Service Credit Remuneration Sample Clauses

Service Credit Remuneration. Each teacher with a minimum of fifteen (15) consecutive years' service in the district shall upon resignation for the purpose of retirement, or resignation due to illness or death, receive payment of four hundred dollars ($400) for each year's service to the district. In the event of death, the full service credit remuneration will be paid to the beneficiary of the teacher. Consecutive years of service is defined as a continuous period during which time a teacher is employed by the Board of Education. Leave of absence will not count as credit toward the minimum fifteen (15) years of employment; however, such leave will sustain the teacher's eligibility toward qualification. Retirement shall be defined as the initiation of retirement payments from the Michigan Public School Employees' Retirement System (MPSERS). Upon retirement, the teacher must take the initiative of notifying the Assistant Superintendent for Personnel if he/she is eligible for the service credit remuneration. The Assistant Superintendent for Personnel will check the official school records and forward to the teacher and to the Assistant Superintendent of Business Services the outcome. If a teacher is eligible, the Finance Department will determine the amount of service credit remuneration and inform the applicant. Each eligible teacher shall also receive an additional two thousand dollars ($2,000) if he/she submits a letter of resignation for the purpose of retirement more than one hundred twenty (120) calendar days prior to the effective date of his/her retirement.
AutoNDA by SimpleDocs
Service Credit Remuneration. 1. Each teacher upon completion of his/her fifteenth (15) year of service to the BPS district, and upon resignation for the purpose of retirement, or resignation due to illness or death shall receive payment of four hundred dollars ($400) for each year's service to the district. 2. Beginning with the 2010-11 school year, upon completion of the fifteenth year of service and beginning with the sixteenth year, in lieu of payment of the $400, the teacher shall receive a 403(b) or 457 contribution of four hundred dollars ($400) for each year's service to the district. In the event of death, the full-service credit remuneration will be contributed to a 403(b) or 457 account of the named beneficiary of the teacher. For example, a teacher who has taught 30 years in Birmingham Public Schools and retired at the end of the 2018-19 school year, would receive $12,000 ($400 x 30) in severance pay. If elected by the teacher, $3200 would have been distributed via the program starring with the 2010-11 school year, and the remaining $8,800 will be paid upon retirement. Likewise, a teacher who is hired in 2018-19 and retires with 30 years of service to BPS will receive $12,000. In this case, $6000 will have been distributed through a district approved vendor beginning with the teacher’s sixteenth year of service, if elected. And, an additional $6000 will be paid upon retirement. 3. Upon notification of eligibility from the Human Resources department, teachers who elect to participate in the program shall first establish a 403b/457 account with one of the district-approved providers. Next, the teacher shall complete the Board Paid Teacher (BEA) 403(b)/457 Form and return to Human Resources by August 1st of the year they become eligible. When both conditions have been met, BPS will begin contributions to their 403(b)/457 account via a third-party administrator. Contributions shall begin on the first pay of the upcoming contract year, divided into equal installments, and paid throughout the contract year. Payment contributions in subsequent years shall continue unless employee terminates the benefit. 4. The failure to submit the necessary paperwork by the required due date shall result in the forfeiture of the contribution for that school year and the reporting of compensation to ORS. However, the eligible employee can notify HR in subsequent years if they wish to participate in the program. 5. Those employees who elect not to receive the contribution starting after 15 years of...

Related to Service Credit Remuneration

  • Service Credit To the extent that any Transferred Employee’s acquired rights are not already protected by the Transfer Regulations or other applicable Law, Purchaser shall, and shall cause its Affiliates to, recognize the prior service of, or recognized with respect to, each Transferred Employee as if such service had been performed with Purchaser for all purposes, including eligibility, vesting, service-related level of benefits and benefit accrual (except for any benefit accruals for U.S. union and non-union hourly Transferred Employees under the defined benefit Rexam Pension Plan, provided that such service for benefit accruals purposes under the Rexam Pension Plan shall be recognized for purposes of early retirement subsidies in accordance with Schedule 5.1(h)) under the employee benefit plans and policies provided by Purchaser to such Transferred Employee following the Closing, to the same extent such service was recognized by Seller, Rexam or any of their respective Affiliates, as applicable, immediately prior to the Closing. Purchaser shall, or shall cause its Affiliates (including the Purchased Entities) to, (i) waive any preexisting condition limitations otherwise applicable to Transferred Employees and their eligible dependents under any plan of Purchaser or any Affiliate of Purchaser that provides health or life benefits in which the Transferred Employees may be eligible to participate following the Closing, other than any limitations that were in effect with respect to a Transferred Employee as of the Closing under the analogous Employee Benefit Plan, (ii) honor any deductible, co-payment and out-of-pocket maximums incurred by the Transferred Employees and their eligible dependents under the health plans in which they participated immediately prior to the Closing during the portion of the calendar year prior to the Closing in satisfying any deductibles, co-payments or out-of-pocket maximums under health plans of Purchaser or any of its Affiliates in which they are eligible to participate after the Closing in the same plan year in which such deductibles, co-payments or out-of-pocket maximums were incurred and (iii) waive any waiting period limitation or evidence of insurability requirement that would otherwise be applicable to a Transferred Employee and his or her eligible dependents on or after the Closing, in each case to the extent such Transferred Employee or eligible dependent had satisfied any similar limitation or requirement under an analogous Employee Benefit Plan prior to the Closing.

  • Service Credits Employees on pregnancy leave shall be entitled to normal accumulation of service credits for the duration of the pregnancy leave.

