Retirement Payments. The SFERS shall process and pay retirement claims in the following manner: BENEFIT PROCESSING TIME Initial monthly 60 days maximum retirement allowance 90% within 60 days Withdrawal of 6 weeks maximum contributions 85% paid in 30 days Death benefit 30 days maximum 90% paid within 30 days of filing appropriate papers 366. Represented employees agree to pay their own employee retirement contribution to SFERS. For employees who became members of SFERS prior to November 2, 1976 (Charter Section A8.509 Miscellaneous Plan), the City shall pick up one-half percent (0.5%) of the total employee retirement contribution.
Retirement Payments. No amounts paid pursuant to this Agreement will constitute compensation for any purpose under any retirement plan or other employee benefit plan, program, arrangement or agreement of the Company or any of its affiliates, unless such plan, program, arrangement or agreement specifically so provides.
Retirement Payments. Upon termination of Executive's employment due to Retirement, as provided herein, the Company will pay to the Executive the Net Retirement Benefit described below. Payment shall be made in monthly installments beginning the first day of the calendar month following termination of employment. "Retirement" shall mean the termination of Executive's employment at any time after the date hereof for any reason (other than the Company's termination of the Executive for Cause as defined herein), including termination because of a permanent disability, early retirement or after a Change in Control (as defined herein).
Retirement Payments. Upon retirement from service in the public schools of Indiana, teachers who are at least fifty (50) and have at least ten (10) years of corporation services are eligible for the sum of the following payments if they were hired and served under regular contract prior to May 1, 2001.
1. Payments for Sick Leave Accumulation 10 to 15 years of $75.00 per day corporation service 15+ years of corporation $80.00 per day service Sick leave shall accumulate without limit.
2. Payments for Service to the Corporation 10 to 15 years of $160.00 per year corporation service 15+ years of corporation $165.00 per year Service
3. Payments made under Article VIII, Section 1 (A) shall be subject to an annual Bargaining Unit aggregate cap of $45,000 in any fiscal year. These payments will be paid on a “first-come, first-served” basis, being determined by the order received of letters of retirement to the Eastern Xxxxxx Schools. However, $2,000 shall be paid each teacher who has provided a timely notice of intent to leave the Eastern Xxxxxx Schools and will be included in the teacher’s last contract as salary for retirement purposes. The $2,000 will be deposited into the teacher’s 401(a) account already established with the corporation. The remaining payment will be paid into the teacher’s 401(a) account already established with the corporation if paid prior to the final paycheck. Payments beyond the aggregate cap shall be paid to the retiree no later than June 30 of the year following retirement. Those payments will be paid into a post- retirement 403(b) account.
Retirement Payments. The SFERS shall process and pay retirement claims in the following manner: BENEFIT PROCESSING TIME Initial monthly 60 days maximum retirement allowance 90% within 60 days Withdrawal of 6 weeks maximum contributions 85% paid in 30 days Death benefit 30 days maximum 90% paid within 30 days of filing appropriate papers 430. Effective July 1, 2006, represented employees agree to pay their own employee retirement contribution in an amount equal to seven and one-half percent (7.5%) of covered gross salary. For employees who became members of SFERS prior to November 2, 1976 (Charter Section A8.509 Miscellaneous Plan), the City shall pick up the remaining one-half percent (0.5%) of the total eight percent (8.0%) employee retirement contribution.
Retirement Payments. A teacher who submits his/her irrevocable retirement letter during the term of this agreement according to the notification requirements above, shall be removed from the salary schedule and shall receive a salary increase in each of his/her four final years of employment from date of retirement notification of six percent (6%) above their prior year’s creditable earnings. In consideration of such salary increases, the teacher shall continue to perform such extra duties, and any additional extra duties performed by the teacher after submission of the retirement notice, as were included in calculating the teacher’s retirement payments unless the Superintendent approves the teacher’s discontinuation of the extra-duty for good cause shown and the teacher’s salary will be reduced accordingly.
Retirement Payments. If this Agreement becomes effective as provided in Paragraphs 1 and 13, Occidental shall provide Xx. Xxxxx with payments (“Retirement Pay”) as follows:
(a) Xx. Xxxxx will receive Retirement Pay for the period that begins at 12:00 a.m. on January 1, 2010 and concludes at 11:59 p.m. on December 31, 2010 (“Retirement Pay Period”).
(b) Xx. Xxxxx’x Retirement Pay will be the periodic amount of Eighteen Thousand dollars ($18,000), which would be Four Hundred, Thirty-two Thousand dollars ($432,000) annually, reduced by appropriate deductions for applicable taxes and any medical and dental coverage. Xx. Xxxxx’x Retirement Pay will be paid to him semi-monthly, by using his choice of direct deposit or by check mailed to the address on file or to another address that he identifies pursuant to Paragraph 17.
