Separation Incentive. A Court Reporter who elects to separate at the same time as their Appointing Authority and has worked for the Appointing Authority for at least two (2) years immediately preceding separation shall receive a separation incentive of one and one half (1.5) times the applicable paid notice period in 21.3 A. The payment shall be made in a lump sum of up to $30,000. For Court Reporters who receive State Benefits, one hundred percent (100%) of the payment shall be placed in their Health Care Savings Plan Account. For Reporters who receive County Benefits, at the selection of the Court Reporter, the payment shall be paid as a taxable cash payment, less applicable deductions, or put into the Employee’s deferred compensation account. Court Reporters who take this incentive may not be employed as an Employee of the Minnesota Judicial Branch for five (5) years following the date of separation. The job search and reassignment availability requirements in Article 21.3 A. shall not apply to Court Reporters taking advantage of the incentive. A pool of $100,000 per fiscal year will be available to fund separation incentives of Employees. The Employer may elect to exceed this pool pending availability of funds.
Separation Incentive. Provided that before May 22, 2015 (the “Severance Payment Date”), Employee timely signs this Agreement, returns the Agreement and does not revoke the Agreement as further set forth in paragraph 4 below, and provided Employee has complied with his obligations as set forth in paragraph 5(e) below, Employee will be entitled to the following benefits (the “Separation Incentive”):
(a) On the Severance Payment Date, Employee will be paid a lump sum severance payment in the gross total amount of $4,830,000.00, less required taxes, deductions and withholdings; and
(b) On the Severance Payment Date, Employee will be paid a lump sum medical continuation payment in the gross total amount of $31,313.00, less required taxes, deductions and withholdings; and
(c) As of the Severance Payment Date, Employee’s account under the Novelis Defined Contribution Supplemental Executive Retirement Plan will be credited with a lump sum amount equal to $204,250.00; and
(d) Employee’s coverage under the Novelis Group Life Insurance Plan shall continue at no cost to Employee for up to 12 months from the Separation Date at Employee’s level of coverage as of the Separation Date; and
(e) On the Severance Payment Date, Employee will be paid a lump sum payment in the gross total amount of $1,678,950.00, less required taxes, deductions and withholdings, representing Employee’s Annual Incentive Plan bonus for fiscal year 2015; and Xx. Xxxxxx Xxxxxxx April 20, 2015
(f) On the Severance Payment Date, Employee will be paid a lump sum payment in the gross total amount of $1,916,990.00, less required taxes, deductions and withholdings, representing payment for Employee’s entitlement to any restricted stock units under the Long-Term Incentive Plans for 2015 and earlier fiscal years. The Parties agree and acknowledge that the Separation Incentive set forth in this paragraph 2 provides benefits to which Employee otherwise would not be entitled. The Parties further agree and acknowledge that Employee is not entitled to and shall not receive any 401(k) or other retirement plan contribution or other benefits based on the Separation Incentive. The Parties also agree that Employee is not entitled to and shall not receive any payments or benefits under the Annual Incentive Plan or the Long Term Incentive Plan for fiscal year 2016.
Separation Incentive. All payments due under Article XV of the collective bargaining agreement between the School District and the Association shall be made as an Employer Non-elective Contribution to the 403(b) account of each covered employee in accordance with the terms and conditions of this Agreement and Article XV of the CBA. The Employer Non-Elective Contribution in the calendar year of retirement shall be made within 30 days immediately following the members’ effective date of separation from the district.
Separation Incentive. Novelis agrees to: (a) reimburse the Employee for (i) closing fees and real estate commissions (grossed up for tax), and the physical move to South Carolina, but does not include the one month miscellaneous payment, and (ii) normal company treatment on Georgia home sale process, (b) amend the application of the Change of Control agreement to permit the 36 month Special Termination Indemnity payments to be paid in one full and final present value payment and (c) amend the application of the non-qualified Pension Plan for Officers to permit a one time present value payment as full and final settlement of this pension plan.
Separation Incentive. Novelis agrees to reimburse the Employee for (a) customary closing fees and real estate commission (grossed up for tax), physical moving to Florida (or some portion of household effects elsewhere in North America ie. Belleville Ontario), does not include the one month misc payment, and (b) Normal company treatment on Georgia home sale process subject to Employee best efforts in selling the Duluth, GA domicile.
