RETIREMENT PHASE IN Sample Clauses

RETIREMENT PHASE IN i) An employee may request to work up to half time subject to approval by the Company. Entitlement to this provision shall be dependent on the following age and service formula:
Sample 1
AutoNDA by SimpleDocs
RETIREMENT PHASE IN. (i) An employee may request to work up to half time subject to approval by the Company. Entitlement to this provision shall be dependent on the following age and service formula: Service: 15 years Age: 50 years The minimum period shall be one year. The work/leave of absence arrangement shall be as mutually agreed between the employee and the Company. The intent of this clause is for retirement phase in, not alternate employment. It is understood, subject to seniority and where operationally feasible, an employee will maintain his position/vessel. (ii) Such employee shall only accrue further seniority and service for actual days worked and corresponding leave. (iii) Pension contributions shall be maintained as per Article 1.13(4). (iv) The applicable Benefit Plan premiums shall be paid by the Company and the employee on a 50-50 basis each month and will continue to be paid until this half time arrangement is ended. (v) Weekly Indemnity and Long Term Disability Benefits will be paid at the rate of 50% of the applicable benefit entitlement and the other benefits at the full entitlement. (vi) Weekly Indemnity top up with red days as under Article 1.13(a)(iii) shall be pro-rated both in time and money. Top up will not be available during the leave of absence period. (vii) The employee will only be entitled to Statutory Holiday compensation which coincides with his being on the Company payroll, ie. on a sea day, work by or a lay day. (viii) Annual vacation day’s accrual shall be fifty percent (50%) of the employee’s normal vacation days entitlement from commencement of this half time arrangement. (ix) At the time the employee commences his leave of absence period all accrued monies including leave will be paid out. (x) This Article 1.29 may be reviewed and amended by mutual agreement between the Union and the Company
Sample 1
RETIREMENT PHASE IN. An employee may request to work up to half time subject to approval by the Company. Service: years Age: years
Sample 1
RETIREMENT PHASE IN. It is agreed and understood that the provisions of the Collective Agreement shall apply to those employees who elect to participate in this retirement phase-in program, except as modified by the following:
Sample 1
RETIREMENT PHASE IN. Amend to read as follows: An employee may request to work up to half time subject to approval by the Company. Entitlement to this provision shall be dependent on the following age and service formula: Service: years Age: years The minimum period shall be one year. The of absence arrangement shall be as mutually agreed between the employee and the Company. The intent of this clause is for retirement phase in, not alternate employment. Such employee shall only accrue further seniority and service for actual days worked and corresponding leave. Pension contributions shall be maintained as per Article The applicable Benefit Plan premiums shall be paid by the Company and the employee on a basis each month and will continue to be paid until this half time arrangement is ended. Weekly Indemnity and Long Term Disability Benefits will be paid at the rate of of the applicable benefit entitlement and the other benefits at the full entitlement.
Sample 1

Related to RETIREMENT PHASE IN

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wixxxxx X. Xxxxxxxx, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

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