Accumulation Benefit Sample Clauses

Accumulation Benefit. Upon retirement, bargaining unit members who have not used the early retirement incentive and who have been members of the ▇▇▇▇▇▇ Rural Agricultural school system and/or the Falmouth Elementary school system for more than 20 years will receive $325 for each year of service beyond 20 years.

Accumulation Benefit. 1. An employee who retires under the Michigan Public School Employees Retirement System will be paid sixty-five percent (65%) of their accumulated sick days at the prevailing rate of pay. An employee who does not retire, but leaves the employ of the Board after ten (10) years of continuous service shall receive thirty-five percent (35%) of the accumulated sick days at the prevailing rate of pay. An employee who leaves the employ of the Board after five (5) years of continuous service shall receive twenty percent (20%) of accumulated sick days at the prevailing rate of pay. Any employee who voluntarily leaves the employ of the Board, and gives proper notification, with less than five (5) years of continuous service shall forfeit all accumulated sick days for deposit into the unit’s sick bank. 2. An employee with more than two (2) years of continuous service who is placed on layoff status shall have the option of receiving five (5) days pay (if available) at their current rate of pay, to be deducted from their accumulated sick leave. 3. The employee’s beneficiary shall receive the employee’s accumulation benefit, as if the employee retired on the date of death.

Accumulation Benefit. On the Rider Maturity Date, if the Accumulation Benefit is greater than the Contract Value plus, if applicable, the amount of any loan outstanding plus accrued interest, then the Contract Value will be increased to equal the Accumulation Benefit. The excess amount of any such increase will be allocated to the money market Variable Sub-account. Prior to the Rider Maturity Date, the Accumulation Benefit will not be available as a Contract Value, Settlement Value, or Death Proceeds. Additionally, if this rider is terminated for any reason prior to the Rider Maturity Date, no Accumulation Benefit will be paid. After the Rider Maturity Date, this rider provides no additional benefit.

Accumulation Benefit. Employees shall be allowed a year-end accumulation maximum of 500 unused sick leave hours, except those employees having more than 480 hours of sick leave accumulation on January 1, 1984, shall retain such accumulations for sick leave usage and termination consideration. Employees shall be compensated at a rate of one hour of pay for each three hours of unused sick leave in excess of the 500 hours, except those employees having more than 480 hours of sick leave accumulation on January 1, 1984, shall retain such accumulations for sick leave usage and termination consideration. Part-time employees will receive sick leave buyback on a pro-rata basis, based on their hours worked or shift schedule.

Accumulation Benefit. 1. An employee who retires under the Michigan Public School Employees Retirement System will be paid sixty-eight (68%) percent of their accumulated sick days up to 90 days at their current rate of pay. Retirees would be required to receive payment via the Board designated provider in qualified 403(b) program. An employee who does not retire, but voluntarily resigns with a 10 working day notice after ten (10) years of continuous service shall receive thirty-five (35%) percent of the accumulated sick days up to 90 sick days at their current rate of pay. The payment is to be made to a the Board designated provider in a qualified 403(b). 2. Association members that accumulate days in excess of ninety (90) days or their frozen accumulation total above 90 days will have their excess days purchased by the Board at the rate of fifty (50%) percent of their current rate of pay and invested Board in a designated provider of a qualified 403(b) program.