RETIREMENT INCENTIVE PROGRAM BENEFIT Sample Clauses

RETIREMENT INCENTIVE PROGRAM BENEFIT. As a voluntary retirement benefit for a teacher who qualifies for retirement the Board agrees to: (a) pay a salary in his/her final year(s) of service equal to one hundred three six percent (103106%) of the previous year's gross TRS reported compensation (defined as all compensation paid to the teacher, including payment for extracurricular activities, stipends, and retirement benefits) inclusive of step and lane movement for a maximum of four two (42) years prior to retirement, as the case may be. To be eligible for continued payment for extracurricular activities or stipends during this period, the teacher must continue to work such activity or stipend. ; and However, earnings that are legally exempt from the state imposed "3% liability" rule in effect at the time of ratification of this Agreement, or which shall be enacted within the scope of this agreement, shall not be considered in the calculation of the 3% increase limitation. Such exempt earnings include but may not always be limited to and may not always include: • summer school teaching paid pro-rata • overloads paid pro-rata • change in employment status from part-time to full-time paid pro-rata • promotions requiring a certificate or endorsement that is different from regular certification of the job • grants or stipends that come from state or federal government and for which the District has no control over; and (b) pay him/her a one-time lump sum post-retirement payment in an amount equivalent to $50 for each unused sick leave day in excess of 170 that is not reported to TRS for service credit up to a maximum of one hundred (100) days, for a maximum payment amount of $5,000. The post-retirement payment shall be payable after both the teacher's final paycheck for regular earnings and the teacher's last day of employment, but before December 31 of the year of retirement. (c) With respect to the application of the benefit in Section 3(a), the Board and Association agree that: • A bargaining unit member may voluntarily resign from an extra duty assignment; provided, however, the member's compensation would be reduced accordingly. Elimination of a program would require a mutually agreeable alternative assignment. • A bargaining unit member who takes courses or would otherwise move on the salary schedule or move on the extra- compensation schedule would receive no additional compensation beyond the 6% retirement incentive. • The Association agrees that the Board will not require assigned work that...
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RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT INSURANCE‌ The District shall pay, on behalf of the retiree, the cost of the individual premium under the employee’s current health insurance plan offered by the District for three (3) years after the effective date of the employee’s retirement depending upon the retiree’s years of continuous equivalent full- time employment with District 54, as follows: 1. Retirees with fifteen (15) to nineteen (19) years of equivalent full-time employment with District 54 shall be reimbursed seventy-five (75%) of the rate; 2. Retirees with twenty (20) plus years of equivalent full-time employment with District 54 shall be reimbursed one-hundred percent (100%) of the rate. If the retiree desires to be insured through the PPO plan upon retirement they must be enrolled in the PPO plan for at least five (5) consecutive years prior to the retirement. The same will apply for HMO coverage. The family premium is at the cost of the retiree. In the alternative, an employee may elect to remain in the District’s PPO health insurance plan or the District’s HMO-Illinois plan for a period of three (3) years after the effective date of the employee’s retirement. The payment made by the District for such coverage shall not exceed the cost of the individual premium under the employee’s current health insurance plan offered by the District, and any family premium shall be at the cost of the retiree. Regardless of which option above is chosen, the retiree must apply for Medicare benefits as soon as eligible.
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RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT PAYMENT‌ 1. Retirements Effective the entire length of contract: The amount of the retirement payment will be determined by multiplying two and one-half percent (2.5%) of the highest annual scheduled salary times years of service within the District, not to exceed thirty (30) years of service. The annual scheduled salary shall include base salary in addition to agreed-upon stipend or extra- duty payment. This amount will be paid (without interest) over three (3) fiscal years beginning in the fiscal year following retirement. Payment will be made on the current District payroll schedule. The amount will be paid as a non-elective employer contribution to the employee’s 403(b) account.
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RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT INSURANCE‌ The District shall pay, on behalf of the retiree, the cost of the individual premium under the Blue Advantage HMO health insurance plan offered by the District for three
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RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT INSURANCE‌ The District shall pay, on behalf of the retiree, the cost of the individual premium under the employee’s current health insurance plan offered by the District for three (3) years after the effective date of the employee’s retirement depending upon the retiree’s years of continuous equivalent full time employment with District 54, as follows: 1. Retirees with 15 to 19 years of equivalent full-time employment with District 54 shall be reimbursed 75% of the rate; 2. Retirees with 20 plus years of equivalent full-time employment with District 54 shall be reimbursed 100% of the rate. The member must have participated in the selected coverage plan for the previous five (5) years. The family premium is at the cost of the retiree. In the alternative, an employee may elect to remain in the District’s PPO health insurance plan or the District’s HMO-Illinois plan for a period of three (3) years after the effective date of the employee’s retirement. The payment made by the District for such coverage shall not exceed the cost of the individual premium under the employee’s current health insurance plan offered by the District, and any family premium shall be at the cost of the retiree. Regardless of which option above is chosen, the retiree must apply for Medicare benefits as soon as eligible.
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Related to RETIREMENT INCENTIVE PROGRAM BENEFIT

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the previous year, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly. b) To be eligible, an employee must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Retirement System (TRS) member requested “Personal Statement of Benefits” and a “Benefit Estimate” confirmation of total years of service. An employee with ten (10) years of full-time service with Neoga C.U.S.D. No. 3 is considered to be eligible for the retirement incentive by meeting one of the following conditions at the time of retirement: 1) The employee is sixty (60) years of age and has ten (10) years of creditable TRS service. 2) The employee is at least fifty-five (55) years of age and has thirty- five (35) years of creditable TRS service. c) If, during the term of this Agreement, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that result in a greater cost to the District than the costs generated by this Agreement, or that change the definition of what is subject to the 6% TRS cap, the parties agree that this Section shall be null and void and upon the demand of any party shall meet to bargain language to succeed this paragraph.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • 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 Bonus 22:01 Employees retiring in accordance with the following:‌ (a) Retire at age sixty-five (65) years; or (b) Retire after age sixty-five (65) years; or (c) Have completed at least ten (10) years continuous employment and retire after age fifty-five (55) years but before age sixty-five (65) years; (d) Employees who have completed at least ten (10) years continuous service with the Employer, whose age plus years of that service equal eighty (80); shall be granted retirement bonus on the basis of four (4) days per year of employment.

  • RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan

  • 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.

  • Annual Incentive Plan Executive shall be entitled to participate fully in the Company's 1996 Management Incentive Compensation Plan, as amended (the "MICP"), and as may be further amended, modified, or replaced, from time to time, in accordance with the terms and conditions set forth herein and therein.

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