TWELVE MONTH SALARY PAYOUT Sample Clauses

TWELVE MONTH SALARY PAYOUT. ‌ Beginning July 1, 2012, and subject to the exceptions provided herein, base salary earned by all faculty unit members serving on full-time appointments will be scheduled for payout over twelve months irrespective of the length of the base appointment. Voluntary deductions from base salary, payroll taxes, retirement system contributions and employee benefit payments will be prorated over the full twelve month period. Salary payments to faculty unit members serving on less than nine-month full-time contracts will be prorated over the stated term of the appointment. The payment of base salary over a twelve month period does not change the period when unit members are under active contract for service, nor does it permit the assignment of additional duties outside the dates of the base appointment, except as otherwise provided in this agreement. Payments for additional service, e.g., overload or summer session contracts or research grant summer stipends, will be paid as earned, and required payroll taxes and retirement system contributions based on the additional salary will be withheld from such payments. Unit members who will satisfy the rule of 85 or who otherwise will be or will become eligible for retirement between July 1, 2012 and June 30, 2015, may elect to continue to receive salary payments as earned during that time period, subject to proration of elected benefit premium payments. To exercise this election, such unit members must provide the institutional chief academic officer and the institutional human resources director written notice no later than May 1, 2012, that they will continue to receive salary as earned. If a unit member who makes the election provided under this paragraph accepts a full-time appointment for a term beginning on or after July 1, 2015, payments under the new appointment will be paid out over twelve months. If a unit member who is eligible to make the election provided in this paragraph fails to do so on or before May 1, 2012, the right to make the election shall terminate and the unit member’s salary will be paid out over twelve months. Eligible unit members who initially elect to continue to receive base salary as earned, may rescind their election on or before July 1, 2013 or July 1, 2014.
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Related to TWELVE MONTH SALARY PAYOUT

  • Salary Payments For payroll purposes, the work week shall be defined as Monday through Sunday. In any school year, the dollar amounts on the first and last paychecks of the year may vary.

  • Salary Payment In consideration of Executive’s timely execution and non-revocation of the Release by the Release Deadline Date, the Company shall pay Executive a severance payment equal to Executive’s Monthly Base Salary multiplied by the number of months in the Covered Termination Severance Period, less applicable withholdings. The severance payment shall be payable (except as set forth in Article 5) in a lump sum on the first regularly-scheduled payroll date occurring on or after the Release Deadline Date.

  • Monthly Salary The words “monthly salary” when used in this Agreement shall mean: (Bi-weekly pay at regular rate of pay times 26.1) divided by 12 = monthly salary

  • Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.

  • Annual Base Salary During the Term, the Executive shall receive a base salary at an initial rate of $550,000 per annum, which shall be paid in accordance with the customary payroll practices of the Company, subject to review annually for possible increase, but not decrease, in the Board’s discretion (the “Annual Base Salary”).

  • Starting Salary All bargaining-unit positions will be hired at a starting salary commensurate with their experience. It is expected that those salaries will typically be within 20% of employees within that unit at a similar rank and/or experience level. In exceptional cases, bargaining-unit positions may be hired at a salary above that range contingent on extraordinary experience and extramural funding.

  • Base Compensation a. The Company and the Bank agree to pay Executive during the term of this Agreement a base salary at the rate of $ per year, payable in accordance with customary payroll practices.

  • Current Salary Level An employee who accepts another position with his or her current salary range will retain his or her current salary.

  • Benefit Waiting Period Allowance (a) An employee who qualifies for and takes leave pursuant to 21.1 or 21.2 and is required by Employment Insurance to serve a one-week waiting period for Employment Insurance Maternity/Parental benefits, shall be paid a leave allowance equivalent to one week at 85% of the employee's basic pay.

  • DEDUCTIONS FROM SALARY A. The Board agrees to deduct from teachers’ salaries membership dues and assessments for the Xxxxxx County Education Association, the Maryland State Teachers’ Association, and the National Education Association as said teachers individually and voluntarily authorize to deduct through an appropriate written authorization form prepared by the Association. The Board agrees to transmit such monies promptly to the Association.

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