RETIREMENT SALARY INCREASE Sample Clauses

RETIREMENT SALARY INCREASE. A teacher who is eligible to receive a Teachers’ Retirement System annuity will receive a four-year maximum salary increase from the Board of Education. To be eligible for this salary increase, the teacher must submit to the Superintendent an irrevocable written letter of retirement by July 1st. This salary increase shall be in an amount such that the increase will be 6%, but not over 6% of the teacher’s total creditable earnings, higher than the teacher’s current year’s salary as set forth within “Category C” on page 20 hereof, and shall be in lieu of any increase to Category A or B. Teachers who received a 5% salary increase in both 2017 and 2018 will be eligible for a 3.5% salary increase and must submit to the Superintendent an irrevocable written letter of retirement by July1st.
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RETIREMENT SALARY INCREASE. A full-time educational support personnel Employee who participates in IMRF and meets the eligibility requirements set forth in Subparagraph A of this Section shall receive a Retirement/Salary Increase as set forth in either Subparagraph B.1, B.2 or B.3 below.
Sample 1
RETIREMENT SALARY INCREASE. A teacher who is eligible to receive a Teachers’ Retirement System annuity and who does not utilize the TRS Early Retirement Option (ERO) will receive a four-year maximum salary increase from the Board of Education. To be eligible for this salary increase, the teacher must submit to the Superintendent an irrevocable written letter of retirement by July 1st. This letter must include a statement that the teacher will not elect the TRS ERO. This salary increase shall be in an amount such that the increase will be 6%, but not over 6% of the teacher’s total creditable earnings, over the teacher’s current year’s salary from the regular salary compensation schedule.
Sample 1
RETIREMENT SALARY INCREASE. 1. Any licensed staff member meeting the eligibility requirements and who have provided proper notice as described above for participation in the District’s Retirement Incentive will be compensated as follows: a. If the licensed staff member gives one (1) year notice of retirement under Paragraph 17.4(B) of this Section, the licensed staff member shall receive a three percent (3%) increase over their prior year's creditable earnings for the one (1) year prior to retirement. b. If the licensed staff member gives two (2) years notice of retirement under Paragraph 17.4(B) of this Section, the licensed staff member shall receive a three percent (3%) increase over their prior year's creditable earnings for the first year of the two-year notice period and a three percent (3%) increase over the licensed staff member’s prior year’s creditable earnings for the second and final year of the two-year notice period. c. If the licensed staff member gives three (3) years notice of retirement under Paragraph 17.4(B) of this Section, the licensed staff member shall receive a five percent (5%) increase over the licensed staff member’s prior year's creditable earnings for the first year of the four-year notice period, a five percent (5%) increase over the licensed staff member’s prior year’s creditable earnings for the second year of the four- year notice period, and a three percent (3%) increase over the licensed staff member’s prior year's creditable earnings for the final year of the three-year notice period. d. If the licensed staff member gives four (4) years notice of retirement under Paragraph 17.4(B) of this Section, the licensed staff member shall receive a five percent (5%) increase over the licensed staff member’s prior year's creditable earnings for the first year of the four-year notice period, a five percent (5%) increase over the licensed staff member’s prior year’s creditable earnings for the second year of the four- year notice period, and a three percent (3%) increase over the licensed staff member’s prior year's creditable earnings for the third year of the four-year notice period, and a three percent (3%) increase over the licensed staff member’s prior year’s creditable earnings for the final year of the four- year notice period. 2. The increase will begin in the school year following that in which the licensed staff member submits their required notice of retirement. The retirement compensation shall be in lieu of any other step or lane movement, extra d...
Sample 1

Related to RETIREMENT SALARY INCREASE

  • Salary Increase Effective December 1, 2015, salary rates shall be increased by 2.25%.

  • Salary Increases The Employer agrees to pay the negotiated salary increases to every employee not later than the month following the month in which this Agreement is signed and not later than the month following the month in which any subsequent salary increases become effective.

