SEVERANCE PAY PLAN. The Company shall provide severance pay benefits as follows: SEPARATION PAYMENT TABLE Years of Seniority Last Day on the Active Employment Rolls Number of Hours' Pay 1 but less than 2 60 2 but less than 3 80 3 but less than 4 110 4 but less than 5 145 5 but less than 6 180 6 but less than 7 220 7 but less than 8 265 8 but less than 9 310 9 but less than 10 360 10 but less than 11 410 11 but less than 12 465 12 but less than 13 520 13 but less than 14 580 14 but less than 15 640 15 but less than 16 710 16 but less than 17 780 An additional 70 hours of pay will be paid for each additional year of service. Once that amount is calculated, an additional ten (10) hours will be added to the total hours. The following shall govern payment of severance pay: If the government institutes a plan that will cause the Company to go out of business, the Company goes out of business, except, however if the Company is sold or is taken over as a going concern, only those employees whose employment is terminated will be entitled to severance pay. Anyone who claims severance under the above terms shall have no further claim against the Company or any right of recall under the provisions of the Collective Agreement. Moreover, the employee will receive the severance outlined in the above table or that required pursuant to the Employment Standards Act.
SEVERANCE PAY PLAN. This Agreement contains provisions greater than those offered by The FINOVA Group Inc. Severance Pay Plan for Senior Executives (the "Plan"), in which the Company participates. To the extent the provisions of this Agreement differ from the Plan, the terms of this Agreement shall control. The remaining terms of the Plan are hereby incorporated by reference. A copy of the Plan as currently in effect has been furnished to Employee.
SEVERANCE PAY PLAN. If an employee notifies the Human Resource Department three (3) months in advance of the date of retirement and requests severance pay and if the employee meets the eligibility requirements set forth in 13.1 above, he or she will be granted a contribution to the District 403(b) Tax-Deferred Retirement Plan for Sheltering Severance Pay and Vacation Pay in an amount equal to $100 pay for every seven and one half (7.5) hours of accrued, unused sick leave, to a maximum of $18,500.
SEVERANCE PAY PLAN. Subd. 1. Severance Pay. All payments made under this subdivision shall be made to the District 403(b) Tax-Deferred Retirement Plan for Sheltering Severance Pay and Vacation Pay, hereinafter referred to as the “Severance Plan.”
SEVERANCE PAY PLAN a) In the event that an Employee's employment is terminated due to the permanent closure of the plant at Walkerville/Windsor, they shall receive from the Company 2 weeks regular non-overtime pay per year of seniority up to a maximum of 52 weeks of pay.
SEVERANCE PAY PLAN. During the Term of this Agreement, the Executive shall not participate in or have any rights under either the Ameritech Senior Management Severance Pay Plan or the Ameritech Management Employees Severance Pay Plan.
SEVERANCE PAY PLAN. 16.1 For the purpose of determining eligibility for retirement, employees who are M.E.R.F. members will qualify for retirement with twenty-nine (29) years and one (1) day of service with the district. As of July 1, 2001 all employees that are currently members of the bargaining unit that have accrued ten years or more of continuous service with the employer, shall receive severance pay upon any separation, except for discharge for cause. In the event an employee dies, accumulated and unused sick leave will be paid at the current rate of pay to the beneficiary named by the employee for basic life insurance benefits. Employees with less than ten years of continuous service with the employer shall receive severance pay upon mandatory retirement or retirement at social security eligibility, death, or layoff. Severance pay shall be equal to 100% of the employee's accumulated, but unused, sick leave balance (which balance shall not exceed 900 hours). As of April 1, 2008 employees who were members of the bargaining group as of July 1, 2001 shall have a payment deposited into an account with the Minnesota State Retirement System’s Post-Retirement Health Care Savings Plan that equates to 100% of their unused sick leave (which balance shall not exceed 900 hours) balance. Implementation is subject to IRS rules and regulations. For those employees who became members of the bargaining unit after July 1, 2001 Severance pay shall be calculated at 50% of the employee’s accumulated, but unused sick leave balance (which shall not exceed 900 hours). As of April 1, 2008 employees who were members of the bargaining group after July 1, 2001 shall have a payment deposited into an account with the Minnesota State Retirement System’s Post-Retirement Health Care Savings Plan that equates to 50% of their unused sick leave (which balance shall not exceed 900 hours) balance. Implementation is subject to IRS rules and regulations. All employees hired effective July 1, 2008 and thereafter shall only be eligible for the Career Transition Trust.
SEVERANCE PAY PLAN. 21.1 Effective July 1, 2003, the District waives the three hundred (300) hour sick leave accrual minimum eligibility requirement
SEVERANCE PAY PLAN. Until the first anniversary of the Effective Date, Company shall provide Affected Business Employees severance benefits pursuant to a severance plan, program or policy not less favorable to such employees than that maintained by FDC immediately before the Effective Date.
SEVERANCE PAY PLAN. (1) In the event that an Employee's employment is terminated due to the permanent closure of the plant at Amherstburg, he/she will receive from the Employer two (2) week's regular non- overtime pay per year of seniority, up to a maximum of fifty-two (52) weeks of pay.
