Retirement Compensation definition

Retirement Compensation means the average ‘voluntary retirement scheme’ (“VRS”) cost for all the General Employees other than those General Employees who have accepted offers of employment made by the JVC under the provisions of Article 6 hereof, as per the latest VRS of the AAI, if any, or, in the absence of an AAI specific VRS, the highest VRS as applicable for the then available profitable schedule A public sector undertakings.‌
View Source
Retirement Compensation means the average „voluntary retirement scheme‟ (“VRS”) cost for all the General Employees other than those General Employees who have accepted offers of employment made by the JVC under the provisions of Article 6 hereof, as per the latest VRS of the AAI, if any, or, in the absence of an AAI specific VRS, the highest VRS as applicable for the then available profitable schedule A public sector undertakings”
View Source
Retirement Compensation means any compensation (i) the Participant becomes eligible to receive in exchange for satisfying performance criteria set forth in the Participant's Participation Agreement and (ii) remains contingent upon the Participant's performance of future services. As soon as reasonably practicable after the beginning of each Plan Year, the Committee shall in its sole discretion establish the criteria that will be used to determine the Participant's Retirement Compensation for that Plan Year and shall notify the Participant in writing of the criteria via an addendum to the Participant's Participation Agreement.
View Source

Examples of Retirement Compensation in a sentence

  • The amount of the Retirement Compensation so due and payable shall not be present-valued or otherwise reduced by use of any other discount or discounting method.

  • Any teacher who retires shall be given a Voluntary Retirement Compensation pay of $7,500.

  • The Additional Retirement Compensation shall be payable in periodic installments in the form elected by Employee with respect to benefits under the Retirement Plan.

  • The Additional Severance Retirement Compensation shall be payable in the form elected by Employee with respect to benefits under the Retirement Plan.

  • The amount of the Additional Severance Retirement Compensation shall be determined by the actuary for the Retirement Plan using the assumptions set forth above and other reasonable and consistent actuarial assumptions substantially similar to those used in connection with the determination of benefits payable under the Retirement Plan.

  • Except with respect to the Retirement Compensation, nothing contained herein shall give Executive any rights that are greater than those of a general unsecured creditor of the Company.

  • From July 1, 2003, a Pilot’s contribution between this amount and an amount equal to 3 times the MPU in respect of pensionable service after July 1, 2003 applicable for that year (“Pilot RCA Contribution”) will be deposited into a Retirement Compensation Arrangement fund (“RCA Plan”) to be established and administered by Air Canada.

  • Funding The Corporation shall maintain in place and continue to fund the obligations of the Corporation to the Executive under the executive superannuation undertakings for service prior to January 1, 1996 referred to in section 2.6(c)(iv) substantially in accordance with the terms of the Retirement Compensation Arrangement Trust Agreement made as of January 25, 1995 between the Corporation and The Canada Trust Company.

  • The Retirement Compensation as so determined shall be paid to Executive (or in the event of Executive's subsequent death, to such Person as Executive shall have designated in a notice filed with the Company or, if no such Person shall have been designated, to his estate) at the times specified in Section 7.6.2 below, or contributed to the Retirement Trust described in Section 7.6.3 below in accordance with that Section.

  • The Additional Retirement Compensation is not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code of 1986, as amended ("Code"); however the Additional Retirement Compensation shall be fully funded and payable under the rabbi trust established under the Supplemental Retirement Plan.


More Definitions of Retirement Compensation

Retirement Compensation means compensation payable in accordance with the provisions of Regulation 18, 19, 20 or 21 of these Regulations;
View Source
Retirement Compensation means Total Compensation as described in Section 6.03, except that a bonus paid under the Executive Incentive Compensation Plan shall be included, provided that if payment of such a bonus is deferred at the election of the Participating Employee, such amount shall not be included in Retirement Compensation for any year. Notwithstanding any provision of the Plan to the contrary, the Retirement Compensation of a Participating Employee for a Plan Year shall not include any amount in excess of the applicable limit for the particular taxable year under Section 401(a)(17) of the Code, as adjusted by the U.S. Internal Revenue Service.
View Source

Related to Retirement Compensation

  • Unemployment compensation means the unemployment benefits payable under this chapter other than short-time compensation and includes any amounts payable pursuant to an agreement under any federal law providing for compensation, assistance, or allowances with respect to unemployment.

  • Termination Compensation means a monthly cash amount equal to one-twelfth (1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Current Compensation means all regular wage, salary and commission payments paid by the Company to a Participant in accordance with the terms of his or her employment, but excluding annual bonus payments and all other forms of special compensation.

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;