Severance Pay Deferral Plan Sample Clauses

Severance Pay Deferral Plan. 1. Notwithstanding anything to the contrary in the Collective Bargaining Agreement between the Board and the WEA (the “Agreement”) or Board policy, in accordance with the terms of this Section and any related provisions of a plan document subsequently adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the “IRC”), certain retiring employees shall have their “Severance Pay” mandatorily paid into an annuity contact or custodial account that is designed to meet the tax- qualification requirements of IRC Section 403(b) (a “TSA”). Such payment shall be in lieu of the payment being made directly to the retired employee; and such payment shall eliminate all sick leave credit of the retired employee. For purposes of this Section, this arrangement is referred to as the 403(b) Plan. For the purposes of this Agreement, a retiring teacher’s “Severance Pay” is the teacher’s severance pay under Section 7.02 of the Collective Bargaining Agreement between the Board and the WEA (the “Agreement”) along with any payments under the Early Retirement Incentive Plan of 2005. Notwithstanding anything in this Agreement or Board policy to the contrary, the terms of the 403(b) Plan shall comply with the requirements of this Section 7.05. 2. Participation in the 403(b) Plan shall be mandatory for any teacher who meets all of the following requirements: a. The teacher is employed after April 30, 2005. b. The teacher retires and is thereby entitled to Severance Pay pursuant to the provisions of Section 7.02 and/or the Early Retirement Incentive Plan of 2005. c. The teacher’s last day of employment is in the calendar year in which he/she will attain age 55. 3. The terms of the 403(b) Plan shall include the following: a. If a retiring teacher is a participant in the 403(b) Plan, in lieu of the teacher receiving a cash payment of his or her Severance Pay and/or the ERIP of 2005, an employer contribution shall be made on his or her behalf under the 403(b) Plan, in an amount equal to his or her Severance Pay and/or the ERIP of 2005. b. If a retiring teacher is entitled to severance pay under Section 7.02 or a payment under the ERIP of 2005, but is not required to be a participant in the 403(b) Plan, the retiring teacher’s severance pay and any payment under the ERIP of 2005 shall be payable to the retiring teacher in cash. c. In the calendar year of retirement, or in any other calendar year, the total amount of severance pay that may be paid ...
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Severance Pay Deferral Plan. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Agreement, and any related provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the "IRC") Covered Employees (as defined below) shall have their "Severance Pay" (as defined below) mandatorily paid into an annuity contract or custodial account that is designed to meet the tax-qualification requirements of IRC Section 403(b} (a "TSA"). This arrangement shall be referred to herein as the "403(b} Plan". The terms of the 403(b) Plan shall include the following: a. Participation in the 403(b) Plan shall be mandatory for all Covered Employees. A Covered Employee is any member who meets both of the following requirements: i. The member is entitled to severance pay under Article XX(B)(1) or Article XX(B)(2), and ii. The member's last day of employment is after the calendar year the member attains age 54. b. For purposes of the 403(b) Plan, the term "Severance Pay" shall include severance pay that is a cash payment made in accordance with Article XX(B)(1) or Article XX(B)(2). c. If a retiring member is a participant in the 403(b) Plan, an employer contribution shall be made on his/her behalf under the 403(b) Plan in an amount equal to the lesser of: i. The total amount of the Participant's Severance Pay, or ii. The maximum contribution amount allowable under the terms of the 403(b) Plan. d. The required contribution to the 403(b)Plan - shall be made at the time or times specified in Article XX(B)(I) or Article XX(B)(2) for the payment of the retired teacher's severance pay. e. To the extent that a member's severance pay exceeds the maximum amount allowable under the 403(b) Plan for the calendar year in which the payment occurs, the excess amount shall be paid in cash to the retiring teacher. f. A Covered Employee under the 403(b) Plan may designate any TSA that has been approved by the Board to do business in the School District. A Covered Employee under the 403(b) Plan shall complete the TSA enrollment forms or other enrollment forms required to establish the TSA; and unless and until a teacher does so, no contribution of Severance Pay shall be made to the 403(b) Plan on behalf of the Covered Employee. A successor company or companies may be selected at any time by mutual agreement of the Board and the Association. g. If a member is entitled to have a contribution paid to the 4...
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Severance Pay Deferral Plan. A. Notwithstanding anything in district policies to the contrary, in accordance with this labor contract and any related provisions of a plan document adopted by the District to comply with the requirements of Internal Revenue Code ("IRC") Section 403(b), retiring employees shall have their severance pay mandatorily paid into an annuity contact or custodial account that is designated to meet the tax-qualifications requirements of IRC Section 403(b) ("Tax Sheltered Annuity" [TSA)), hereinafter referred to as the "403(b)
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Severance Pay Deferral Plan. No further contributions shall be made to the Lakewood City School District 401(a) Severance Pay Deferral Plan for Bargaining Employees (the “401(a) Plan”) that has previously been adopted by the Board using the “Bencor National Government Employees Retirement Plan.” The Board may terminate the 401(a) Plan. Lakewood City School District 403(b) Severance Pay Deferral Plan for Bargaining Employees (the “Bargaining 403(b) Plan”): Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall amend the Lakewood City School District 403(b) Severance Pay Deferral Plan for Bargaining Employees (the “403(b) Plan”) that has previously been adopted using the “Bencor Tax Deferred 403(b) Annuity Plan for Government Employees” to have plan terms that comply with the requirements of the following portions of this Section 6.12. A. Participation in the 403(b) Plan shall be mandatory for any employee who: 1. is entitled to severance pay under this Section and/or vacation pay under Section 7.1 and 2. retires in or after the calendar year in which the employee is or will be age 55. B. If an employee is a participant in the 403(b) Plan, in lieu of the employee receiving a cash payment of severance pay under this Section and/or accumulated vacation pay under Section 7.1, an employer contribution shall be made on his or her behalf under the 403(b) Plan in an amount equal to the lesser of: 1. The total amount of the Participant’s severance pay and vacation pay that is payable to the retiring employee, or 2. The maximum contribution amount allowable under the terms of the 403(b) Plan. C. The required contribution to the 403(b) Plan shall be made within the timeframe described in this Section regarding the payment of severance pay and shall be made within the timeframe described in Section 7.1 regarding the payment of vacation pay. D. To the extent that an employee’s severance pay and/or any vacation pay exceeds the maximum amount allowable under the 403(b) Plan, the excess amount shall be paid in to the 403(b) Plan in subsequent calendar years. E. An employee who is a participant in the 403(b) Plan shall complete a 403(b) Plan sponsor enrollment package prior to retirement; and unless and until an employee does so, no contribution of severance pay and/or vacation pay shall be made to the 403(b) Plan on behalf of the employee. F. If an employee is entitled to have a contribution paid to the 403(b) Plan and dies prior to such contribution being paid to ...
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Related to Severance Pay Deferral Plan

