Retirement Severance Benefits Sample Clauses

Retirement Severance Benefits. A teacher who has at least fifteen (15) years of teaching service in the White River Valley School Corporation or its predecessor corporations, as recognized by the Indiana State Teachers' Retirement Fund Board (ISTRF), and who is employed as a bargaining unit member at the time of retirement or severance from employment will be eligible for the following severance benefits provided the teacher has otherwise satisfied the requirements and conditions described below.
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Retirement Severance Benefits. An individual who is employed as a bargaining unit member at the time of retirement or severance from employment will be eligible for the following severance benefits provided the teacher has otherwise satisfied the requirements and conditions described below.
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Retirement Severance Benefits. The following amendments made to the Agreement between the Northwest Xxxxx County Schools Board of School Trustees and the Northwest Xxxxx County Education Association (the “Association”), adopted by the School Board August 18, 2003, (the “Agreement”) shall be effective with respect to any teacher retiring on or after July 1, 2003 (the “Effective Date”). Except as otherwise specifically provided herein, any teacher who has retired before the Effective Date will only be entitled to those benefits contained in the Agreement which was in existence as of the time of her/his retirement, except as may be otherwise revised by a future bargained agreement.
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Retirement Severance Benefits. Section 1 Retirement is defined as termination of services in the School District and withdrawal from active teaching service. Xxxxxxxx retired teachers in this Article will have completed at least twenty (20) years of service in the School District, are at least fifty-five (55) years of age as of June 30 in the school year in which application for retirement is made, and submit a written resignation accepted by the School District. To assist with District staffing and planning needs, teachers shall provide a non-binding notification of their decision to retire to the Executive Director of Human Resources by March 1 of the year of retirement. Retirement pay shall not be granted to any teacher who has been discharged or terminated pursuant to MS122A.40. A. Full-time teachers covered by this Master Agreement and employed before 1991-92 school year will be eligible for the retirement benefits specified in all sections of this Article except Section 11. Such teachers shall receive retirement benefits according to the definitions provided in this Article. All teachers before satisfying the eligibility criteria (55 years of age and 20 years of service) must make, in writing, an irrevocable choice between Options (1) and (2) below before July 1 of the contract year in which they become eligible concerning the retirement/severance payment. Failure to make a choice will result in an automatic default to Option (1). This choice must be made regardless of a decision to retire or not. The Options are:
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Retirement Severance Benefits. 9 Table of Contents (continued)
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Retirement Severance Benefits. 2.1 In consideration of the Severance Benefits (as defined below) provided under this Agreement, Employee agrees to Retire (as defined below), as of the Retirement Date. For purposes of this Agreement, the term “Retire” or “Retirement” means a permanent retirement from the insurance industry, which for this purpose includes, without limitation, (a) any Competing Business (as defined in the RCA), (b) any Competitive Enterprise (as defined in the LLC Agreement), (c) any insurance or reinsurance brokerage or agency, (d) any insurance or reinsurance intermediary, (e) any insurance or reinsurance managing general agent, (f) any insurance or reinsurance underwriting or claims administration or processing business, (g) any insurance or reinsurance carrier business, and (h) any third-party administrator business in connection with any of the same, all of which shall constitute a “Competing Operation” for purposes of this Agreement. For clarity, the foregoing shall prohibit Employee from (i) being employed by a Competing Operation, (ii) directly or indirectly providing consulting or advisory services to a Competing Operation or an investor in a Competing Operation (in each case, whether or not associated with remuneration), (iii) serving as an officer, director or advisor of or to any Competing Operation (whether or not employed by the Competing Operation and whether or not associated with remuneration), and/or (iv) directly or indirectly owning any portion of a Competing Operation; provided that, the foregoing shall not prohibit Employee’s passive ownership of less than 5% of the shares of a Competing Operation whose shares are publicly traded, but will prohibit Employee from directly or indirectly investing in or co-investing with any person or entity whose ownership in a Competing Operation requires such person or entity, or any affiliate of the same, to make a filing with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. Notwithstanding the foregoing or any other non-competition restrictive covenant of this Agreement, the RCA, or the LLC Agreement to the contrary, the Employee shall not be prohibited from entering into the following arrangements: (x) immediately upon the expiration of the Addendum 1 Revocation Period as defined in Addendum 1, a business or enterprise that provides wealth management advisory and/or pension ...
