Transition Year Benefit Sample Clauses

Transition Year Benefit. This benefit was referred to as the “93-93 Benefit” in prior contracts and is currently referred to by XXXX as a 110 Contract; this is the PERA Transition Year while on a PERA Transition Contract. 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 185-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. (If the number of work days in the Transition Year differs from the number of work days in the Teacher’s last year of regular employment, then the Transition Year salary shall be adjusted by the Teacher’s per diem rate of pay.) 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 a Targeted Support Plan 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 Cost of a Substitute Contribution Rate. 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 Thirteen 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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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.
Transition Year Benefit. This benefit was referred to as the “93-93 Benefit” in prior contracts and is currently referred to by PERA as a 110 Contract; this is the PERA Transition Year while on a PERA Transition Contract. 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 187-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. (If the number of work days in the Transition Year differs from the number of work days in the Teacher’s last year of regular employment, then the Transition Year salary shall be adjusted by the Teacher’s per diem rate of pay.) Teachers are limited to only one (1) school year of participation in the Transition Year plan.

Related to Transition Year Benefit

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

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • 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.

  • Regular Benefits The Executive shall also be entitled to participate in any and all employee benefit plans, medical insurance plans, life insurance plans, disability income plans, retirement plans, bonus incentive plans and other benefit plans from time to time in effect for senior executives of the Employer. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Employer and (iii) the discretion of the Board of Directors of the Employer or any administrative or other committee provided for in or contemplated by such plan.

  • Limitation Year The Limitation Year is: (Choose (c) or (d)) [ x ] (c) The Plan Year. [ ] (d) The 12 consecutive month period ending every _____.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

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