Salary Continuation Pay definition

Salary Continuation Pay means compensation which is designated as salary continuation pay for purposes of the Plan under the payroll records maintained by the University and paid to a Participant following his or her Severance Date; provided, that Salary Continuation Pay shall not include (i) Salary Continuation Pay paid during any month not included within Participant’s Limitation Year (as defined in Section 5.1(b)(iv)) which contains his or her Severance Date and the next five Limitation Years or (ii) Salary Continuation Pay when added to Basic Compensation paid previously during the Plan Year that is in excess of the compensation limit of Code Section 401(a)(17) as adjusted annually by the Secretary of the Treasury for cost of living increases under Code Section 401(a)(17)(B). For the purpose of clause (ii), the compensation limit in effect for the calendar year in which the Plan Year begins shall be the compensation limit for that Plan Year.
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Salary Continuation Pay means compensation paid to a Local 34 Staff Member, Local 502 Staff Member, or C&T Non-Union Staff Member (as each is described in the Eligible Employee Section) after termination of employment that is designated as salary continuation pay for purposes of the Plan under the payroll records maintained by the University.
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Salary Continuation Pay means, in the case of a Participant who is an Eligible Employee on his or her Severance Date, amounts designated as salary continuation pay under the payroll records maintained by the University and paid to a Participant following his or her Severance Date.
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Examples of Salary Continuation Pay in a sentence

  • A Separation from Service has occurred on the first day of the Participant’s salary continuation leave taken under the Company’s Salary Continuation Pay Plan.

  • Company Employees shall receive credit for years of service to Company, the Company Subsidiaries and any predecessors of Company or the Company Subsidiaries (to the extent credited under the vacation and short-term disability programs of Company) for the purpose of determining benefits under the ▇▇▇▇▇ Fargo Paid Time Off Program, Salary Continuation Pay Plan and Short Term Disability Plan.

  • A Separation from Service has occurred on the first day of your salary continuation leave taken under the Company’s Salary Continuation Pay Plan.

  • Company Employees shall receive credit for years of service to Company, the Company Subsidiaries and any predecessors of Company or the Company Subsidiaries (to the extent credited under the vacation and short-term disability programs of Company) for the purpose of determining benefits under the ▇▇▇▇▇ Fargo Paid Time Off Program, Salary Continuation Pay Plan, and Short Term Disability Plan.

  • First Place Employees shall receive credit for years of service to First Place, the First Place Subsidiaries and any predecessors of First Place or the First Place Subsidiaries (to the extent credited under the vacation and short-term disability programs of First Place) for the purpose of determining benefits under the ▇▇▇▇▇ Fargo Paid Time Off Program, Salary Continuation Pay Plan, and Short Term Disability Plan.

  • The payment of the Base Salary Continuation Pay will begin on the Company’s first regularly scheduled pay date coincident with or next following the date that is 60 days after the Date of Termination (the “First Post-Termination Pay Date”), and the first payment will include all amounts that would have been paid to you during the 60-day period following the Date of Termination, without interest, had no delay in payments occurred.

  • The Salary Continuation Pay and other consideration described in this paragraph will cumulatively be referred to as your “Severance Pay”.

  • The Salary Continuation Pay shall be paid in approximately equal installments of payroll payments over a 52 week period commencing with the first payroll following (i) the date on which this Agreement becomes effective and irrevocable (see paragraph 17) or (ii) the Separation Date (see Paragraph 1), whichever is later.

  • Additionally, if the Company receives reasonable and credible evidence that Executive has breached any material provision of this Agreement, including, without limitation, the confidentiality and non-disparagement obligations set forth in this Agreement, Executive’s Salary Continuation Pay and Subsidized COBRA shall cease.

  • Your Base Salary Continuation Pay shall be paid periodically, commencing September 30, 2003, in accordance with your normal pay cycle for the first twelve (12) months.