Retirement Death Benefit. The Corporation agrees that if the Executive shall so retire, but shall die before receiving one-hundred eighty (180) monthly payments, it will continue to make such monthly payments to the surviving spouse of the Executive. Payments to the surviving spouse shall continue for a period which shall terminate upon the earlier of (a) the date of the expiration of one-hundred eighty (180) months from the date of such retirement, or (b) the date of death of the surviving spouse. If the Executive is not survived by a spouse then no death benefits will be paid under the terms of this Agreement.
Retirement Death Benefit. The Corporation agrees that if the Executive shall so retire, but shall die before receiving the fifteen (15) annual payments, it will continue to make such annual payments to such individual or individuals as the Executive may have designated in writing, filed with and been approved by the Corporation, until the expiration of fifteen (15) years from the date such payments commence. In the absence of any effective designation of beneficiary any such amounts becoming due and payable upon the death of the Executive shall be payable to his duly qualified executor or administrator.
Retirement Death Benefit. 1. Upon ratification of the Addenda to the Agreement, the City shall amend its miscellaneous contract with the Public Employees' Retirement System to implement Section 21622 - Retirement Death Benefit. This benefit increases the death benefit for PERS retirees from $500 to $600.
2. Effective as soon as practicable after adoption by the City Council, the City shall amend its contract with PERS to include the Violent Death Benefit and the Pre-Retirement Option Settlement 2W Death Benefit as set forth in Government Code Section 21540.5.
Retirement Death Benefit. Upon death of the Employee while in service to the Bank, the Employee Death Benefit under this Agreement shall be the lesser of i) three (3) times base annual salary, not to exceed $800,000, less $50,000 or ii) the Net Amount at Risk, defined as the difference between the death benefit payable upon death of the insured pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time of death of the insured.
Retirement Death Benefit. A. Upon retirement into the Maine Public Employees Retirement System or death each teacher or his/her survivor(s) shall be paid from his/her accumulated sick leave based on the salary of his/her per diem salary according to the following schedule After ten (10) years of teaching service to the RSU # 78 25 days After fifteen (15) years of teaching service to the RSU # 78 27 days After twenty (20) years of teaching service to the RSU # 78 30 days provided that, in the case of regular retirement, notice of intent to retire is given by January 1 of the year of intended retirement.
Retirement Death Benefit. For those employees retiring after February 4, 2001, the retiree death benefit is $5,000. Actual cost up to a maximum of $55.00/month, life of agreement.
Retirement Death Benefit. The Bank agrees that if the Executive shall have attained age sixty-two as provided in Section 2.01, but shall die before receiving all payments under Section 2.01, it will continue to make such payments to such individual or individuals as the Executive may have designated in writing, filed with and receipt acknowledged by the Bank, until the expiration of twenty (20) years from the date of the first payment under this Agreement. In the absence of any effective designation of beneficiary, any such amounts becoming due and payable upon the death of the Executive shall be payable to his duly qualified executor, administrator, or personal representative. ARTICLE THREE
Retirement Death Benefit. (a) Normal form of payment. ---------------------- If
(i) the Executive dies while employed by the Bank, and (ii) the Executive 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 Executive's Retirement Income Trust Fund, measured as of the later of (i) the Executive'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 Executive'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 Executive's Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Executive's Beneficiary may request to receive the unpaid balance of the Executive'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 Executive's Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Executive's death. Such lump sum payment shall be made within thirty (30) days of such notice. The Executive's Accrued Benefit Account (if applicable), measured as of the later of (i) the Executive'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 Executive's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30...
Retirement Death Benefit. A. Eighty (80) percent of the accumulated unused sick leave shall be paid upon retirement or death of an employee to the beneficiary at the prevailing rate, not to exceed forty-eight (48) days total payment.
Retirement Death Benefit. An individual continuously employed by the Augusta Schools for ten (10) or more years shall, upon retirement or death be paid the equivalent of one half (1/2) of his/her accumulated sick leave. This payment will be based on his/her regularly scheduled rate of pay and regularly scheduled hours per day, not to exceed $2,500. This benefit shall not be available to employees hired on or after September 1, 1991. The Augusta School Board agrees to contribute to all custodians’ health insurance protection as specified below: The Augusta School Board agrees to contribute to all employees’ insurance protection as offered through the MEA Health Plan for those retired employees who contribute to the cost of their insurance premiums, which includes Blue Cross/Blue Shield (UCR) and Major Medical coverage as specified below:
1. Upon showing evidence that retirement benefits are to be immediately received from the Maine State Retirement System;
2. Up to $3234.00 of the premium of a single subscription until the employee qualifies for Medicare (payment is made annually each September to the retired employee). Employees will provide annually, to the district, proof of premium cost incurred by the retired employee.
3. After twenty-two (22) years of service in the Augusta system,
4. Upon retirement and attained age of 55.
5. These health insurance contributions are applicable to all employees who retire and meet the criteria in #1, #2 and #3 above during the term of this collective bargaining agreement and to all eligible employees who have retired prior to this collective bargaining agreement.
