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Severance Fund Sample Clauses

Severance Fund. (a) Commencing July 3, 1961, the employer will pay monthly, within ten (10) days after the expiration of any calendar month to the Meat Industry Severance Fund, which shall be established and administered and the principal and income whereof shall be used as hereinafter provided, the sum of $.25 per employee per week. Con­ tributions for employees hired on or after July 3, 1961, shall commence with the second week of employment. (b) The said Meat Industry Severance Fund shall be established as of July 3, 1961, shall have its principal office in the Borough of Manhattan, City and State of New York, and shall be administered by a Board of Trustees consisting of five (5) employer representatives appointed by the Meat Trade Institute, Inc. (including one employer representative nominated by the associations and groups of employers operating under the Union’s Kosher and Kosher Style Agreement) and five (5) employee representatives appointed by the Union and such additional employer and employee representatives and such neutral person as said employer and employee representatives may agree upon. In the event that said employer and employee representatives deadlock in the administration of such Fund and there are no neutral persons empowered to break such deadlock, said employer and employee rep­ resentatives shall agree upon an impartial umpire to decide such dis­ pute. In the event that said employer and employee representatives fail to agree Avithin a reasonable length of time on the impartial umpire to he selected, an impartial umpire to decide such dispute shall on petition of either the employer representatives or employee repre­ sentatives, be appointed by the United States District Court for the Southern District of New York. (c) The said Severance Fund, as so administered, shall be audited annually and a statement of the results of such audit shall be available for inspection by interested persons at the principal offices of the Fund, the Union and the Meat Trade Institute, Inc. and at such other places as may be designated by the Board of Trustees. (d) The principal and income of said Severance Fund shall be used for the sole purpose of providing for the employees of the employers contributing thereto employment severance benefits (hereinafter re­ ferred to as severance pay), as follows: (e) W h e n P aid —Commencing July 2, 1962, severance pay shall be paid to employees having one or more years of continuous service who' shall have been permanently sep...
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Severance Fund. 27 Sick L ea v e ............................................................................................ 12 Storetenders .................................................. 9 Successors and A ssigns...................................................................... 17
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Severance Fund. I Effective January all employees shall have deducted from each gross pay the amount of of one percent, which will be credited to the Group Fund. The employer shall consult with representatives of the local employee group with an opportunity to provide input and monitor the administration of the Group Fund within the following parameters:
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Severance Fund. The Observatory is required by Argentina law to make a severance payment to employees upon termination. A severance fund is maintained so that payments can be paid to employees in the event that it becomes necessary to close the Observatory. The severance request is included with the operating and reserve requests. (See the Project Management Plan, section 7.1).
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Severance Fund. The employer is contractual party of the following severance fund: BAWAG Allianz ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇ - ▇▇▇▇▇▇▇▇ ▇▇▇▇▇. The employer only contributes to the severance fund, if the employment lasts longer than one month.
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Severance Fund. The Employer agrees that should the total Unit 2 salary budget for the University during the 12-month period commencing Summer 1997 fall below the total Unit 2 salary budget for the University in the 1996-97 current twelve-month period (starting with Summer 1996) the Employer will pay into the Severance Fund a penalty of $600 for every $10,603 of reduction. These funds will be made available for employees who suffer job loss/reductions in the 1997-98 contract year retroactively.
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Severance Fund. 10.10.1 For the contract year 1996-97, any money remaining between the total contributions paid for Dental, Drug and Vision Care and LTD Plan premiums and the limit on such contributions of $741,200 shall be transferred to this Fund. After the establishment of the 1997-98 Employer-funded Severance Fund (Letter of Intent #6), any unspent money that remains in the 1996-97 Fund after the distribution of entitlements, and that is not required to increase the Employer's premium contributions and maintain benefits (Article 10.18), shall be re-allocated at the discretion of the Union. 10.10.2 (I) In 1996-97, upon application, an individual who meets the following criteria: has at least three consecutive years of service immediately prior to the severance year, where a year of service means at least one Type 1 or equivalent positions in the bargaining unit; has an average of at least two Type 1 or equivalent positions per year held in the bargaining unit over the last three years; and has applied for and not received appointments equivalent to the year immediately preceding the severance year and is subject to a reduction of at least 25% in work in comparison to the average work over the last three years; shall be eligible for a severance payment to a maximum of $500 per Type 1 equivalent lost, compared to the average over the last three years, to an overall maximum of $2,000.
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Severance Fund. The employer will pay the following weekly contributions into a severance fund on behalf of every employee. 1 July 2003 to 30 June 2006 45.00 1 July 2006 47.25 1 July 2008 49.60 1 July 2009 52.10 Severance fund benefits accrued to 1 July 2003 are preserved.
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Related to Severance Fund

