Salary Enhancement Retirement Plan Sample Clauses

Salary Enhancement Retirement Plan. 1. Eligibility: Any teacher wishing to receive the benefits under this Section 22-B must: a) be at least age 55 at the time of retirement; and b) have at least 20 years of service in the District as of the last day of the school year of retirement; and c) submit an irrevocable letter of resignation and an individual TRS report verifying the teacher’s then known age, creditable service and creditable earnings to the Board by March 1st of the school year prior to the school year in which the salary enhancement plan is scheduled to commence OR within 15 calendar days after ratification of this Agreement, whichever is later, with said resignation to be effective at the end of the teacher’s final school year immediately preceding retirement; and d) not have received an increase in creditable earnings of greater than 6% in any year preceding the commencement of the salary enhancement plan, which, if combined with the year(s) of this plan, would cause the District to pay a 6% excess salary contribution to TRS; and e) submit a signed promissory note (in the form appearing as Appendix D to the Agreement) wherein the teacher promises to pay back the difference between the total salary enhancement received under this plan and the actual regular salary schedule of the District if a change in the teacher’s retirement date causes the District to pay a 6% excess salary contribution to TRS.
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Salary Enhancement Retirement Plan. Teachers who meet the following eligibility requirements shall be entitled to a Salary Enhancement Retirement Benefit: A. REQUIREMENTS TO QUALIFY FOR SALARY ENHANCEMENT RETIREMENT BENEFITS 1. Must have completed a minimum of fifteen (15) years of full-time or part-time employment in District 60 by June 30 of the year of retirement. Service need not be consecutive. For the purposes of this requirement, in any year in which a Teacher was granted an approved unpaid leave, the Teacher must have worked a minimum of one hundred (100) days to receive service credit for that year. 2. Must qualify for a TRS regular annuity retirement. 3. Must not be eligible for any statutory early retirement plan. 4. Must have given written irrevocable notice of retirement as provided in Paragraph A.5 and Paragraph C of Section 15.2. 5. No Teacher shall be eligible for the Salary Enhancement Retirement Plan as existed in the 2017-2022 Agreement unless a notice of retirement is received by the District no later than February 1, 2022. Effective upon the ratification of the 2022-2026 Agreement, participation in the new Salary Enhancement Retirement Plan shall be as follows. The Teacher must submit an irrevocable letter of retirement with an effective date that is at the end of the first school year in which the Teacher becomes BOTH eligible to retire under 15.2 A.1 (i.e., at least 15 years of full-time or part-time employment in the District) AND eligible to retire under the provisions of the TRS without an early retirement option penalty or without an early age discounted annuity, which for Tier 1 TRS members is as follows: At least 35 years At least 55 years old At least 15 years At least 10 years At least 60 years old At least 15 years At least 5 years At least 62 years old At least 15 years Such notice of retirement shall be submitted no earlier than August 1 and no later than the last work day prior to winter break of the fourth, third, second, or first year prior to the date of retirement. All other retirees who would otherwise qualify to receive the benefits of and retire under this Section but who choose to forgo this benefit by working beyond when they would have to retire to receive this benefit will not receive this benefit. 6. Must have submitted a signed promissory note (in the form appearing as Appendix D to this Agreement) wherein the Teacher promises to pay back the difference between the total salary enhancements received under this plan and the actual salary the Tea...
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Related to Salary Enhancement Retirement Plan

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • 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.

  • 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.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

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