Salary Enhancement Benefit Sample Clauses

Salary Enhancement Benefit. 1. 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 four (4) years in the amount of four percent (4%) over the teacher’s prior year’s total TRS non-exempt creditable earnings for four (4) years prior to the teacher’s retirement date. (For example, if a teacher submits the letter of retirement on January 1, 2016, the 4-year program will provide for four (4) four percent (4%) increase in 2016-17 through 2019-20 school years.)
Sample 1
AutoNDA by SimpleDocs
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

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.

  • Basic Benefit Effective January 1, 2008, the basic life insurance benefit will be increased from $15,000 to $18,000 for employees. This shall be the default level of life insurance coverage, which shall be provided at no cost to the employee.

  • 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.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • 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.

  • Settlement Benefits WHAT YOU GET

Time is Money Join Law Insider Premium to draft better contracts faster.