Retirement Issues Sample Clauses

Retirement Issues. Section 1. Upon retirement from the Keystone Local School District, a teacher shall be eligible for severance pay according to the following conditions: A. Payment shall be for ¼ of the teacher’s accumulated sick leave days but not to exceed seventy-five (75) days, at the employee’s daily rate of pay. B. Additional days for severance pay shall be granted upon meeting the following criteria: 1. One (1) additional day of severance pay for each year the teacher has accumulated three hundred (300) sick days as of the second pay in October of each year during the last five (5) years of employment. 2. A teacher meeting the requirements specified in Section 6.C. of this article. C. No payment shall be made until the teacher has been accepted into the retirement of a state employment retirement system. Section 2. The employee must have at least ten (10) years of service with the state of Ohio, a political subdivision, or a combination thereof. Section 3. The severance pay benefit may be used only once. Section 4. The severance pay policy will be in accordance with state statutes. Section 5. In the event of the death of an employee, his/her severance pay to which he/she would have been entitled, as calculated in accordance with Sections 1 through 4, shall be paid to the beneficiary designated on his/her Board-provided life insurance.
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Retirement Issues. 18.1 Reduced Workload a. Reduced services employment may consist of either of the following: Equivalent of one-half the number of sequential days of service required by the unit member’s contract of employment during his/her final year of service in a full-time position and will commence on the first day of the first half of the work year or the first day of the second half of the work year; or; Equivalent to half-time employment per day of the full school year. b. A unit member must have reached the age of fifty-five years prior to reduced services employment. The unit member must have been employed full-time in a position requiring certification for at least ten years of which the immediately preceding five years were full- time employment. c. A unit member shall be paid a salary which is one-half of the salary that would have been earned had the unit member not elected to exercise the option of reduced services employment. The unit member’s State Teachers Retirement System contribution, paid by both the District and the unit member, shall be the same as if the unit member taught full-time. d. The District shall provide participating unit members with health and welfare benefits according to Education Code 44922. e. This section shall conform to the mandatory provisions of Education Code 44922.
Sample 1Sample 2
Retirement Issues. X. XxxXXXX Retirement Formula Determination of each employee’s pension formula will be administered as required by XxxXXXX. 1. Safety Tier 1 - Retirement benefits for Classic employees entering membership for the first time in the Safety Classification prior to October 5, 2012, shall be calculated using the retirement formula of 3% @ 50 with Single-Highest Year Final Compensation. 2. Safety Tier 2 - Retirement benefits for Classic employees entering membership for the first time in the Safety Classification on or after October 5, 2012, shall be calculated using the retirement formula of 2% @ 50, with Average of Three-Year Final Compensation. 3. Safety Tier 3 - Effective January 1, 2013, New members shall have retirement benefits calculated using the retirement formula of 2.7% at age 57, with Average of Three-Year Final Compensation. B. Employee CalPERS Contributions Calculation of the employee contribution toward normal cost will be administered as required by XxxXXXX. 1. Employees subject to Tier 1 and Tier 2 CalPERS retirement formulas will pay the employee contribution of 9% of reportable compensation. 2. Employees subject to Tier 3 CalPERS retirement formula pay 50% of the normal cost of their pension as required by law.
Sample 1Sample 2
Retirement Issues. A. CalPERS Retirement Formula Determination of each employee’s pension formula will be administered as required by CalPERS. 1. Tier 1 - Retirement benefits for Classic members entering membership for the first time in the miscellaneous classification prior to October 5, 2012, shall be calculated using the retirement formula of 2% @ 55 with Single-Highest Year Final Compensation. 2. Tier 2 - Retirement benefits for Classic members entering membership for the first time in the miscellaneous classification on or after October 5, 2012, shall be calculated using the retirement formula of 2% @ 60, with Average of Three-Year Final Compensation. 3. Tier 3 - Effective January 1, 2013, New members shall have retirement benefits calculated using the retirement formula of 2% at age 62, with Average of Three- Year Final Compensation. B. CalPERS Contribution Calculation of the employee contribution toward normal cost will be administered as required by CalPERS. 1. Employees in Tier 1 and 2 will pay 7% of the CalPERS employee contribution. 2. Employees in Tier 3 pay 50% of normal cost of their pension.
Sample 1Sample 2
