Common use of The Post-Retirement Payment Clause in Contracts

The Post-Retirement Payment. a) Subject to the qualifications and limitations set forth in Section A.1 above, the post-retirement payment shall be as set forth below: Years of Service 1 Year in Program (Retire End of 19‐20) 2 Years in Program 3 Years in Program 4 Years in Program 10 5,000 10,000 15,000 20,000 11 5,500 11,000 16,500 22,000 12 6,000 12,000 18,000 24,000 13 6,500 13,000 19,500 26,000 14 7,000 14,000 21,000 28,000 15 7,500 15,000 22,500 30,000 16 8,000 16,000 24,000 32,000 17 8,500 17,000 25,500 34,000 18 9,000 18,000 27,000 36,000 19 9,500 19,000 28,500 38,000 20 10,000 20,000 30,000 40,000 21 10,500 21,000 31,500 42,000 22 11,000 22,000 33,000 44,000 23 11,500 23,000 34,500 46,000 24 12,000 24,000 36,000 48,000 25+ 12,500 25,000 37,500 50,000 Formula Years of Service x Years in Program x $500 to max of $50,000