  • Sick Leave Credit-Based Retirement Gratuities 1) A Teacher is not eligible to receive a sick leave credit gratuity after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day. 2) If the Teacher is eligible to receive a sick leave credit gratuity, upon the Teacher’s retirement, the gratuity shall be paid out at the lesser of, a) the rate of pay specified by the board’s system of sick leave credit gratuities that applied to the Teacher on August 31, 2012; and b) the Teacher’s salary as of August 31, 2012. 3) If a sick leave credit gratuity is payable upon the death of a Teacher, the gratuity shall be paid out in accordance with subsection (2). 4) For greater clarity, all eligibility requirements must have been met as of August 31, 2012 to be eligible for the aforementioned payment upon retirement, and the Employer and Union agree that any and all wind-up payments to which Teachers without the necessary years of service were entitled to under Ontario Regulation 01/13: Sick Leave Credits and Sick Leave Credit Gratuities, have been paid. 5) For the purposes of the following boards, despite anything in the board’s system of sick leave credit gratuities, it is a condition of eligibility to receive a sick leave credit gratuity that the Teacher have ten (10) years of service with the board: i. Near North District School Board ii. Avon Maitland District School Board iii. Xxxxxxxx-Xxxxxxxxx District School Board

  • Military Service Credit The City’s contract with CalPERS provides the Military Service Credit option set forth in Government Code section 21024.

  • Vacation Leave Credits ‌ Full-time and part-time employees will be credited with vacation leave accrued monthly, according to the rate schedule and vacation leave accrual below.

  • Long Service Leave (1) Subject to subclause (3) of this clause, an employee who has completed ten years’ continuous service with the employer shall be entitled to (a) up to 31 December 2006, ten weeks’ long service leave (b) from 1 January 2007, thirteen weeks’ long service leave (c) For each subsequent period of ten years’ service an employee shall be entitled to an additional thirteen weeks’ long service leave. (2) An employee who has accrued a minimum entitlement of ten weeks’ long service leave shall be entitled to take such leave. (3) Employees are entitled to take long service leave in minimum periods of one week. (4) In calculating an employee’s entitlement under this clause, continuous service with the employer prior to the 1st day of January 1997 shall be taken into account in the following manner: (a) In the case of an employee who has already accrued an entitlement to long service leave with the employer prior to the 1st day of January, 1997, the employee shall continue to accrue subsequent entitlements to long service leave in accordance with the provisions of subclause (1) of this clause. (b) In the case of an employee who, at the 1st day of January 1997, had not accrued an entitlement to long service leave, the employee’s entitlement shall be calculated on the following basis: For any period of continuous employment prior to the 1st day of January 1997, an amount calculated on the basis of 13 weeks’ long service leave on full pay for each 15 years of continuous service, in accordance with the relevant award. (c) In the case of employees who have worked less than full-time during the accrual period, long service leave shall be paid at the rate of the average of hours worked over the accrual period. (5) The expression “continuous service” includes any period during which the employee is absent on full pay from their duties, but does not include: (a) Any period exceeding two weeks during which the employee is absent on leave without pay. In the case of leave without pay which exceeds eight weeks in a continuous period, the entire period of that leave is excised in full; (b) Any service of an employee who resigns or is dismissed, other than service prior to such resignation or prior to the date of any offence in respect of which they are dismissed by the employer, when that prior service has actually entitled the employee to long service leave under this clause. (6) Any entitlement to annual leave that falls due during the period of long service leave shall be recognised as extra leave and not included in the long service leave. (7) Any public holiday which occurs during the period an employee is on long service leave shall be treated as part of the long service leave and extra days in lieu thereof shall not be granted. (8) Where an employee has become entitled to a period of long service leave in accordance with this clause, the employee shall commence such leave as soon as possible after the accrual date, or in a manner mutually agreed between the employer and employee. (9) Payment for long service leave shall be made; (a) in full before the employee goes on leave, or (b) by the normal fortnightly payment intervals; (c) or by agreement between the employee and the employer. (10) Where an employee has completed at least 7 years’ service but less than 10 years’ service and employment is terminated- (a) by their death; (b) in any circumstances, other than serious misconduct, the amount of leave shall be such proportion to the number of completed years of such service bears to 10 years. (11) In the case to which subclause (8) of this clause applies and in any case in which the employment of the employee who has become entitled to leave hereunder is terminated before such leave is taken or fully taken the employer shall, upon termination of employment otherwise than by death, pay to the employee and upon termination by death, pay to the personal representative of the employee upon request by the personal representative, a sum equivalent to the amount which would have been payable in respect of the period of leave to which they are entitled or deemed to have been entitled and which would have been taken but for termination. Such payment shall be deemed to have satisfied the obligation of the employer in respect of leave hereunder. (12) Where an employee is ill during a period of long service leave and produces at the time, or as soon as practicable thereafter, medical evidence that would satisfy a reasonable person that as a result of illness or injury the employee was confined to their place of residence or a medical facility for a period of at least fourteen (14) consecutive days, the employer shall grant sick leave for the period the employee was so confined and reinstate long service leave equivalent to the period of confinement.

  • Prior Service Credit A unit employee who has had a break in service shall be credited with prior periods of full-time state employment for leave accrual purposes if that employee's current period of full-time state employment has been three (3) or more continuous years in duration. Only prior periods of full-time state employment of two (2) or more consecutive years in duration shall be eligible for crediting.

  • Accumulation of Vacation Leave Credits An employee shall earn vacation leave credits for each calendar month during which the employee receives pay for at least ten (10) days at the following rate:

  • Reasonable Accommodation for Applicants / Employees with Disabilities The contractor must be familiar

  • Sick Leave Credit All employees shall be able to draw on a block of six (6) days sick leave when they commence employment. If all or part of this block of sick leave is used it will be paid back as sick leave is accumulated. If an employee ceases employment and has a negative balance in sick leave credit, this amount will be deducted from his/her final paycheque.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!