Retirement Severance Payment Sample Clauses
The Retirement Severance Payment clause establishes the employer’s obligation to provide a financial payment to an employee upon their retirement from the company. Typically, this payment is calculated based on factors such as the employee’s length of service, final salary, or a predetermined formula outlined in the employment agreement. By specifying the terms and conditions for severance upon retirement, this clause ensures that employees receive fair compensation for their years of service and helps prevent disputes regarding post-retirement benefits.
Retirement Severance Payment. Severance pay shall be a one-time lump sum payment to eligible employees. An employee's eligibility shall be based upon the following criteria:
A. The individual shall have been employed by The South Central Local School District for at least five (5) years
B. The individual retires from the South Central School District
C. Disability retirement or service retirement under the Ohio State Teachers Retirement System
D. The individual must within one hundred twenty (120) days of last day of employment prove acceptance into the retirement system by having received and cashed his or her first retirement payment
E. The individual must sign for severance check certifying all eligibility criteria have been met
F. In the event of an employee's death, parts A through E of this section shall be waived, and the employee's estate shall receive the severance payment.
G. This clause does not apply to re-employed retirees
Retirement Severance Payment. Severance pay shall be a one-time lump sum payment to eligible employees. An employee's eligibility shall be based upon the following criteria:
a. The individual shall have been employed by The South Central Local School District for at least five (5) years
b. The individual retires from the South Central School District
Retirement Severance Payment. A. North East School District shall pay to members who have been employed in this District for the last ten (10) years, a severance payment of $50 per year for all the years in the District. Maximum payment will not exceed $2,000.
B. In addition to the above provision, each member who retires with twenty (20) or more years of service in this District may convert unused sick days at the following rate: $125 per day of unused sick leave to a maximum of $25,000.
C. The member, to be eligible for payment under this section, must notify administration that he or she is retiring from the profession, under the options of the Pennsylvania Public School Employees' Retirement System. Members retiring at the conclusion of a school year must submit a letter of retirement no later than March 1st during that school year. If the member does not submit a letter of retirement by March 1st, then retirement severance payments will be delayed until July of the following year.
▇. ▇▇▇▇▇▇▇ due shall be paid as follows:
1. Lump sum payment, if the total amount due is less than $5,000.
2. Payment to a qualified HRA, if the total amount due is $5,000 or more.
3. Lump sum payments may be set aside, in whole or in part, for monthly hospitalization payments if the retiree remains enrolled in the District's health insurance program. The option selected will become effective immediately after the last day of service. Lump sum payments will be made with a separate check. Should a member die while employed in this District and be qualified by having his/her last eight (8) years of service in this District, the severance payment will be a separate check with the member's final check.
Retirement Severance Payment. 16 a. Upon official retirement as defined in Ohio Revised Code, 124.39 and with ten (10) or more 17 years of employment by a political subdivision in the State of Ohio, each employee shall 18 be paid at his/her daily rate for one-fourth (1/4) of any unused sick leave up to a maximum 19 of one hundred (100) days. The number of unused sick leave days subject to this provision 20 shall be unlimited.
21 b. Any sick leave days earned over the 275 maximum for accumulated sick leave days shall 22 not be available to use under the provisions of sick leave.
23 c. The payment of the retirement severance under this section will be made in two 24 installments. The first will be in March of the calendar year following the year of retirement, 25 and the second will be made in March of the calendar year following the first payment. 26 Proof of having received an S.T.R.S. retirement check must be provided before receiving 27 any retirement severance payment.
28 (1) If the Employee’s last day of employment is in or after the calendar year the Employee 29 attains (or will attain) age 55 they will participate in the BFT Severance Pay Deferral 30 Program with the payment of the retirement severance under this sections will be 31 made in two installments. The first will be in March of the calendar year following the 32 year of retirement and the second will be made in March of the calendar year 33 following the first payment. Proof of having received an S.T.R.S. retirement check must 34 be provided before receiving any retirement severance payment.
Retirement Severance Payment. The District shall continue to provide New Hampshire State Retirement to employees as required by the plan.
Retirement Severance Payment. A. North East School District shall pay to members who retire from District employment into the Public School Employees’ Retirement System (“PSERS”) and who have been employed in this District for the last ten (10) years, a severance payment of $100 per year for all the years in the District. Maximum payment will not exceed $4,000.
B. In addition to the above provisions, each member who retires with fifteen (15) or more years of service in this District may convert unused sick days at the following rate: $125 per day of unused sick leave to a maximum of $30,000.
C. The member, to be eligible for payment under this section, must notify administration that he or she is retiring from the profession, under the options of the Pennsylvania Public School Employees' Retirement System. Members retiring at the conclusion of a school year must submit a letter of retirement no later than March 1st during that school year. If the member does not submit a letter of retirement by March 1st, then retirement severance payments will be delayed until July of the following year.
D. Amounts due shall be paid as follows:
1. Lump sum payment directly to the member if the total amount due is less than $5,000.
2. The District agrees to a Tax-Sheltered Annuity (TSA) 403(b) Employer Contributory Program (TSA 403(b)), offered by a mutually agreed-upon provider, subject to all applicable statutes and government regulations. The District shall make all appropriate fund transfers to said product provider. All bargaining unit employees who are eligible to receive payments under this Section of the contract in excess of $5,000 shall have the funds distributed into the 403(b) account or into the district-provided, qualified HRA account.
3. The option selected will become effective immediately after the last day of service. Lump sum payments will be made with a separate check. In the event of the retiree’s death, the maximum amount allowed of all remaining non-elective contributions will be timely paid to the retiree’s 403(b) plan account, if applicable, as provided for by the Internal Revenue Code and its corresponding regulations. Should a member die while employed in this District and be qualified by having his/her last eight (8) years of service in this District, the member shall receive the severance payment in subsection A above which shall be issued in a separate check accompanying the deceased member's final check.
Retirement Severance Payment. 23.1 The Board shall continue to provide New Hampshire State Retirement to employees as required by the plan.