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RETIREMENT (continued) Sample Clauses

RETIREMENT (continued). (1) Employees under this contract who have previously added their military time to their seniority, or who have made application to do so, for purposes of retirement upon payment to the City Treasurer of five percent (5%) of their current salary times the number of years so claimed must complete any necessary transaction by June 30, 1980, at which time this military time buy back provision shall become null and void. (2) Their final compensation shall be averaged over the three (3) highest years of the last ten (10) years to determine the amount of said retirement benefits. Commencing on July 1, 1995, upon subsequent retirement from service following completion of 25 years of service, a member shall receive a retirement pension payable throughout the member's life of 2.8% of the member's final average compensation multiplied by the first 25 years of service credited to the member, plus 1% of the member’s final average compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years. Further, on July 1, 1995, the employee contribution to the retirement system shall increase from 5% to 11.94% of payroll. The association further agrees and understands that the 6.94% increase is based on the actuarial valuation done by Gabriel, Roeder, Xxxxx & Company, actuaries and that this valuation is based on a thirty year amortization for member contributions only. Effective October 1, 2003, the employee contribution to the retirement system shall be reduced from 11.94% to 9.41%. Effective July 1, 2011, the employee contribution to the retirement system shall be increased from 9.41% to 11.91% on a pre-tax basis. Effective with payroll check dated October 30, 2015, the employee contribution to the retirement system shall be reduced from 11.91% to 8.9% Average compensation commencing on July 1, 1985 shall not include any monies paid or due to be paid by the City for sick leave which have been accumulated and banked, nor shall average compensation include more than thirty-five days of accumulated and/or current vacation pay nor shall average compensation include more than one hundred and sixty (160) hours of accumulated compensatory time, but FAC shall include payment for overtime not related to compensatory time, and payments for shift differential, court time, holiday pay, call-in, longevity, cost of living allowance, uniform allowance, education incentive, and annual buy-back of sick leave. An employee, regar...
RETIREMENT (continued) viii. An employee does not have the option of choosing to receive the contributed amounts directly instead of having them paid by the City to the retirement system.
RETIREMENT (continued). C) (1) Employer pickup: the City shall pick up the employee contributions required of employees for all compensation earned after the effective date of this provision, July 1, 1995. The contributions, so picked up, shall be treated as employer contributions in determining tax treatment under the United States Internal Revenue Code. The City shall pick up these employee contributions from funds established and available in the employees deferred pension contribution account, which funds would otherwise have been designated as employee contributions and paid to the retirement fund. Employee contributions picked up by the City, pursuant to this provision, shall be prorated for all other purposes, in the same manner and to the same extent, as employee contributions made prior to the effective date of this provision. Pursuant to Section 414(h) of the United States Internal Revenue Code, these employee contributions so picked up shall not be included in total income for income tax purposes. (2) With respect to this plan amendment and the "pickup" of employee pension contribution set forth in paragraph (C1) above, it is expressly understood and agreed as follows: i. This plan amendment is being adopted for the purpose of allowing employees to take advantage of IRS code provisions which permit government employees to tax shelter their pension plan contributions. ii. The actual current and future total salary of the employees will not be affected by the plan amendment. iii. Employee contributions will be withheld from actual total salary and paid to the plan, as has been the practice in the past. iv. Actual total salary will continue to serve as the basis for determining the amount of salary related fringe benefits, including retirement benefits. v. Total salary taxable for federal income tax purposes (salary reported on form W-2) for the employee will be equal to actual total less the employee contribution to the pension plan and further reduced by any deferred compensation under a Section 457 Plan. vi. The City will maintain information, which will permit identification of the amount of employee contributions made before and after the plan amendment. This is necessary in order to determine the extent to which a pension plan distribution is taxable income to the employee at the time the distribution is received. vii. The Plan amendment is being accomplished through the collective bargaining process rather than a change in State law.
RETIREMENT (continued). F. A retiree shall be defined as an Employee who retires from the University, and: 1. Has participated in the WSU Retirement Program for at least five (5) years or has at least ten (10) years of University service, and 2. Has attained the age of fifty-five (55). X. Retirees shall be entitled to the following benefits provided the retiree notifies the Employer in writing of the intent to retire at least two (2) weeks prior to the date of retirement. 1. Life insurance (currently $2,500) coverage with the premium paid in full by the Employer. 2. Continued Group medical coverage providing the retiree pays the full monthly premium. 3. Payment for one-half (1/2) of the accumulated Illness Bank up to a maximum of thirty (30) days pay. 4. Accrued vacation as of the last day worked will be paid to the Employee in a lump sum.
RETIREMENT (continued)Members of the bargaining unit who are owed a Termination of Service Bonus shall be paid as indicated above or by June 2022, whichever is earlier. For payments made in June 2022, only those members who retire on July 1, 2022 or August 1, 2022 may apply their TIP payout to their TDP.
RETIREMENT (continued)ANNUITY WITHDRAWAL A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. The member's pension shall be reduced by an amount, which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx Corporate and government master bond index, published monthly by Xxxxxxx, Xxxxx, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective with the fiscal year beginning July 1, 1995, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or reduced from each member's contribution account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. Effective July 1, 2015, the pension interest on member contributions shall be calculated at 3.5%.
RETIREMENT (continued). The College contribution rate to the optional (TIAA-CREF) retirement program will be 13% of wages. 0501 Insurance Coverage
RETIREMENT (continued)Upon termination of employment prior to retirement, an Employee having less than five (5) years of contribution to TIAA/CREF and/or Fidelity Investments, or who has less than
RETIREMENT (continued) manner and to the same extent, as employee contributions made prior to the effective date of this provision. Pursuant to Section 414(h) of the United States Internal Revenue Code, these employee contributions so picked up shall not be included in total income for income tax purposes.