(c) Notwithstanding his retirement, if Occidental selects him for participation, Xx. Xxxxx will be paid pursuant to the terms of the Executive Incentive Compensation Plan the amount that the Executive Compensation and Human Resources Committee (the “Committee”) approves. Payment, if any, will be made as required by such Plan no later than March 15, 2010.
(d) In recognition of the forfeiture of Performance Stock Awards (“PSAs”), Total Stockholder Return Incentive Awards (“TSRIs”) and Return on Equity Awards (“ROEIs”) (collectively, “Forfeited Awards”) as provided in the applicable award agreement as a result of Xx. Xxxxx’x retirement and as detailed in Attachment A to this Agreement, Xx. Xxxxx will receive as Retirement Pay with respect to each such award the payments, subject to withholding for applicable taxes, described in clauses (i), (ii), (iii) and (iv) below, which payments shall be made in the same year as the payments of such Forfeited Awards otherwise would have been made:
(i) a cash payment in February 2011, with respect to the forfeited PSAs that would have been paid in each of those years. Payment in each case shall be made as promptly as practicable on or after February 1 of each such year, at approximately the same time as payment of the corresponding Forfeited Award would have been made following certification in February by the Committee of the performance level achieved by Occidental with respect to such PSA, but in no case before the date of such certification or later than December 31 of the applicable year. Each such cash payment will equal: the product of:
(1) the forfeited portion of the PSA that would otherwise have been paid in the relevant ...
Retirement Payments. On January 1, 2003, if this Agreement and the Executive’s employment hereunder have not been terminated, the Executive shall be eligible to receive retirement payments (the “Retirement Payments”) upon certain terminations of this Agreement and the Executive’s employment hereunder occurring on or after the Executive’s 60th birthday (the “Eligibility Date”). On and after the Eligibility Date, if this Agreement and the Executive’s employment hereunder are terminated pursuant to paragraphs 7(a)(i), 7(a)(ii)(C) or 7(a)(iv) (the “Employment Termination Date”), the Company shall pay the Retirement Payments to the Executive during each 12 month period after the Employment Termination Date until the 7th anniversary thereof. The Retirement Payments shall be in the following amounts: (A) for each 12 month period after the Employment Termination Date and ending on the 4th anniversary thereof, 50% of the Executive’s base salary in effect immediately prior to the Employment Termination Date (the “Base Rate”); and (B) for each 12 month period after the 4th anniversary of the Employment Termination Data and ending on the 7th anniversary thereof, 25% of the Base Rate. All such Retirement Payments shall be paid to the Executive in appropriate installments in accordance with the Company’s usual and customary payroll practices for executive officers. The provisions of this paragraph 2(d) shall survive the termination of this Agreement pursuant to paragraphs 7(a)(i), 7(a)(ii)(C) or 7(a)(iv) hereof.
Retirement Payments. Assuming the Waiver and Release has become binding (without revocation), the Company agrees to pay the Executive a lump sum payment of $499,374.87 (less applicable taxes) on November 30, 2007. This provision hereby modifies and supersedes Section 13 (d) of the Employment Agreement.
Retirement Payments. Subject to Section 4, the Employee shall be entitled to receive the following payments and benefits:
(i) continued payment of the Employee’s annual base salary in effect on the Retirement Date for twelve (12) months following the Retirement Date, paid in accordance with the Company’s standard payroll practices for executive officers.
(ii) a lump sum amount equal to the annual bonus the Employee would have otherwise received for fiscal year 2018, based on actual performance, payable in a lump sum during the period commencing on the 15th of April and ending on the 31st of May following the end of fiscal year 2018.
(iii) in respect of each then-ongoing performance cycle under the Omnibus Plan as of the date of termination, (1) with respect to the RSU Awards, at the end of each completed performance cycle for each such award, vesting shall be calculated by multiplying (A) the total number of awards that would have vested based on actual performance during the full performance cycle and (B) the quotient obtained from dividing the number of calendar days worked during the applicable performance cycle through the date of termination by the number of calendar days in such performance cycle, payable upon the conclusion of the applicable performance cycle in accordance with the Omnibus Plan (but no later than the “short-term deferral” period under Section 409A (defined below)), and (2) with respect to the Restricted Stock Awards that vest solely based on the provision of services, vesting, as of the Retirement Date, shall be calculated by multiplying (A) the total number of awards that would have vested if the Employee had remained employed during the full performance cycle and (B) the quotient obtained from dividing the number of calendar days worked during the applicable performance cycle through the Retirement Date by the number of calendar days in such performance cycle, payable in accordance with the Omnibus Plan.
(iv) a lump sum payment equal to $200,000 in respect of health benefits, payable on the first payroll date following the sixtieth day following the Retirement Date.
(v) a lump sum payment equal to $975,000 payable within ten (10) days following the second anniversary of the Retirement Date and, if Employee elects, pursuant to Section 6(c) to extend the Restrictive Covenant Period for an additional third year, an additional lump sum payment equal to $975,000 payable within ten (10) days following the third anniversary of the Retirement Date.
(vi) reimb...
