Severance/Retirement Compensation Sample Clauses

Severance/Retirement Compensation. 3. Teachers who qualify may opt to choose one of the following retirement plans. Qualifying teachers can choose only one plan. The combined limit of the number of eligible teachers who may opt for one of these plans in a single year shall be five (5). The School Board may, at its discretion, approve additional applications for the plan. In order to receive either of these benefits at retirement or upon resigning from the district, qualifying teachers must apply in writing between July 1 and December 1 of the year prior to the year of retirement to allow budgeting of monies. For example: To retire June 30, 2019, the letter must be submitted between July 1, 2017 and December 1, 2017. Failure to do so may result in having to wait one fiscal year for payment.
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Severance/Retirement Compensation. 3. Teachers who qualify may opt to choose one of the following retirement plans. Qualifying Teachers can choose only one plan. The combined limit of the number of eligible Teachers who may opt for one of these plans in a single year shall be five (5). The School Board may, at its discretion, approve additional applications for the plan. In order to receive either of these benefits at retirement or upon resigning from the bargaining unit , qualifying Teachers must apply in writing between July 1 and December 1 of the year prior to the year of retirement to allow budgeting of monies. The School Board may approve, at its discretion, exceptions to this notification deadline for unforeseen circumstances. For example: To retire June 30, 2019, the letter must be submitted between July 1, 2017 and December 1, 2017. Failure to do so may result in having to wait one fiscal year for payment.
Sample 1
Severance/Retirement Compensation. 24.01 The Nalcor Energy Policy on Termination Remuneration will apply to permanent employees covered by this Bargaining Unit and will be no less beneficial than the policy that exists on April 1, 2014. Permanent employees who had periods of temporary or term employment prior to moving into a permanent position will be credited with years of worked service. The calculation of years of worked service to be credited to the employee will be based on the number of actual hours worked after 1988 (as evidenced on payroll register) divided by either 1950 or 2080 hours as dictated by their regular annual hours of work in that classification. Employees must apply for service credits where this time exists.
Sample 1

Related to Severance/Retirement Compensation

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.

  • Retirement Severance (a) Upon qualification for benefits in accordance with the rules and regulations of the Michigan Public School Employees Retirement System the retiring bus driver shall be paid for all unused sick leave days at a rate that is 50% of the current rate based on the current bid route time. The retiree after 10 or more consecutive years of service will receive 75% of the above amount. Bus monitors who meet the MPSERS qualification shall be paid for all unused equivalent sick leave days at a rate of $15 per day. This will not apply to discharged employees.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌

  • Vacation Pay on Retirement Termination is as follows:

  • Callout Compensation A regular employee who is called back to work outside their regular working hours shall be compensated for a minimum of three hours at overtime rates. They shall be compensated from the time they leave their home to report for duty until the time they arrive back upon proceeding directly to and from work.

  • ' 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.

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