  • Severance Compensation In the event (i) Employee terminates this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; (ii) Employee is terminated for any reason (except death or disability) upon, or within six months following, a "Change in Management or Control (as such term is defined in Paragraph 11.5 hereof);" or (iii) Employee is terminated without Cause, the Company shall be obligated to pay severance compensation to Employee in an amount equal to his salary compensation (at the rate payable at the time of such termination) for a period of six (6) months from the date of termination. Notwithstanding the foregoing, if Employee is employed by a new employer, or as a consultant after the termination of this Agreement, the severance compensation payable to Employee hereunder shall be reduced by the amount of compensation that Employee actually receives from the new employer, or as a consultant. However, Employee shall have a duty to inform the Company that he has obtained such new employment, and the failure to do so is a material breach of this Agreement. In such event, the Company shall be entitled to (i) cease all payments to Employee under this Paragraph 11.4; and (ii) recover any unauthorized payments to Employee in an action for breach of contract. Notwithstanding anything else in this Agreement to the contrary, solely in the event of a termination upon or following a Change in Management or Control, the amount of severance compensation paid to Employee hereunder shall not include any amount that the Company is prohibited from deducting for federal income tax purposes by virtue of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision. In addition to the foregoing severance compensation, the Company shall pay Employee (i) all compensation for services rendered hereunder and not previously paid; (ii) accrued vacation pay; and (iii) any appropriate business expenses incurred by Employee in connection with his duties hereunder and approved pursuant to Section 4 hereof, all through the date of termination. Employee shall not be entitled to any bonus compensation, whether vested or unvested; or any other compensation, benefits or reimbursement of any kind.

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

  • Separation Payment An ASF Member shall be compensated at the final rate of pay for all unused, accumulated vacation, leave time upon separation from state service, or movement to a vacation ineligible position. An employee on an unpaid leave of absence of more than one (1) year for a purpose other than accepting an unclassified position in state civil service, or an employee on layoff that results in separation from service, may elect to be compensated at the final rate of pay for unused accumulated vacation leave. This accumulated vacation payout shall not exceed two hundred and seventy-five (275) hours, except in the case of the ASF Member's death. Calculation of an ASF Member's hourly rate for purposes of computing vacation separation payment shall be based upon a base of two thousand eighty-eight (2,088) working hours per year. Appointment periods of less than one (1) year in duration shall be prorated on this basis. Except as provided in Article 16, Section C, Subdivision 4 which pertains to the separation payment to retirees, the separation payment will be made in cash.

  • Severance Pay 19.01 Under the following circumstances and subject to clause 19.02, an employee shall receive severance benefits calculated on the basis of his weekly rate of pay:

  • Separation Payments Following Executive’s separation from service with Company on or after his Vesting Date (as defined in Section 7), Company shall pay to Executive the sum of THIRTY-FOUR THOUSAND TWO HUNDRED SEVEN and 04/100 Dollars ($34,207.04) per month, beginning six months and one week after Executive’s date of separation for a period of ten (10) years, or until Executive’s death, whichever first occurs (the “Separation Payments”). Such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law. If Executive should die during the ten-year period during which payments are being made under this Paragraph 3, then those payments shall terminate and future payments, if any, shall be made to Executive’s designated beneficiary(ies) or Executive’s estate in accordance with the provisions of Paragraph 4 of this Agreement.

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