Related to RETIREMENT (continued)

  • No Right of Continued Employment I acknowledge and agree that nothing contained herein shall be construed as granting me any right to continued employment by the Company, and the right of the Company to terminate my employment at any time and for any reason, with or without cause, is specifically reserved.

  • NO EXPECTATION OF CONTINUED EMPLOYMENT BEYOND TERM OF CONTRACT Neither this contract nor any Board Policy, rule or evaluation procedure shall confer upon the Employee continued employment beyond the term provided in this contract.

  • Continuing Employment (a) Continuing employment means full-time or fractional-time employment that does not have a fixed end date or a contingency upon which the employment contract will come to an end. (b) All employment other than fixed-term employment and casual employment will be continuing employment. (c) Notwithstanding subclause 16.0(b) above, the University may employ a person in Continuing (Contingent Funded Research) employment on a full-time or fractional-time basis in accordance with the terms of this Agreement.

  • Continued Benefits For a twenty-four (24) month period (or, if less, the number of months from the Date of Termination until the Executive would have reached age sixty-five (65)) after the Date of Termination, the Company shall provide the Executive with life insurance, health, disability and other welfare benefits ("Welfare Benefits") substantially similar in all respects to those which the Executive is receiving immediately prior to the Notice of Termination (without giving effect to any reduction in such benefits subsequent to the Potential Change in Control preceding the Change in Control or the Change in Control which reduction constitutes or may constitute God Reason). Benefits otherwise receivable by an Executive pursuant to this Section shall be reduced to the extent substantially similar benefits are actually received by or made available to the Executive by any other employer during the same time period for which such benefits would be provided pursuant to this Section at a cost to the Executive that is commensurate with the cost incurred by the Executive immediately prior to the Executive's Date of Termination (without giving effect to any increase in costs paid by the Executive after the Potential Change in Control preceding the Change in Control or the Change in Control which constitutes or may constitute Good Reason); provided, however, that if the Executive becomes employed by a new employer which maintains a medical plan that either (i) does not cover the Executive or a family member or dependent with respect to a preexisting condition which was covered under the applicable Company medical plan, or (ii) does not cover the Executive or a family member or dependent for a designated waiting period, the Executive's coverage under the applicable Company medical plan shall continue (but shall be limited in the event of noncoverage due to a preexisting condition, to such preexisting condition) until the earlier of the end of the applicable period of noncoverage under the new employer's plan or the second anniversary of the Executive's Date of Termination. The Executive agrees to report to the Company any coverage and benefits actually received by the Executive or made available to the Executive from such other employer(s). The Executive shall be entitled to elect to change his level of coverage and/or his choice of coverage options (such as Executive only or family medical coverage) with respect to the Welfare Benefits to be provided by the Company to the Executive to the same extent that actively employed senior executives of the Company are permitted to make such changes; provided, however, that in the event of any such changes the Executive shall pay the amount of any cost increase that would actually be paid by an actively employed executive of the Company by reason of making the same change in his level of coverage or coverage options.

