Salary Enhancement Benefit Sample Clauses

Salary Enhancement Benefit. If eligible, the teacher shall not be paid in accordance with the regular salary increases set forth in Article XIII, Section A, but instead receive a salary increase for up to three (3) years in the amount of six percent (6%) over the teacher’s prior year’s total TRS non-exempt creditable earnings for three (3) years prior to the teacher’s retirement date. (For example, if a teacher submits the letter of retirement on January 1, 2021, the three (3) year program will provide for three six percent (6%) increases in 2021-22 through 2023-24 school years.) The teacher must continue to perform all extra duties that are used in determining the prior year’s TRS non-exempt creditable earnings in the years in which program benefits are received. A teacher who does not perform such extra duties shall have his/her compensation reduced accordingly. A teacher under this retirement program will not be able to earn more than six percent (6%) over the prior year’s TRS non-exempt creditable earnings during the final three (3) years of service prior to the retirement date in the irrevocable letter of retirement, regardless of assignment or possible movement on either the salary schedule or extra duty schedule. To the extent that the retirement benefits described under this Section B shall cause the Board to pay additional penalties to TRS, the Board shall have the right to reduce the payment of such benefits so that the Board will not incur such penalties.
Sample 1
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Salary Enhancement Benefit. If a Teacher gives the Board an irrevocable written notice of retirement by the last work day prior to winter break four (4) years prior to the year of retirement and four (4) years prior to becoming eligible for a non-discounted annuity as described in Section 15.2(A)(5), the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service, less compensation for any services not rendered. If a Teacher gives the Board an irrevocable written notice of retirement by the last work day prior to winter break three (3) years prior to the year of retirement and three (3) years prior to becoming eligible for a non-discounted annuity as described in Section 15.2(A)(5), the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service, less compensation for any services not rendered. If a Teacher gives the Board an irrevocable written notice of retirement by the last work day prior to winter break two (2) years prior to the year of retirement and two (2) years prior to becoming eligible for a non-discounted annuity as described in Section 15.2(A)(5), the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service, less compensation for any services not rendered. If a Teacher gives the Board an irrevocable written notice of retirement by the last work day prior to winter break one (1) year prior to the year of retirement and one (1) year prior to becoming eligible for a non-discounted annuity as described in Section 15.2(A)(5), the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining one (1) year of service, less compensation for services not rendered. Once a Teacher submits an irrevocable written notice of retirement by the last work day prior to winter break as provided above, that employee shall be removed from the salary schedules contained in Appendix A of this Agreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year prior to the submission of the irrevocable written notice of retirement, less compensation for services not rendered. Once the employee submits an irrevocable written notice of ...
Sample 1

Related to Salary Enhancement Benefit

  • 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.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • 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.

  • 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.

  • 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.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

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