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • 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.

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • 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:

  • Severance Pay Notwithstanding the provisions of Article 62 (Severance Pay) of this Agreement, where the period of continuous employment in respect of which severance benefit is to be paid consists of both full and part-time employment or varying levels of part-time employment, the benefit shall be calculated as follows: the period of continuous employment eligible for severance pay shall be established and the part-time portions shall be consolidated to equivalent full-time. The equivalent full-time period in years shall be multiplied by the full-time weekly pay rate for the appropriate group and level to produce the severance pay benefit.

  • Plan Benefits Each year, prior to the annual enrollment period, EMPLOYEES will receive Enrollment information that will outline the benefits offered next calendar year. Information relative to specific health insurance benefits and limitations will be updated regularly and contained in the SPD. In the event there is a conflict between the provisions of the collective bargaining agreement and the SPD, the District's SPD shall control.

  • Separation Benefits If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. For the avoidance of doubt, Employee shall not be entitled to the Separation Benefits if this Agreement is terminated (i) due to Employee’s death; (ii) by the Company due to Employee’s Inability to Perform; (iii) by the Company for Cause; (iv) by Employee without Good Reason; or (v) by non-renewal by Employee in accordance with Sections 4(b) and 6(f).

  • Severance Benefit (a) If the employment of the Employee with the Company is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his or her employment with the Company for Good Reason (as defined below), the Company shall pay the Employee, from the date of termination, in addition to any payments to which the Employee is entitled under the Company’s severance pay plan, twelve (12) months of base salary at the Employee’s annual base salary level in effect at the time of such termination or immediately prior to the salary reduction that serves as the basis for termination for Good Reason. Employee will also be entitled to payment of an amount of cash equal to $20,000. The aggregate base salary and other cash amount payable shall be paid by the Company to the Employee in one lump sum on the first day following the six (6) month anniversary of the date of the Employee’s termination. For purposes of this Agreement, the term “termination” when used in the context of a condition to, or timing of, payment hereunder shall be interpreted to mean a “separation from service” as that term is used in Section 409A of the Code. (b) Employee will also be entitled to twelve (12) months of health benefits continuation if terminated under circumstances described in subpart (a) above. To the extent any such benefits cannot be provided to the Employee on a non-taxable basis and the provision thereof would cause any part of the benefits to be subject to additional taxes and interest under Section 409A of the Code, then the provision of such benefits shall be deferred to the earliest date upon which such benefits can be provided without being subject to such additional taxes and interest. (c) Solely for purposes of this Agreement, “Cause” shall include: i. the conviction of a felony, a crime of moral turpitude or fraud or having committed fraud, misappropriation or embezzlement in connection with the performance of his duties hereunder, ii. willful and repeated failures to substantially perform his assigned duties; or iii. a violation of any provision of this Agreement or express significant policies of the Company. (d) Solely for purposes of this Agreement, termination for “Good Reason” shall mean termination of employment by the Employee within ninety (90) days after:

  • 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.

  • Nonqualified Deferred Compensation (a) It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance. (b) Neither Company nor Executive shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any manner which would not be in compliance with Section 409A of the Code (including any transition or grandfather rules thereunder). (c) Because Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, any payments to be made or benefits to be delivered in connection with Executive’s “Separation from Service” (as determined for purposes of Section 409A of the Code) that constitute deferred compensation subject to Section 409A of the Code shall not be made until the earlier of (i) Executive’s death or (ii) six months after Executive’s Separation from Service (the “409A Deferral Period”) as required by Section 409A of the Code. Payments otherwise due to be made in installments or periodically during the 409A Deferral Period (“Delayed Payments”) shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payment shall be made as otherwise scheduled. Any such benefits subject to the rule may be provided under the 409A Deferral Period at Executive’s expense, with Executive having a right to reimbursement from Company once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. Any Delayed Payments shall bear interest at the United States 5-year Treasury Rate plus 2%, which accumulated interest shall be paid to Executive as soon as the 409A Deferral Period ends. (d) For purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. (e) Notwithstanding any other provision of this Agreement, neither Company nor its subsidiaries or affiliates shall be liable to Executive if any payment or benefit which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Section 409A of the Code otherwise fails to comply with, or be exempt from, the requirements of Section 409A of the Code.

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