Retirement Issues. X. XxxXXXX Retirement Formula Determination of each employee’s pension formula will be administered as required by CalPERS. 1. Safety Tier 1 - Retirement benefits for Classic members entering membership for the first time in the safety classification, prior to October 5, 2012, shall be calculated using the retirement formula of 3% @ 50 with Single-Highest Year Final Compensation. 2. Safety Tier 2 - Retirement benefits for Classic members entering membership for the first time in the safety classification, on or after October 5, 2012, shall be calculated using the retirement formula of 2% @ 50, with Average of Three-Year Final Compensation. 3. Safety Tier 3 - Effective January 1, 2013, New members shall have retirement benefits calculated using the retirement formula of 2.7% at age 57, with Average of Three-Year Final Compensation. B. CalPERS Contribution Calculation of the employee contribution toward normal cost will be administered as required by XxxXXXX. 1. Safety employees subject to Tier 1 Tier 2 will pay 9% of reportable compensation to help fund their pension. 2. Safety employees subject to Tier 3 will pay 50% of the normal cost of their pension. The County agrees to continue the provisions contained in Section 414(h) (2) of the Internal Revenue Code concerning the tax treatment of employee retirement contributions to CalPERS.
Sample 1
Retirement Issues. ‌ X. XxxXXXX Retirement Formula. 1. Tier 1 - Retirement benefits for employees hired prior to October 5, 2012 shall be calculated using the retirement formula of 3% @ 50 with Single- Highest Year Final Compensation. 2. Tier 2 - Retirement benefits for employees hired on or after October 5, 2012 shall be calculated using the retirement formula of 2% @ 50, with Average of Three-Year Final Compensation. 3. Tier 3 - Effective January 1, 2013, new members to the CalPERS system shall have retirement benefits calculated using the retirement formula of 2.7% at age 57, with Average of Three-Year Final Compensation. B. Employee CalPERS Contributions 1. Effective the third full pay period following adoption of the MOU by the Board of Supervisors, employees subject to Tier 1 and Tier 2 CalPERS retirement formulas will pay the employee contribution of 9% of reportable compensation. 2. Employees subject to Tier 3 CalPERS retirement formula pay 50% of the normal cost of their pension as required by law. The County shall endeavor to comply with the PEPRA pension reform statute.
Sample 1
Retirement Issues. 18.1 Reduced Workload Eligible unit members may be granted the right to reduce their workload to no less than half-time upon request. Participating members will share the responsibility of a full-time assignment for a minimum of one (1) year. a. Reduced services employment may consist of either of the following: Equivalent of one-half the number of sequential days of service required by the unit member’s contract of employment during his/her final year of service in a full-time position and will commence on the first day of the first half of the work year or the first day of the second half of the work year; or; Equivalent to half-time employment per day of the full school year. b. A unit member must have reached the age of fifty-five years prior to reduced services employment. The unit member must have been employed full-time in a position requiring certification for at least ten years of which the immediately preceding five years were full- time employment.
Sample 1
AutoNDA by SimpleDocs
Retirement Issues. The parties agree to establish a Joint Working Group to review and make recommendations with respect to employment relationships and engagement with the University for faculty and librarians approaching, at, and post retirement.
Sample 1
Retirement Issues. ‌ The County will maintain 1959 Survivor Benefits, Level 4 pursuant to Government Code §21382.5. Each employee shall contribute the employee's contribution as required by XxxXXXX.‌
Sample 1

Related to Retirement Issues

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Retirement or Disability If you retire under the terms of any qualified pension plan provided by the Company or one of its subsidiaries, or if you are totally and permanently disabled, the Option may be exercised as to the total number of shares subject to the Option (without regard to the exercise schedule set forth in paragraph 4) at any time within one year after the date of retirement or disability retirement, but not after the Expiration Date.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Retirement Retirement" shall mean voluntary termination by the Executive in accordance with the Employers' retirement policies, including early retirement, generally applicable to their salaried employees.

  • 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.

  • 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.

  • Medical Benefits The Company shall reimburse the Employee for the cost of the Employee's group health, vision and dental plan coverage in effect until the end of the Termination Period. The Employee may use this payment, as well as any other payment made under this Section 6, for such continuation coverage or for any other purpose. To the extent the Employee pays the cost of such coverage, and the cost of such coverage is not deductible as a medical expense by the Employee, the Company shall "gross-up" the amount of such reimbursement for all taxes payable by the Employee on the amount of such reimbursement and the amount of such gross-up.

  • 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.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!