Separation Incentive. It is recognized that the employment separation is unplanned and has significant impact on U.S. Immigration status. In consideration, Novelis will provide:
i) In recognition that US Immigration status at the time of termination may impact on the Employee’s choice of destination, Novelis agrees to compensate Employee for the customary company relocation costs (including the one-month miscellaneous payment) associated with your (a) personal relocation from Atlanta to Cleveland or Canada and (b) family from Cleveland to Canada.
ii) In the event that Employee relocates to Canada, Novelis will convert the Employee’s initial home equity to Canadian dollars at the same rate as at the time of the home purchase on an after-tax basis.
iii) Novelis will pay the Special Termination Indemnity Payment associated with the Change of Control agreement no earlier than six (6) months from Separation Date to assure full compliance with IRC Section 409A, and in the event that Employee is a resident of Canada at time of payment, Novelis will reimburse Employee for the grossed-up difference between the U.S. and Canadian tax cost.
iv) Employee’s stock options will expire at Separation Date. Novelis will make a payment to Employee in the gross amount of $70,000 within 30 days of Separation Date.
v) Novelis will reimburse Employee’s 2006 tax preparation costs for U.S. and Canadian (if applicable) filings.
vi) Novelis will also provide to the Employee executive level outplacement service for a period of six (6) months.
Separation Incentive. Separation Incentive Payment
1. A Separation Incentive payment will be paid to each qualified bargaining unit member who resigns from active service with the District in accordance with the provisions of this Section. A qualified bargaining unit member is one who:
(a) notifies the Director of Human Resources using the designated form, hand delivered to and received by the Director of Human Resources or designee not earlier than November 1, 2005 nor later than November 30, 2005 of his or her resignation from all contracts of employment with the District effective July 1, 2006 and resigns as of July 1, 2006 and,
(b) satisfactorily completes all teaching responsibilities through the end of the 2005-2006 school year, and
(c) has completed at least ten (10) years of service in the Worthington City School District and is compensated at the 24th or higher step of the salary schedule as of the beginning of the 2005-06 school year, and who
(d) executes and delivers a valid, unrevoked release of claims to the Board, including but not limited to the release of any and all claims under the Age Discrimination in Employment Act, the Older Workers Protection Act and similar state and federal legislation.
2. Qualified bargaining unit members who resign in accordance with this Section will be paid, in addition to the severance payments described in Section 50.1, a Separation Incentive payment in the amount determined in paragraph 6, below. The Separation Incentive payment will be combined with severance payments described in Section 50.1 and the total paid in thirty-six (36) equal installments, payable monthly, beginning with the first payroll in September of 2006. The payment provisions of this article shall supersede and take the place of any contrary provisions of Section 50.1 regarding the payment of severance pay.
3. If forty (40) or more but fewer than fifty-five (55) qualified members submit their letters of resignation to the Director of Human Resources by November 30, 2005 16The Internal Revenue Service will consider severance pay as taxable income in the year in which the staff member is eligible to receive payment, regardless of whether or not the payment is actually received in that year. the incentive payment shall be approved for all qualified members. If fewer than forty (40) qualified members submit their letters of resignation to the superintendent not earlier than November 1 or later than November 30, the Board may elect not to offer the incentive payment...
Separation Incentive. Full time members of the bargaining unit, who are eligible to do so may elect to participate in one of the following Separation Incentive Plans:
A. PLAN A:
i. Full time unit members with fifteen (15) consecutive full years of teaching service in the District, shall be eligible to participate in this plan (PLAN A) at any time up to the end of the first school year they are eligible to receive full retirement benefits from the New York State Teachers’ Retirement System (NYSTRS) according to the rules and regulations of NYSTRS in effect at the time they submit a letter of resignation to the Superintendent of Schools.
ii. Those eligible unit members who choose to participate in this separation incentive shall submit to the Superintendent of Schools, not later than the next school day following March 1 of their year of resignation, a letter of resignation effective July 1 immediately after that school year together with a written commitment to participate in this retirement plan (PLAN A).
Separation Incentive. The District offers active KTA Teachers who are not eligible to retire pursuant to the NYSTRS and who are on step 12 or higher as of the 2014-15 school year, who resign as of July 1st and submit an irrevocable letter of resignation to the district by May 1, 2015 2015 or by February 1, 2016 for the 2015-16 school year, the following benefit:
(a) If a resigning teacher has no other source of comparable health insurance overage except under a District provided plan, he/she will be eligible for a maximum District contribution of 25% of the family plan premium of the Flex Fit (or its equivalent if that plan ceases to exist) for the period of three years following his/her resignation date toward the health insurance plan of his or her choice.
(b) If a resigning teacher is eligible for health insurance coverage from a source other than the district (through a spouse or another employer) that is comparable to the coverage available under this agreement, he/she is ineligible for contributions by the district for health insurance coverage after resignation. Teachers in this category shall receive a sum of $9,000 into a 403 (b) plan for the benefit of the Teacher distributed equally over three consecutive years ($3,000 per year) and the District will make an annual contribution to the Teachers Association Welfare Trust, of which the dollar amount is locked in at the contractual rate in the year of resignation notification, to ensure continuation of coverage for a period of three years following his/her resignation. Prior to receiving these 403 (b) contributions each year the teacher must provide proof in a form acceptable to the District of the other comparable insurance coverage in which the teacher is enrolled. Absent such proof the District shall not make the 403 (b) contribution(s).
Separation Incentive
