determining retirement eligibility as provided through the State's Retirement System. Any additional credit for service rendered, authorized by state statute during the term of this Agreement, shall be awarded; provided there will be no cost to the District.
Sample 1
Retirement Cash Out. At the time of separation from the District due to retirement or death, each full-time faculty member or the employee's estate shall receive remuneration at a rate equal to one (1) day's per diem for each four (4) full day’s accumulated compensable personal leave. Each part-time faculty member or the employee's estate shall receive remuneration at a rate equal to one (1) hour's pay for each four (4) hours accumulated compensable personal leave. For part-time faculty, the cash-in rate will be equivalent to the per-hour rate in effect in the quarter of cash out. For purposes of this section only, retirement means separation from BCC after 10 years of employment at BCC for employees who are at least 50 years old.
Sample 1
Retirement Cash Out. An employee who retires may elect to convert accumulated unused sick leave to monetary compensation at the rate of twenty-five (25) percent of the employee’s full-time daily rate of compensation at the time of termination for each full eight (8) hour day of sick leave up to a maximum of one hundred eighty (180) days (1,440 hours). To be eligible for this entitlement, the employee must inform the District of his/her decision to retire no later than April 1 of the school year in which he/she intends to retire. Exceptions to April 1 may be made by the Superintendent/designee for compelling circumstances. TRS/PERS/SERS Plan 2 and 3 employees who resign from the District before becoming eligible for an immediate annuity will be allowed to convert unused sick leave to monetary compensation as authorized by WAC 000-000-000 and appropriate negotiated labor agreements.
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Related to Retirement Cash Out

  • Retirement Credit Retirement credit for such periods of leave without pay shall be governed by the rules and regulations of the Division of Retirement and the provisions of Chapter 121, Florida Statutes.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • 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.

  • 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 Accounts With respect to certain retirement plans or accounts (such as individual retirement accounts (“IRAs”), SIMPLE IRAs, SEP IRAs, Xxxx IRAs, Education IRAs, and 403(b) Plans (such accounts, “Retirement Accounts”), the Transfer Agent, at the request and expense of the Fund, provide or arrange for the provision of various services to such plans and/or accounts, which services may include custodial agent services such as account set-up maintenance, and disbursements as well as such other services as the parties hereto shall mutually agree upon.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Long Term Disability Benefit In the event an employee, while covered under this Plan, becomes totally disabled as a result of an accident or a sickness, then, after the employee has been totally disabled for seven (7) months, including periods approved in Sections 1.3(a) and (c), he/she shall be eligible to receive a monthly benefit as follows: (a) while the employee has a time bank balance to be used on a day-for-day basis, full monthly earnings will continue until the time bank is exhausted, and Section 2.6 will not apply; (b) effective March 1, 2001, when an employee has no time bank, or after it is exhausted, the employee shall receive a monthly benefit equal to the sum of: (1) seventy-five percent (75%) of monthly earnings; (2) annual cost-of-living adjustment of the benefit equal to the consumer price index to a maximum of two percent (2%); (3) for the purpose of the above, earnings shall mean basic monthly earnings of the employee's classification. The date of disability for determining the commencement of the first two (2) years of disability shall be the day following the last month of the Short Term Plan period, or an equivalent seven (7) month period. (c) The Long Term Disability benefit payment will be made as long as an employee remains totally disabled in accordance with Section 2.3, and will cease on the date the employee recovers, or at the end of the month in which the employee reaches age sixty-five (65), or resigns or dies, whichever occurs first. (d) An employee in receipt of long term disability benefits will be considered an employee for purposes of pension and will continue to be covered by group life, extended health, dental and medical plans. Employees will not be covered by any other portion of a collective agreement but will retain the right of access to rehabilitative employment as per Article 12.1 and will retain seniority rights should they return to employment within six (6) months following cessation of benefits. (e) When an employee is in receipt of the benefit described in (b) above, contributions required for benefit plans in (d) above and contributions for pension plan will be waived by the Employer. (f) An employee engaged in rehabilitative employment with the Employer and who is receiving partial Long Term Disability benefit payments will have contributions required for benefit plans in (d) above and contributions for pension waived by the Employer, except that pension contributions shall be deducted from any salary received from the Employer to cover the period of rehabilitative employment.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

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