SALARY FUND Sample Clauses

SALARY FUND. The Maximum Funding of the Salary Fund for each calendar month shall be determined by multiplying the Average Full Benefit Rate by 9 and this result by the sum of the average number of Salaried Employees: (1) in Active Service, and (2) laid off from work but who have Credit Units and are not included in (1). Such average number of Employees is to be determined by the Company as the average during 52 consecutive Weeks ending the 3rd Sunday preceding the first Monday in the month for which the Maximum Funding is being determined.
Sample 1
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SALARY FUND. (1) General As of October 22, 2015, all Company contribution provisions and requirements under the 1988, 1990, 1993, 1996, 1999, 2003, 2007 and 2011 (as amended per the 2009 Settlement Agreement) SUB Plans shall cease and no further contributions as previously required shall be placed into the Salary Fund. The Salary Fund balance shall be used to pay Regular Benefits and Separation Payments due and payable under this 2015 Plan.
Sample 1
SALARY FUND. The Company’s total financial liability for the cost of the SUB Plan, including Company contributions (as determined under Section 2(b)(2)) to the Salary Fund for the payment of Regular Benefits (including amounts owed to the Company or trustees of other Company plans or programs, as applicable, which were offset against Regular Benefits), Automatic Short Week Benefits and payments under the Letter Agreements (excluding any VTEP payments) attached to this Plan paid by the Company, shall be limited to the amount of the SUB Maximum Financial Liability Cap for Salaried Employees. Such Cap shall be established at $26 million on the Effective Date of the Agreement. If and when that amount is spent, the Company’s total remaining financial liability during the term of the Agreement shall be equal to the greater of (aa) the average monthly expenditure up to that point in the Agreement, or (bb) the average monthly expenditure for the 12 full months immediately prior thereto, times the lesser of the number of months, and fraction thereof, remaining until expiration of the Agreement, or 12. Notwithstanding the foregoing, the Company’s total remaining financial liability after such calculation shall not exceed $5 million.
Sample 1

Related to SALARY FUND

  • Salary Sacrifice (a) Where an Employee wishes to have their pay salary sacrificed for additional superannuation, the Employer will comply with the Employee’s request without unreasonable delay and consistent with any relevant statutory requirements. (b) All entitlements and benefits contained in this Agreement will be calculated on the pre-salary sacrifice pay rate.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Salary Scale The salary scale applicable to Employees shall be set out hereinafter in the Wage Schedule.

  • Salary Compensation As salary compensation for Employee's services hereunder and all the rights granted hereunder by Employee to the Company, the Company shall pay Employee a gross salary of not less than $175,000 during the term of this Agreement. Employee's salary shall be payable in bi-weekly increments in accordance with the Company's payroll practices for salaried employees, upon the condition that Employee fully and faithfully performs Employee's services hereunder in accordance with the terms and conditions of this Agreement. The Company shall deduct and withhold from the compensation payable to Employee hereunder any and all amounts required to be deducted or withheld by the Company under the provisions of any statute, regulation, ordinance, or order and any and all amendments hereinafter enacted requiring the withholding or deducting from compensation payable to employees.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

  • Salary Severance A single, lump sum payment equal to twelve (12) months of the Executive’s Salary, less applicable withholdings.

  • Salary and Bonus Awards of stock, stock options, and stock appreciation rights. Use the dollar amount recognized for financial statement reporting purposes with respect to the fiscal year in accordance with the Statement of Financial Accounting Standards No. 123 (Revised 2004) (FAS 123R), Shared Based Payments.

  • SALARY STEP PLAN AND SALARY ADJUSTMENTS Appointments to positions in the City and County service shall be at the entrance rate established for the position except as otherwise provided herein.

  • Employee Contributions Any member of the bargaining unit who is hired on or after September 1, 2010 is eligible to make a voluntary contribution to the City=s Deferred Compensation Plan offered by Ameritas.

  • Salary Scales ‌ 2.5.1 Effective from 1 January 2024, and subject to the Remuneration provisions in the Terms of Settlement, a 4% increase will apply to all paid and printed rates. The following Allied Divisions shall refer to the applicable schedules for their scales: MIT, UCOL and Otago. 2.5.2 Effective from 1 January 2025, kaimahi will be translated into the following salary scale, which includes the 4% salary increase: Band Step (N/A for UCOL and TOPNZ) Scale Scale 2025 (4%) 40 hours Band Step(N/A for UCOL and TOPNZ Scale 2025 (4%) Scale 2025 (4%)

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