Retirement Pay definition

Retirement Pay when used in this Agreement refers to pay to a teacher upon retirement as provided for in this Agreement, and subject to all the restrictions and limitations contained in this Agreement.
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Retirement Pay means the retirement pay to which a Participant is entitled to receive pursuant to Article 2 hereof.
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Retirement Pay means regular, recurring monthly annuity payments received based on conditions of federal
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Examples of Retirement Pay in a sentence

  • Since this Retirement Restructuring Program is a replacement for the benefits provided for in Article VII, Section 1(F) and Article IX, Retirement Pay Section 1 (year of service component of the Retirement Pay formula) and any right to retirement health insurance premiums, that contribution to eligible teachers will not vest until the teacher has a total of ten (10) years or more of service in the Metropolitan School District of Washington Township and reaches the age of fifty (50) years.

  • That portion of the lump sum one-time buy-out that has been calculated for the buy-out of a portion of the Retirement Pay will be deposited into a separate account for each eligible teacher in the 401(a) Retirement Savings Plan.

  • Seventy percent (70%) of the total sum of the amount calculated by the FSC as the present value for the Retirement Pay and Severance Benefits shall then be contributed by the School Corporation to each individual teacher’s Section 401(a) Plan maintained by the Board.

  • Employees who are ineligible to make contributions under the Municipal Pension Plan shall be exempted from its provisions, except as otherwise provided for in Article 16— Retirement Pay.

  • The School Corporation shall contribute to a voluntary employees’ beneficiary association (“VEBA”), as described in section 501(c)(9) of the Internal Revenue Code, thirty percent (30%) of the total sum of the amount calculated by FSC as the present value for the Retirement Pay and Severance benefits for each individual teacher.

  • A teacher who retires prior to the time he/she is fifty (50) years of age shall receive the appropriate amount of retirement pay under this Retirement Pay Plan if the teacher’s retirement is necessitated by incapacitation.

  • The total sum of the amount calculated by Educational Services Corporation as the present value for the Retirement Pay shall be contributed by the school corporation to the 401(a) plan by the 31st day of December, 2004.

  • The school corporation shall contribute to a voluntary employees’ beneficiary association (“VEBA”) as described in section 501(c)(9) of the Code, the amount representing the present value of the Retirement Pay as calculated for all employees under subsection C above.

  • Principals who submit an untimely notice of retirement under Subdivision 15.13, or whose notice of retirement is received after reaching the $250,000.00 cap, will be eligible for Retirement Pay under the Retirement Pay cap for the following school year and, subject to the Retirement Pay cap, will be paid in full on the first payday in January of the calendar year following retirement.

  • Beginning July 1, 2010, an eligible Principal may accrue up to 100 days of accumulated leave for Retirement Pay under this section.

Related to Retirement Pay

  • 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;

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Bereavement Pay Benefits means the benefits as set out in Article II hereof.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Retirement fund means the "Washington law enforcement

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Termination Benefit means the benefit set forth in Article 7.

  • 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).

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

  • 414(s) Compensation means any definition of compensation that satisfies the nondiscrimination requirements of Code Section 414(s) and the Regulations thereunder. The period for determining 414(s) Compensation must be either the Plan Year or the calendar year ending with or within the Plan Year. An Employer may further limit the period taken into account to that part of the Plan Year or calendar year in which an Employee was a Participant in the component of the Plan being tested. The period used to determine 414(s) Compensation must be applied uniformly to all Participants for the Plan Year.

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Retirement means Normal or Early Retirement.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • 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).

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Vested Benefits means amounts that are vested or that Executive is otherwise entitled to receive, without the performance by Executive of further services or the resolution of a contingency, under the terms of or in accordance with any investment and savings plan or retirement plan (including any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs related thereto, and any deferred compensation or employee stock purchase plan or similar plan or program of the Company or its affiliates.