Buy Out of Retirement Benefits Sample Clauses

Buy Out of Retirement Benefits. A. Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit The Board and the Association specifically reserved the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and the Association now confirm that in Article VI, entitled Compensation in the Agreement immediately before this amendment’s effective date, the Early Retirement Pay benefit described in Article VI, Sections F, G and H of the prior agreement are terminated and shall not apply to any teacher retiring from the school corporation on or after this amendment’s effective date, except that any teacher who meets the retirement eligibility contained herein by June 30, 2006 may choose to retire under the provisions of the previous agreement provided that they have given the Corporation an irrevocable notice of such election no later than October 1, 2004. Those teachers who retired before the effective date shall only be entitled to the retirement benefits contained in the prior agreement as of the time of his or her retirement.
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Buy Out of Retirement Benefits. A. Elimination of Prior Agreement’s Retirement Bridge and Severance Benefit
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Buy Out of Retirement Benefits. (Prior to 2004 hire date) Elimination of Prior Agreement’s Retirement and Severance Pay Plan The Board and the Association specifically reserves the authority to revise or terminate the retirement benefits contained in earlier agreements. Exercising this authority, the Board and the Association now confirm that Article VIII, Section F, entitled Retirement Benefit, in the Agreement immediately before this amendment’s effective date, is terminated and shall not apply to any teacher retiring or severing employment with the school corporation on or after this amendment’s effective date, except that those teachers who are eligible to retire prior to the start of the 2006-07 school year may elect to retire under the provision of this section or the retirement provisions contained in the prior agreement. To exercise such option, the eligible teachers must submit a one-time irrevocable letter to the Superintendent indicating their choice no later than October 11, 2004. (For those teachers submitting a letter to retire at the end of the 2005-06 school year, such retirement date may be moved up by one year, upon mutual agreement between the Board and the teacher.) Those teachers who retired or severed employment before the effective date shall only be entitled to the retirement benefits contained in the prior agreement as of the time of his or her retirement, but as may be otherwise revised from time to time. Entitlement to Retirement Benefits and Vesting Requirements A teacher shall be fully vested in the Retirement Benefits described in this article if the retiring teacher has satisfied the following requirements: The teacher has reached the age of fifty (50); and The teacher must have completed not less than fifteen (15) full years as a professional educator; and The teacher has at least 10 continuous years of service with the Corporation. The teacher must notify the Board in writing through the Superintendent of his/her intent to retire by January 1 of the year of retirement. In the event a teacher must retire for his/her own health, the notice shall be waived by Board action. Actuarial Determination of Value of the Current Retirement and Severance Pay Plan The Educational Services Corporation has been selected to determine the present value of the unfunded severance benefits described in the prior agreement. In making this present value determination, the Educational Services Corporation shall use the following assumptions: The assumed interest rate for the pur...
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Buy Out of Retirement Benefits. (Prior to 2004 hire date)
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Buy Out of Retirement Benefits 
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Related to Buy Out of Retirement Benefits

  • 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.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

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