Retirement Bonus definition

Retirement Bonus means an amount equal to the portion of Executive’s unvested account balance in the EXCO Resources, Inc. 401(k) Plan (or any successor plan thereto) that is forfeited upon Executive’s Separation from Service.
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Retirement Bonus. = employee’s BPR salary cell x 25%
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Examples of Retirement Bonus in a sentence

  • Eligible employees electing this option will be designated by their seniority for a Special Retirement Bonus.

  • All PERA Retirees not covered by the Retirement Bonus Program may work in a position subject to membership up to 110 days or 720 hours per calendar year for one additional year (Refer to the Post Retirement Re-employment Option available through the District Personnel Office.

  • Employees who retire under the Kent County Retirement Plan (other than a deferred retirement) will receive pension service credit for all hours in their Retirement Bonus Bank at the time of retirement.

  • Sick days accumulated less than eighty-five (85) days are not part of the Retirement Bonus.

  • An hourly rated or nonexempt salaried employee who is age sixty (60) or older with fifteen (15) or more years of continuous service and is assigned to a job classification which the Company has announced is expected to be directly adversely affected by a transfer of work, the discontinuance of a discrete, unreplaced product line, the introduction of a robot, or the introduction of an automated manufacturing or office machine may elect to be considered for termination with a Special Retirement Bonus.

  • The Retirement Bonus shall be paid within thirty (30) days following the employee’s retirement.

  • The Retirement Bonus shall be paid as such and shall not become part of the employee’s salary for retirement purposes.

  • The Severance Payment, the Retirement Bonus, and the COBRA Payments are unfunded and will be paid exclusively from the general assets of EXCO, and no person entitled to payment under this Agreement will have any claim, right, priority, security interest, or other interest in any fund, trust, account, or other asset of EXCO that may be looked to for such payment.

  • A termination under this option will be effective and the Special Retirement Bonus will be paid when a job in the particular job classification to which the eligible employee is assigned is directly eliminated by the previously announced transfer of work, the discontinuance of a discrete, unreplaced product line, introduction of a robot, or introduction of an automated manufacturing machine, which directly results in a net reduction in the total number of employees working in that same job classification.

  • Hours in the Retirement Bonus Bank have no cash value and can only be used for pension service credit.