VOLUNTARY SEPARATION PLAN Sample Clauses

VOLUNTARY SEPARATION PLAN. A. All Certified Staff covered by this Master Agreement who are at least forty-six (46) years of age and who have worked as a Certified Staff in the District for at least fifteen (15) years will be eligible to participate in a voluntary separation benefit plan. Age and benefit shall be calculated as of July 1, 2018 and age 55 shall be reached in the school year prior to separation. The Voluntary Separation Plan will cease to exist beyond fiscal year 2018-19. The Board will retain the power to grant the Certified Staff separation mid-year if all appropriate conditions have been met. Those who are employed less than full-time may participate in the plan on a pro-rata basis. If a Certified Staff is hired for a partial year which would include a minimum of one full semester (consecutive days) they would qualify for a ½ year credited towards their voluntary separation plan. B. Only two (2) eligible Certified Staff may terminate their employment under this plan in any fiscal year at the full benefit. If more than two (2) eligible Certified Staff apply, the Board shall select the applicants for separation based on the following criteria: 1. Total years of Certified Staff service. (In the case of a tie(s), the Board will move to #2, and then #3 respectively). 2. Years of service to the District 3. First to reach age 55 The Board may waive this two (2) person limit and allow more Certified Staff to separate in a year. Prior to the March 1st deadline for application submission, the Business Manager and the superintendent will meet with the Association to discuss the number of Certified Staff who will be allowed to separate that fiscal year. Should a Certified Staff be denied voluntary separation because of the number of people requesting separation benefits in any one year that Certified Staff would receive first preference the following year with no decrease in the benefits from the day the application was originally made. C. Applications for participation in the plan must be submitted to the Board prior to March 1 of the fiscal year in which the Certified Staff wishes to terminate employment. Approval by the Board of the Certified Staff’s application will constitute a voluntary resignation and will result in the termination of employment in the District at the end of the current contract. Acceptance will also constitute a termination of the Certified Staff’s continuing contract status. The Board will notify applicants of its decision within 30 days of the March 1 ...
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VOLUNTARY SEPARATION PLAN. An employee who elects to accept voluntary separation shall receive as termination allowance three (3) weeks of base pay per year of Accredited service to a maximum of 26 weeks to be paid in a lump sum at termination. Such employee will be entitled to six (6) months of Company paid COBRA for medical and dental coverage. Employees who elect voluntary separation shall have no recall rights. 12.02.1.1 If the employee who accepts the Voluntary Separation Plan is not in the primary job function and reporting center where the surplus was identified as outlined in
Sample 1
VOLUNTARY SEPARATION PLAN. 10.1 Employees, upon written application and support of the Superintendent of Schools, may participate in a voluntary separation program. Beginning on July 1, 2012, this program will no longer be available to employees hired after July 1, 2012. The Voluntary Separation Plan will be phased out of Xxxxxx School District with a 10-year plan beginning Contract Year 2017-18 and ending contract year 2026-27. Any employee currently employed and eligible for the program will remain eligible for the voluntary separation plan under the new conditions. A. The total amount of voluntary separation benefits paid in any one fiscal year shall not exceed three (3) eligible employees unless the Board of Education, by official action approves more than three (3). B. The employee with the most years of experience in the Xxxxxx School District shall receive first consideration for voluntary separation benefits in the event that applications exceed the three (3) eligible employees.
Sample 1
VOLUNTARY SEPARATION PLAN. An employee who elects to accept voluntary separation shall receive as termination allowance three
Sample 1
VOLUNTARY SEPARATION PLAN. In the 2006 first quarter, Embarq announced a voluntary separation plan to certain employees in order to meet financial targets. The voluntary separations were not sufficient to reach the targets; therefore, involuntary separations occurred. The charges associated with these reductions were approximately $30 million.
Sample 1
VOLUNTARY SEPARATION PLAN. 1. Eligibility for Voluntary Separation: Any certified staff member who has reached the age of fifty (50) prior to the first day of school term the voluntary separation takes effect and in which the eligible employee has not reached age sixty-three (63) prior to the first day of the school term the voluntary separation takes effect, may elect voluntary separation provided they have at least fifteen (15) years of full-time service with the Xxxxxx-Xxxxxx School District #11-5 or any other district organized into the Xxxxxx-Xxxxxx School District #11-5. This voluntary separation plan shall not apply to any employee hired after the conclusion of the 2013-2014 school year. 2. Options, Obligations, and Opportunities for Voluntary Separation: a. Voluntary separation as used herein, shall mean the voluntary severance of active employment with the Xxxxxx-Xxxxxx School District #11-5. b. Application for early retirement must be made in writing to the superintendent by the first Monday in March of the year in which retirement is to take effect. Retirement shall take effect the fall term following application. c. The employee shall determine whether the cash payment shall be payable as 1) one-third of the amount to be received July 1 following retirement and one-third of the amount on each subsequent July 1 until paid in full, or 2) whether the amount available will be used to pay for the dental and health insurance premiums as fringe benefit until the available amount is exhausted. After the retirement fringe benefit amount is exhausted, the retiree may continue under the insurance as in section f. below at their expense. If the retiree wishes to discontinue the fringe benefit payments for health & dental insurance premiums, they may inform the district in writing 30 days in advance of the change. The retiree must select option 1) and the remaining amount will be distributed as indicated by the option 1). d. Should the employee, who elects to receive the benefits contained herein, die before receiving such benefits, the school district shall continue payment of the undistributed benefits to the deceased employee's estate. The payments shall continue for the same amount of time as they would have had the employee lived throughout the benefit period. e. The payment formula for voluntary separation payment is calculated by using 3% of the employees current salary and the employee’s extra duty pay during the current year, or the employee’s average annual total salary (de...
Sample 1

