Supplemental Retirement Income Program Sample Clauses
The Supplemental Retirement Income Program clause establishes an additional retirement benefit plan for eligible employees, supplementing standard retirement provisions. Typically, this clause outlines the criteria for participation, the method of calculating supplemental benefits, and the process for disbursing payments upon retirement. Its core practical function is to enhance retirement security for employees by providing extra financial support beyond regular pension or retirement plans, thereby helping to attract and retain valuable personnel.
Supplemental Retirement Income Program. 17.5.1 Employees wishing to participate in this plan must be at least 55 years of age and have served for five years in the District. An employee must submit a written resignation which is accepted by the Board no later than March 1 of the year in which the unit member intends to retire, and the resignation must be effective no later than June 30 of the same year.
17.5.2 Under this plan, the employee will select an income protection program and notify the District of the program and the contribution arrangement. The District will contribute a total of $20,000 to this plan based on a schedule, not to exceed five years.
17.5.3 The District assumes no responsibility or liability for taxes or any other consequences, of the individual's participation in this retirement plan.
Supplemental Retirement Income Program. The City will pay two percent (2%) of the employee's regular annual salary for the first $32,400 in salary, into a Supplemental Retirement Income Program. SECTION 17: HIGHER CLASS PAY, TEMPORARY APPOINTMENTS, PROVISIONAL APPOINTMENTS
17.1 Acting Assignment
Supplemental Retirement Income Program. Effective December 25, 1988, the City will pay two percent (2%) of the employee's regular annual salary for the first $32,400 in salary, into a Supplemental Retirement Income Program. SECTION 17: HIGHER CLASS PAY, TEMPORARY APPOINTMENTS, PROVISIONAL APPOINTMENTS
17.1 Acting Assignment
(1) entire shift (either 8, 10 or 12.5 hours depending on the employee’s shift schedule), said employee shall be paid at the lowest step of the higher classification which provides at least a five (5) percent differential or the lowest step of the higher classification to which the employee is assigned, whichever is greater. To be eligible for a higher class assignment the employee must meet the minimum qualifications, as outlined in the class description, and perform the duties of the higher classification. In no case, however, will an employee acting in a higher classification be paid in excess of the top step of the salary range of the higher class. In no instance shall an acting assignment last for more than thirty (30) consecutive days; any assignment over thirty (30) consecutive days shall be deemed a provisional assignment.
Supplemental Retirement Income Program. In the event of a Covered Termination, Manager shall be entitled to receive a supplemental retirement benefit determined under the provisions of the Quaker Chemical Corporation Supplemental Retirement Income Program (the “SRIP”), regardless of whether Manager has otherwise satisfied the requirements for eligibility to participate in or to receive benefits under the SRIP. Such benefit, determined in the form of a single life annuity commencing at age 65, shall be based on service and compensation through the date of the Covered Termination. The following rules shall apply in determining Manager’s benefit under the SRIP:
(a) All reductions for applicable taxes shall be based on tax rates in effect on the payment commencement date.
(b) Manager’s projected Social Security benefits payable at age 65 shall be determined assuming that Manager continued employment to age 65 at the level of compensation in effect immediately prior to the Covered Termination.
(c) Manager’s projected benefits payable from the Company’s qualified pension plan at age 65 shall equal his actual accrued benefit under the Quaker Chemical Corporation Pension Plan or any successor thereto (including his Prior Plan Benefit and Cash Balance Benefit, as such terms are defined in such plan as currently in effect), in the form of a single life annuity commencing at age 65. Such benefit shall be paid to Manager in the form of a single life annuity commencing at Manager’s attainment of age 65 in the event a Change in Control occurs after December 31, 2005. Notwithstanding any provision of the SRIP to the contrary, in the event a Change in Control occurs in 2004 or 2005, such benefit shall be paid in a lump sum distribution within 60 days of Manager’s Covered Termination in an amount equal to the present value of the benefit payable in the form of a single life annuity commencing at age 65. Notwithstanding any provision of the SRIP to the contrary, such present value shall be determined using the discount rate set forth in Treas. Reg. §1.280G-1 Q/A-32 (or any successor thereto) and such other actuarial assumptions necessary for determining present value as set forth in the Quaker Chemical Corporation Pension Plan (or any successor thereto).
Supplemental Retirement Income Program. Effective December 25, 1988, the City will pay two percent (2%) of the employee's regular annual salary for the first $32,400 in salary, into a Supplemental Retirement Income Program. SECTION 17: HIGHER CLASS PAY, TEMPORARY APPOINTMENTS, PROVISIONAL APPOINTMENTS
17.1 Acting Assignment When an employee occupying a position in any of the classifications covered by this Memorandum of Understanding is specifically assigned by the Chief of Police or his or her authorized representative to temporarily serve in a higher classification for a minimum of one
(1) entire shift (either 8, 10 or 12.5 hours depending on the employee’s shift schedule), said employee shall be paid at the lowest step of the higher classification which provides at least a five (5) percent differential or the lowest step of the higher classification to which the employee is assigned, whichever is greater. To be eligible for a higher class assignment the employee must meet the minimum qualifications, as outlined in the class description, and perform the duties of the higher classification. In no case, however, will an employee acting in a higher classification be paid in excess of the top step of the salary range of the higher class. In no instance shall an acting assignment last for more than thirty (30) consecutive days; any assignment over thirty (30) consecutive days shall be deemed a provisional assignment.
Supplemental Retirement Income Program. In the event of a Covered Termination, Manager shall be entitled to receive a supplemental retirement benefit determined under the provisions of the Quaker Chemical Corporation Supplemental Retirement Income Program (the “SRIP”), regardless of whether Manager has otherwise satisfied the requirements for eligibility to participate in or to receive benefits under the SRIP. Such benefit shall be paid to Manager in the form of a single life annuity commencing as of the first day of the month following the Covered Termination, and shall be based on service and compensation through the date of the Covered Termination. The following rules shall apply in determining Manager’s benefit under the SRIP:
(a) All reductions for applicable taxes shall be based on tax rates in effect on the payment commencement date.
(b) Manager’s projected Social Security benefits payable at age 65 shall be determined assuming that Manager continued employment to age 65 at the level of compensation in effect immediately prior to the Covered Termination.
(c) Manager’s projected benefits payable from the Company’s qualified pension plan at age 65 shall equal his actual accrued benefit under the Quaker Chemical Corporation Pension Plan or any successor thereto (including his Prior Plan Benefit and Cash Balance Benefit, as such terms are defined in such plan as currently in effect), in the form of a single life annuity commencing at age 65.
(d) The amount of the benefit shall be reduced by 5/9% for each month by which the payment commencement date precedes Manager’s 65th birthday.