Longevity Payment definition

Longevity Payment means an amount equal to fifteen thousand dollars ($15,000) for each anniversary of the Executive’s commencement of employment with the Company on November 1, 2004 up to a maximum of 100% of Executive’s Base Compensation as in effect immediately before any notice of termination or as in effect immediately before any material reduction in the Executive’s Base Compensation.
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Longevity Payment. Each bargaining unit employee will receive a longevity payment the first payroll in September as provided below if the employee has worked at least five (5) years as of 7/01/17 and provided that the employee reports for work on his/her first scheduled work day of each school year.
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Examples of Longevity Payment in a sentence

  • Additionally, all full-time employees regularly scheduled to work thirty (30) hours or more per week are provided with accidental death and dismemberment insurance and life insurance benefits in accordance with the terms of the employer’s group life insurance plan after completing the 90 day eligibility period.

  • All officers shall receive longevity pay on or before December 20 of each payment year in accordance with the following schedule: Years of continuous City service as Longevity Payment 9 – 13 years 1,716 1,790 2,099 14 – 18 years 2,574 2,685 3,149 19 or over 3,431 3,580 4,197 Note: Officers promoting into the bargaining unit on or after 7/1/01 who were not entitled to longevity prior to promotion will not be eligible for longevity payments under this collective bargaining agreement.

  • An annual Longevity Payment based on length of service will be paid to current, full-time, eligible employees during the month of October.

  • If a teacher was already receiving a longevity payment in accordance with the ▇▇ - ▇▇+20 Longevity Payment Schedule during the 1989-90 school year, then he/she will continue to receive his/her longevity payment and such payment will be frozen at the longevity payment amount received in the 1989-90 school year.

  • Those employees who retire before June 30 and meet all the qualifications for a Longevity Payment, shall receive a pro-rated amount.

  • Employees otherwise eligible to receive a Longevity Payment who, on the eligibility date, are on an authorized leave of absence without pay shall, if they return to active payroll status within one year of the eligibility date, be eligible for such payment in full if in full­time status immediately prior to such leave or shall be eligible for a pro rata share of such payment if in part­time status immediately prior to such leave.

  • An Annual Longevity Payment, divided evenly across pay periods, will be added to an employee’s annual salary starting after completion of years of service based on the schedule below (i.e. 12 month employee).

  • The Longevity Payment shall not be added to basic annual salary but shall be pensionable.

  • A teacher with a MA, MA+15, MA+30, or MA+45 degree must have been working for the Waverly School District during the 1991-92 school year in order to be eligible to receive longevity payments as provided for in the Longevity Payment Schedule.

  • XX.1 All full-time employees who have completed five years of full-time service with the Board shall be eligible for longevity payment, as set forth in the schedule below: Effective 2/1/10 Upon completion of Effective 2/1/11 Longevity Payment 5 years $337.75 $325.92 6 years $371.52 $358.