Board action on termination Sample Clauses

Board action on termination h) The Board will provide a 401(a) Qualified Retirement Plan that defers federal income tax and permanently avoids the payment of Social Security and Medicare tax on meritorious attendance incentive pay for those employees retiring under the Florida Retirement System (FRS) with full or reduced benefits and who meet the following: YEARS OF SERVICE MINIMUM ACCUMULATED SICK LEAVE BALANCE Ten (10) years creditable FRS service 240 hrs. During and after the 15th year of service in the Pasco County School District 160 hrs. During and after the 20th year of service in the Pasco County School District 120 hrs. Subject to annual plan contribution limits and the requirements specified above, payment to a Board-approved 401(a) Qualified Retirement Plan shall be credited in the name of the employee upon retirement. Fund Withdrawal: Employees under fifty-five (55) years of age. All participating employees who are under fifty-five (55) years of age at the time of termination and choose at the time of termination to take a cash distribution in the amount of one hundred percent (100%) of their respective balance from the Board-approved 401(a) Qualified Retirement Plan and are assessed a ten percent (10%) withdrawal penalty, shall be reimbursed 2.35% of the withdrawal by the Board. This reimbursement is an amount equal to the difference between the ten percent (10%) withdrawal penalty and the current Social Security and Medicare combined tax contribution rate of 7.65%. If the withdrawal penalty and/or Social Security and Medicare tax rates change, the Board and Union agree to renegotiate the reimbursement rate. The Board will also reimburse these same employees the one-time $40.00 administrative fee for processing the IRS 1099 form.
Sample 1
AutoNDA by SimpleDocs

Related to Board action on termination

  • Compensation on Termination (a) If this Project Agreement is terminated pursuant to Sections 34.3(a), 35.2(a)(ii), 36.1, 36.2 or 36.3, then:

  • Termination on Change of Control 26.12.1 The Supplier shall notify the Authority immediately in writing if the Supplier undergoes a change of control within the meaning of Section 450 of the Corporation Tax Act 2010 ("Change of Control") and provided this does not contravene any Law shall notify the Authority immediately in writing of any circumstances suggesting that a Change of Control is planned or in contemplation. The Authority may terminate this Framework Agreement by giving notice in writing to the Supplier with immediate effect within six (6) Months of:

  • H3 Termination on Notice H3.1 The Authority shall have the right to terminate the Contract at any time by giving thirty (30) days written notice to the Contractor.

  • Termination on Audit The Authority may terminate this Framework Agreement by serving notice in writing with effect from the date specified in such notice in the circumstances set out in Clause 17.9 (Records and Audit Access).

  • H1 Termination on Insolvency and Change of Control H1.1 The Authority may terminate the Contract with immediate effect by notice in writing and without compensation to the Contractor where the Contractor is a company and in respect of the Contractor:

  • Termination on Notice The Province may terminate the Agreement at any time without liability, penalty, or costs upon giving at least 30 days’ Notice to the Recipient.

  • Survival on Termination The following Paragraphs and Articles shall survive the termination of this Agreement:

  • RESTRICTION ON OUTSIDE EMPLOYMENT 55.01 Unless otherwise specified by the Employer as being in an area that could represent a conflict of interest, employees shall not be restricted in engaging in other employment outside the hours they are required to work for the Employer.

  • Termination on Insolvency and Change of Control 43.1. The Authority may terminate the Contractor’s interest in the Framework Agreement with immediate effect by notice where in respect of the Contractor:

  • Rights on Termination (a) If during the Service Term Executive’s employment is terminated under Section 5 above (x) by the Company without Cause or (y) by Executive with Good Reason, then:

Time is Money Join Law Insider Premium to draft better contracts faster.