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Retirement Severance Benefits. A. ONGOING 401(a) PLAN. Note: ONLY for teachers hired and beginning service on or after January 1, 2006 1. The employer shall deposit employer contributions for each employee into an individual account for employee in the tax-deferred annuity program selected by the Association. Such deposits shall be made on a quarterly basis. Upon three years of service, all assets of the accounts become the property of the employee and, in the event of death, his/her beneficiaries or, lacking same, estate. a. Payment for Unused PTO beyond 157 accumulated days – (Teachers accrue personal leave at the rate of fourteen days/year, accumulating to 157 days maximum) days beyond 157 will be purchased by the Board for $80/day. Employees will receive a check for unused leave days the second pay in June.
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Retirement Severance Benefits. 9 Section 1: Revision of Prior Agreement’s Retirement Severance Compensation 9 Section 2: Basic Conditions 9 Section 3: Accumulated Sick Leave Benefit 10 Section 4: Qualified Retirement Plan 10 Section 5: Current and Future Adjustments 12 Article V – Group Insurance 14 Section 1: Health Insurance 14 Section 2: Long-Term Disability Insurance 14 Section 3: Term Life Insurance 14 Section 4: Insurance Coverage during Leave of Absence 14 Article VI – Compensation and Related Matters 15 Section 1: Teacher Base Salary 15 Section 2: Extra-Curricular Salary Schedule 16 Section 3: Performance-Based Salary Compensation Program 16 Section 4: Use of Personal Vehicle 18 Section 5: Individual Curriculum Development and Studies 18 Section 6: Indiana State Teacher Retirement Fund Contributions 18 Article VII – Terms of Agreement 19 Appendix A: Extra-Curricular Salary Schedule 20
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Retirement Severance Benefits. A. ONGOING 401(a) PLAN. Note: ONLY for teachers hired and beginning service on or after January 1, 2006 Pay effective the first day of the school calendar. There will be an increase in compensation in 2020 - 2021. The minimum salary will be $32,275 and the maximum salary will be $54,161. Each Bargaining Unit Member will receive an $275 increase to their base salary (less than FTE increases will be in proportion to the individual contract). A one time Stipend of $1500 will be given to Bargaining Unit Members in the 2020 – 2021 school year. Retroactivity shall be paid by December 2020. Factors 1. EDUCATION = 3 – 10% ● A teacher may not receive more than thirty-three percent (33%) of total compensation from Factor 1 and Factor 2. If the compensation exceeds the thirty-three percent (33%) in combination with the other categories, then Factors 1 and 2 will be reduced proportionally to comply. All documentation for educational moves must be submitted to the Superintendent by August 15th. The Master’s Degree shall be defined as a Master’s Degree earned in the licensed area of the teacher. The following shows the percentage amount earned for the level of degree. o Bachelors + 15 = 3% o Masters = 7% o Masters + 15 = 10% 2. EXPERIENCE – 120 DAYS = 20% ● A teacher may not receive more that thirty-three percent (33%) of total compensation from Factor 1 and Factor 2. If the compensation exceeds the thirty-three percent (33%) in combination with the other categories, then Factors 1 and 2 will be reduced proportionally to comply. 3. EVALUATION = 70% ● Evaluation of Emerging and Ineffective are not eligible for any additional compensation. Teachers earning an Effective or higher will receive 70% of the raise factor. Newly hired Bargaining Unit Members with no previous teaching experience shall have a starting salary of $32,275. Newly hired Bargaining Unit Members with previous teaching experience shall be placed on the salary grid commensurate with the salaries of current Oregon-Xxxxx Teachers with similar education and experience. 2020 – 2021 B.S. B.S. + 10 B.S. + 20 B.S. + B.S. + 0 32,275 32,774 33,599 30/M.S. 34,428 40/M.S. 34,648 1 32,458 33,412 34,372 35,331 35,549 2 32,965 33,778 35,140 36,231 36,448 3 33,474 34,694 35,909 37,130 37,348 4 33,984 35,331 36,681 38,030 38,248 5 34,496 35,975 37,450 38,928 39,145 6 35,009 36,615 38,218 39,827 40,049 7 35,516 37,253 38,990 40,724 40,944 8 36,007 37,896 39,762 41,624 41,845 9 36,498 38,508 40,531 42,525 42,745 10 36,077 3...
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