Related to VOLUNTARY SEPARATION PLAN

  • Termination of 401(k) Plan At Parent’s written request, delivered no later than fifteen (15) days prior to the Closing, the Company shall terminate the Furmanite Corporation 401(k) Savings and Investment Plan (the “Company 401(k) Plan”) effective immediately prior to the Closing Date and contingent upon the occurrence of the Closing, and upon such termination, shall cease all further contributions to the Company 401(k) Plan for pay periods beginning on and after the Closing Date and, to the extent the Company 401(k) Plan provides for loans to participants, and upon such termination, shall cease making any such additional loans effective immediately prior to the Closing Date. If Parent does not instruct the Company to terminate the Company 401(k) Plan, nothing herein shall be deemed to prevent the Surviving Corporation or Parent from terminating the Company 401(k) Plan following the Closing in accordance with applicable Law. In the event that Parent instructs the Company to terminate the Company 401(k) Plan, (a) prior to the Closing Date and thereafter (as applicable), the Company and Parent shall take any and all action as may be required, including amendments to the Company 401(k) Plan and/or the corresponding 401(k) plan sponsored or maintained by Parent or one of its Subsidiaries (the “Parent 401(k) Plan”) to comply with applicable Law, (b) subject to the receipt of a favorable IRS determination letter with respect to the termination of the Company 401(k) Plan, to permit each employee of the Company and its Subsidiaries who continues to be employed by Parent or its Subsidiaries (including, for the avoidance of doubt the Surviving Corporation and its Subsidiaries) immediately following the Effective Time (each, a “Continuing Employee”) to make rollover contributions of “eligible rollover distributions” (within the meaning of Section 401(a)(31) of the Code, including of loans) in cash or notes (in the case of loans) in an amount equal to the eligible rollover distribution portion of the account balance distributable to such Continuing Employee from the Company 401(k) Plan to the corresponding Parent 401(k) Plan, and (c) upon any termination of the Company 401(k) Plan in accordance with this Section 6.03, the Continuing Employees shall be eligible to participate, effective as of the Effective Time, in the Parent 401(k) Plan.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Voluntary Employee Contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b). (ii) An employee may adjust the amount the employee has authorised their employer to pay from the wages of the employee from the first of the month following the giving of three months’ written notice to their employer. (iii) The employer must pay the amount authorised under Clauses 24(d)(i) or 24(d)(ii) no later than 28 days after the end of the month in which the deduction authorised under Clauses 24(d)(i) or 24(d)(ii) was made.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

  • Alternative Employment An employer, in a particular redundancy case, may make application to the Commission to have the general severance pay prescription varied if the employer obtains acceptable alternative employment for an employee.

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