RETIREMENT PAYOUT Sample Clauses

RETIREMENT PAYOUT. Upon resignation for the purposes of retirement and when a regular employee has fulfilled the retirement requirements under the Municipal Pension Plan said employee shall be paid the cash equivalent to his/her accumulated sick leave up to a maximum of sixty (60) days. The cash equivalent shall be at the rate of pay in effect immediately prior to retirement.
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RETIREMENT PAYOUT. To be eligible for this benefit the employee must have retired under a normal retirement. This cash out will only be paid at time of separation from District. If the DROP benefit has been exercised, the calculation and payout will be at the end of the DROP. In the event of death of an employee, his or her beneficiary shall be paid any accrued sick leave to which the employee would have been entitled under departmental rules. Shift Employees - After date of normal retirement, employees who have accrued a minimum of 720 hours shall be able to trade in 1/3 of the sick time they have accrued and those who have accrued 1,440 hours or more of sick time may trade that total time in to the department at 1/2 of its value. This time would be given as time off with pay prior to their actual retirement date or paid out after retirement at the time of separation from the District. Staff Employees - After date of normal retirement employees who have accrued a minimum of 480 hours shall be able to trade in 1/3 of the sick time they have accrued and those who have accrued 960 hours or more of sick time may trade that total time in at 1/2 of its value. This time would be given as time off with pay prior to their actual retirement date or paid out after retirement at the time of separation from the District. SICK TIME PAYOUT This benefit has been suspended for the duration of this contract
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RETIREMENT PAYOUT. Upon retirement pursuant to the Maine State Retirement System, an Employee shall receive an amount equal to his salary at the time of retirement of accumulated unused sick leave,up to ninety (90) days..
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Related to RETIREMENT PAYOUT

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Retirement Payment Employees with 25 or more total years of service in the program, who give two months’ notice of intent to retire, shall be provided the equivalent of 16% of annual salary, or $16,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • RETIREMENT PICK-UP 257. For the term of this Agreement, the CITY shall pick up the full amount of the employees’ contribution to retirement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • 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 Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Retirement Savings 5.6.1 Principals are eligible to join a KiwiSaver scheme in accordance with the terms of those schemes.

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