  • Continued Employment The Option granted hereunder shall confer no right on Optionee to continue in the employ of the Company or any Subsidiary, or limit in any respect the right of the Company or any Subsidiary (in the absence of a specific agreement to the contrary) to terminate Optionee's employment at any time.

  • Resignation or Retirement You may terminate the Term of Employment for any reason, including, without limitation, your retirement, at any time on sixty (60) days’ prior written notice to the Company. In such event, the Company’s only obligation to you will be payment of the Termination Entitlement. In any instance in which you provide written notice of your termination of the Term of Employment to the Company, the Company may elect to terminate your employment immediately, in which case the Company’s only obligation to you will be payment of the Termination Entitlement, treating the last day of the notice period as the date of termination solely for purposes of calculating the Termination Entitlement. In no event will the Company’s early termination of your employment pursuant to the preceding sentence be considered a termination of the Term of Employment by the Company under Section 5.4 and in no event shall the Company’s early termination of you pursuant to the preceding sentence require the Company to provide the Termination Entitlement for any greater period than the period beginning on the date your written notice of termination is received by the Company and ending sixty (60) days thereafter.

  • No Rights to Continued Employment Neither this Letter Agreement nor any of the rights or benefits evidenced hereby shall confer upon you any right to continuance of employment by the Company or interfere in any way with the right of the Company to terminate your employment, subject to the provisions of Section 4 above, for any reason, with or without Cause.

  • No Right of Continued Service Nothing in the Plan or this Agreement shall confer upon Participant any right to continued Service with the Company or any Affiliate.

  • Continued Employee Benefits If Executive elects continuation coverage pursuant to COBRA within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, the Company will reimburse Executive for the premiums necessary to continue group health insurance benefits for Executive and Executive’s eligible dependents until the earlier of (A) a period of twelve (12) months from the date of Executive’s termination of employment, (B) the date upon which Executive and/or Executive’s eligible dependents becomes covered under similar plans or (C) the date upon which Executive ceases to be eligible for coverage under COBRA (such reimbursements, the “COC COBRA Premiums”). However, if the Company determines in its sole discretion that it cannot pay the COC COBRA Premiums without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage in effect on the date of Executive’s termination of employment (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage and will commence on the month following Executive’s termination of employment and will end on the earlier of (x) the date upon which Executive obtains other employment or (y) the date the Company has paid an amount equal to twelve (12) payments. For the avoidance of doubt, the taxable payments in lieu of COBRA Premiums may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings. Notwithstanding anything to the contrary under this Agreement, if at any time the Company determines in its sole discretion that it cannot provide the payments contemplated by the preceding sentence without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive such payment or any further reimbursements for COBRA premiums.

  • Salary Continuance The Employer will continue the salary and benefits coverage of an Employee who is granted leave without pay in accordance with Article 13.01 and will bill the relevant Union for the Employee’s salary. If the leave extends beyond three calendar months, the Employer will, from that point, bill the relevant Union 1.2 times the Employee’s salary until the leave is concluded.