Terminal Pay Supplement Change Sample Clauses

Terminal Pay Supplement Change. A 401 (a) matching annuity program replaces the Terminal Pay Supplement plan beginning with the 2003-04 contract. The Terminal Pay Supplement plan is retained as Appendix G for future reference as needed to fulfill the provisions of this article. As used in this section, “matching annuity program” shall apply to any such program that satisfies the IRS definition of a qualifying 403(b) plan. Existing teachers’ terminal pay supplement amounts will be calculated on June 30, 2003, and will be paid upon retirement following the guidelines listed below. SB199 pension bonds will be sold to fund the old terminal pay supplement unfunded liability. The proceeds from the pension bonds will provide these teachers with a predetermined severance amount upon retirement. The teacher’s amount will be the accumulated number of unused sick days (maximum 160 days) at $50 per day on that date and the number of years experience at the end of the school year 2002-03 at $250 per year (maximum $7,500). Teachers must qualify under all terms of the Terminal Pay Supplement (Appendix G) to collect the severance pay upon retirement. The Section C Benefits Distribution paragraph 1 language is changed: The retirement severance pay amount will be a one-time payment upon retirement either as a cash settlement or a roll-over into an annuity program of the teacher’s choice. The sick day benefit will continue to accumulate as per Article VI, Leaves, Section G, Sick Leave, but the accumulated days above the amount frozen on June 30, 2003 will not have a severance pay value at retirement time. There will be a one-time buy-out option for teachers who had five or more years of service with the TCSC on June 30, 2003 for the $250 per year (maximum $7,500) of service at the discounted value. If the teacher elects this option, the corporation will transfer this amount into the teacher’s corporation annuity plan. Teachers will have until September 30, 2003 to select the buyout program.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs

Related to Terminal Pay Supplement Change

  • Amendment, change and supplement Any amendment, change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties.

  • Agreement Changes The Company reserves the right to change the terms of this Agreement and the Plan without your consent to the extent necessary or desirable to comply with the requirements of Code section 409A, the Treasury regulations and other guidance thereunder.

  • SUPPLEMENTAL ARRANGEMENTS The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub- Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund.

  • Individual Special Circumstance Arrangements Notwithstanding Article 2.02, the Home and the Union may agree in certain circumstances, to adjust the schedule of an individual full-time employee who normally works seventy five (75) hours bi-weekly, to enable an average bi-weekly work assignment of sixty (60) to seventy five (75) hours. (a) Such an arrangement shall be established by mutual agreement of the Home and the Union and the employee affected. The parties agree that the arrangement applies to an individual, not to a position. The parties will agree to the scheduling provisions that will apply to the employee including that no additional shifts will be scheduled for employees working Individual Special Circumstances Arrangements. (b) The parties shall determine the introduction of a special circumstance arrangement. Issues related to vacation, paid holidays and benefit coverage will be determined by the Home and the Union. The employee will retain full-time status, including but not limited to seniority and service. (c) Any party may discontinue the special circumstance arrangement with notice as determined within the agreement. In the event that the employee affected resigns, transfers, is laid off or terminated, the arrangement will be deemed to be discontinued immediately, unless the parties mutually agree otherwise. (d) It is understood and agreed that these arrangements are based on individual circumstances and each agreement is made on a without prejudice or precedent basis.

  • Supplemental Life Insurance In addition to the life insurance benefits provided by this agreement, employees may subscribe voluntarily and at their own expense for supplemental life insurance. Employees may subscribe for an amount not to exceed five hundred thousand dollars ($500,000), of which one hundred thousand ($100,000) is a guaranteed issue, provided the election is made within the required enrollment periods.

  • Single Collective Agreement a) Central terms and local terms shall together constitute a single collective agreement.

  • Agreement Structure This Agreement includes Part 1 - General Terms, Part 2 - Country-unique Terms (if any), the LI, and the XxX and is the complete agreement between Licensee and Lenovo regarding the use of the Program. It replaces any prior oral or written communications between Licensee and Lenovo concerning Licensee’s use of the Program. The terms of Part 2 may replace or modify those of Part 1. To the extent of any conflict, the LI prevails over both Parts.

  • Amendment, Supplement, Waiver, Etc The Company, the Guarantors and the Trustee (if a party thereto) may, without the consent of the Holders of any outstanding Notes, amend, waive or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing ambiguities, defects or inconsistencies, maintaining the qualification of the Indenture under the Trust Indenture Act of 1939, as amended, and making any change that does not materially and adversely affect the rights of any Holder. Other amendments and modifications of the Indenture or the Notes may be made by the Company, the Guarantors and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of the outstanding Notes, subject to certain exceptions requiring the consent of the Holders of the particular Notes to be affected.

  • Additional Arrangements The UVMP in Košice can offer to students, within its own accommodation capacities, an accommodation in its own facilities for the respective academic year. The accommodation fee and conditions of providing the accommodation are in full competence of the UVMP.

  • Master Feeder Structure If permitted by the 1940 Act, the Board of Trustees, by vote of a majority of the Trustees, and without a Shareholder vote, may cause the Trust or any one or more Series to convert to a master feeder structure (a structure in which a feeder fund invests all of its assets in a master fund, rather than making investments in securities directly) and thereby cause existing Series of the Trust to either become feeders in a master fund, or to become master funds in which other funds are feeders.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!