Allowance at Time of Retirement with Pension or Death Sample Clauses

Allowance at Time of Retirement with Pension or Death. (a) In case of retirement with pension or death while in the employ of the Board, the Board shall pay an allowance to a maximum of fifty percent (50%) of the Teacher's salary as follows:
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Allowance at Time of Retirement with Pension or Death. (a) In case of retirement with pension or death while in the employ of the Board, the Board shall pay an allowance to a maximum of fifty percent (50%) of the teacher’s salary as follows: In the case of retirement with pension, payment shall be made to the teacher provided the teacher has at least ten years’ service with the Board or its predecessor In the case of death, payment shall be made to beneficiary or to the estate The amount of retirement allowance shall be calculated as follows: Retirement Allowance = B A Cumulative sick leave at retirement with pension or death B Years of service with the Board or its Fractional years shall be counted as full years for this calculation effective September C Annual salary at retirement with pension or death except for teachers on an indefinite leave of absence as provided for in Subsection (For full-time teachers who in the last five (5) years of service choose to be employed on a fractional timetable basis, the retirement allowance shall be based on the annualized rate of salary. Effective September and for the purposes of calculating the retirement gratuity, the annual salary shall not exceed the salary of a teacher when is eligible for a pension (35 years). Effective September the date of “effective September will be removed. An employee at retirement has the option of receiving payment of the retirement gratuity in the year of retirement or split between the year of retirement and the following calendar year. The retirement gratuity of teachers on an indefinite leave of absence shall be based on the salary in effect in the last year of active service with the Board. For teachers on an indefinite leave of absence prior to September the retirement gratuity will be based on the salary in effect on September
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Related to Allowance at Time of Retirement with Pension or Death

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Vacation Pay on Retirement Termination is as follows:

  • Vacation Credits Upon Death Earned but unused vacation entitlement shall be made payable, upon termination due to death, to the employee's dependent, or where there is no dependent, to the employee's estate.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

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