  • Salary Increments The Employer may grant an increment for meritorious service after an Employee has served for a period of twelve (12) months following the day established in Article 25.07 or twelve (12) months following the date of a change in his rate of compensation as established in Articles 25.04, 25.05, or 25.06.

  • Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Deferred Salary Leave Plan (1) The deferred salary leave plan enables Employees to take one (1) year of leave from the Public Service and to finance this leave through a deferral of Salary in previous years. (2) Under this plan, participating Employees agree to defer a portion of their Salary for four (4) consecutive Academic Years and the Employer agrees to grant the Employee leave in the fifth year, and to use the amounts deferred in the previous four (4) years to pay the Employee's Salary during the period of the leave. Participation in the plan is subject to operational requirements. (3) During the period of leave, Employees may engage in whatever activities they wish. (4) The individual plan for each participating Employee is a six (6) Academic Year period consisting of the following: (a) The first four consecutive years during which the Employee draws 80% of Salary earned in each of the four years and defers the remaining 20%; (b) The fifth consecutive year in which the Employee takes the leave, and is paid from the amounts deferred above plus any interest earned on the deferred funds; and (c) The sixth consecutive year in which the Employee returns to employment with the Public Service of Nunavut for a minimum of one year. (5) There is no maximum number of Employees allowed to enter the plan. (6) Executive Directors ensure that approved leaves do not impair the future operation of their School Operations. (7) Employees make written application to their Executive Director. Applications should state the proposed start of the Salary deferral and the proposed period of leave. (8) The Executive Director reviews the application and the requirements of the School Operations and notifies the Employee and the respective Department of Finance, Pay and Benefits Officer at least six (6) weeks prior to the start of Salary Deferral. (9) Each participant will sign an agreement covering the details of the plan. (10) In each year of the plan preceding the period of the leave, the Employee will be paid 80% of the applicable Salary. The remaining 20% of Salary will be deferred and this amount will be retained in trust by the Employer to finance payments during the period of leave. (11) The deferred Salary will be placed in a trust fund by the Government and any returns on the investment of the trust will be used to pay the participant during the period of leave. (a) The money held in trust will be pooled with other Government funds and the Employee will be credited with the average rate of return on those funds. (b) Investments will be restricted to those eligible under Section 57(1) of the Financial Administration Act. (c) A statement of the individual's account will be provided at each anniversary of the plan. (12) During the period of leave, the participant shall receive, if on a one (1) year leave, one twenty-sixth (1/26) of the amount deferred plus any trust fund returns in each pay period, less applicable deductions. No additional payments to the participant can be made such as loans, subsidies, Allowances or Salary. (13) Income tax will be deducted in accordance with the provisions of the Income Tax Act and its Regulations. (14) During the first four (4) years of the plan, the Employer shall provide Employee benefits at a level equivalent to 100% of Salary. Benefits and premium recoveries for the period of leave will be governed by the rules for leave without pay. All benefits cease except Health Care Plan, superannuation, supplementary death benefit, disability insurance, and dental coverage. Premiums for these plans are payable by the Employee. Arrangements can be made to have deductions from pay for some of these benefits. (15) Upon return from leave, the Department will place the Employee in the position held at the commencement of the leave. (16) Returning Employees will have their qualifications re-assessed and placed on the appropriate pay scale. (17) The Employer shall cancel participation in the plan and shall refund, within 60 days, the total of the deferred Salary plus earnings from the plan if the Employee dies or employment is otherwise terminated. (18) Where operational requirements would not be met if the Employee proceeded on leave in the fifth year, or where exceptional changes in personal circumstances make the leave unfeasible, the Employer will give the Employee the choice of the following: (a) withdrawing from the plan and taking a refund of the total in the deferred salary account; or (b) deferring the period of leave to either the sixth or the seventh academic consecutive year or to some other mutually agreeable time. (19) Upon withdrawal from the plan the total in the account will be repaid to the Employee within 60 days from the notification of withdrawal.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Supplemental Compensation Pursuant to Section 7 of the Agreement, Supplemental Compensation is payable as follows.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

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