XXXXXX XXXX RETIREMENT PROGRAM Sample Clauses

XXXXXX XXXX RETIREMENT PROGRAM. A. Teachers must submit a letter of retirement to the Superintendent or his/her designee by March 1 to retire by the end of the school year or October 1 to retire at the end of first semester. The Superintendent may waive this requirement. B. Buy Out of Retirement Compensation 1. This section A applies only to teachers employed or on an approved leave in the 2002-2003 school year, and only to teachers who will be at least fifty-four (54) years old and will attain their earliest retirement date with unreduced benefits under INPRS on or before June 30, 2018. 2. The present value of each eligible teacher’s retirement compensation as of June 30, 2003 was calculated using assumptions set forth below based on (i) actual sick leave as of June 30, 2003 plus projected sick leave to earliest retirement date, and in no event more than 130 days; (ii) projected years of service with Carmel Clay Schools at earliest retirement date; (iii) earliest retirement will be after meeting all of the following: (a) completion of 15 or more years of INPRS service; (b) employment in a certificated position with Carmel Clay Schools for the complete 10 consecutive years preceding retirement; and (c) eligible for INPRS retirement, which is the earlier of at least age 65 plus at least 10 years of service, at least age 60 plus at least 15 years of service, or at least age 55 with age plus years of service equal to at least 85. This notwithstanding, a teacher whose buyout percentage for accumulated sick leave would have increased under the prior plan by June 30, 2004, did receive additional buyout funds to account for the higher percentage of accumulated sick leave, if the teacher was still employed by the Board as a teacher through the 2003-2004 school year. 3. The present value amount was deposited into a 401(a) plan account for the given teacher. Calculations to determine the present value amount assumed (a) that the sick leave days were bought out at the given teacher’s per diem rate at retirement reflective of 3% annual growth in salary; (b) that the account earned an annual rate of return of 7%; (c) that the value did not include the equivalent of the employer’s FICA contribution but did include the equivalent of the employee’s FICA contribution as each would have applied if the value were not paid into a tax deferred plan account; and (d) that the value did not include the equivalent of the employer’s and employee’s INPRS contributions as each would have applied if the value were n...
Sample 1Sample 2
AutoNDA by SimpleDocs
XXXXXX XXXX RETIREMENT PROGRAM 
Sample 1

Related to XXXXXX XXXX RETIREMENT PROGRAM

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Public Employees Retirement System “PERS”) Members.

  • Retirement System The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value shall computed using the interest rate used in the annual actuarial valuation and the mortality table used in the annual actuarial valuation with a 50% unisex blend.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • Orientation and In-Service Program The Hospital recognizes the need for a Hospital Orientation Program of such duration as it may deem appropriate taking into consideration the needs of the Hospital and the nurses involved.

  • 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.

  • Xxxx Individual Retirement Custodial Account The following constitutes an agreement establishing a Xxxx XXX (under Section 408A of the Internal Revenue Code) between the depositor and the Custodian.

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

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • 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.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!