Transition Year Benefit Sample Clauses

Transition Year Benefit. This benefit was referred to as the “93-93 Benefit” in prior contracts. Teachers retiring at the close of a school year may choose to work an additional year under the PERA-approved Transition Year plan, whereby such electing Teacher would retire at the end of a school year, and, while drawing PERA benefits, work the 184- day year for the subsequent school year in their current position for payment generally equivalent to the salary in effect during such Teacher's last year of regular employment. Teachers are limited to only one (1) school year of participation in the Transition Year plan. During the years covered by this Agreement, the Transition Year Benefit will be available to all Members not on Level II of the District's evaluation system at the time of retirement. Those retirees electing the Transition Year option will have five (5) days of paid sick leave during their Transition Year. For each sick day beyond five (5) but no more than ten (10), the retiree's pay will be reduced by the amount of the substitute pay for such day. For each sick day beyond ten (10) during the Transition Year, the retiree's pay will be reduced by the per diem pay for that retiree. Teachers working on an approved Transition Year Contract at the time of a tuition reimbursement deadline are not eligible for tuition reimbursement under Article 13 during the Transition Year, unless tuition reimbursement requests from non-Transition Year plan Teachers who have submitted tuition reimbursement requests by the deadlines identified in Section 13.4 are less than the funds made available by that section. If funds are remaining, tuition reimbursement requests from Transition Year Teachers will be paid up to the limit of remaining funds. If more than one (1) Transition Year Teacher requests reimbursement and the total exceeds available funds, the payments will be pro-rated.
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Related to Transition Year Benefit

  • Vacation Year The vacation year shall be April 1 to March 31, inclusive.

  • Basic Benefit Effective January 1, 2008, the basic life insurance benefit will be increased from $15,000 to $18,000 for employees. This shall be the default level of life insurance coverage, which shall be provided at no cost to the employee.

  • 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.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Lump Sum Compensation Lump sum computation refers to the method of payment under this Agreement for the professional services of the Consultant.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.

  • Basic Compensation (a) SALARY. Executive will be paid an annual base salary of $115,000.00, subject to adjustment as provided below (the "Salary"), which will be payable in equal periodic installments according to Employer's customary payroll practices, but no less frequently than monthly. The Salary will be reviewed by the Board of Directors not less frequently than annually, and shall be increased on each anniversary of the Effective Date during the term hereof by an amount equal to not less than ten percent (10%) of the prior year's base salary.

  • Extra Compensation 1. CTSO Advisors will be paid twenty-five ($25) per hour (capped at eight (8) hours per day) for non-discretionary CTSO activities (e.g., conferences, conventions, and competitions) involving students on days not scheduled as part of the regular school year calendar.

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