Compensation at Retirement or Death Sample Clauses

Compensation at Retirement or Death. 1. If an employee with unused sick leave credit:
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Compensation at Retirement or Death. Upon retirement, pursuant to Chapter 66 of the Connecticut General Statutes, as amended, a Faculty Member shall be compensated at the rate of one-fourth (25%) of his/her daily salary for each day of sick leave accrued to his/her credit as of his/her last day on the active payroll, up to a maximum of an equivalent of sixty (60) days’ pay. Upon the death of an employee who has completed ten (10) years of State service, the Employer shall pay to the Employee’s estate one-fourth (25%) of the deceased Employee’s daily salary for each day of sick leave accrued to his/her credit as of his/her last day on the active payroll, up to a maximum of an equivalent of sixty (60) days’ pay. Compensation for twelve (12) month employees equals the product of: (a) the Employee’s annual salary divided by two hundred sixty one (261); and (b) the number of sick days accrued by the Employee, up to a maximum of 240 sick days; and (c) one-fourth (25%). Compensation for ten (10) month employees equals the product of: (a) the Employee’s annual salary divided by two hundred seventeen (217); and (b) the number of sick days accrued by the Employee, up to a maximum of 240; and (c) one-fourth (25%). All of the foregoing is agreed to with the understanding that, in the event of any inconsistencies between the language of this Section and previously negotiated coalition agreements (SEBAC), the latter shall prevail and, further, that future negotiations regarding this subject may be preempted by coalition bargaining.
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Compensation at Retirement or Death. 1. At the time of separation from state service due to retirement or death, an eligible employee or the employee's estate shall receive remuneration computed by multiplying .25 by the employee's current daily rate of pay. This rate is then applied to the total eligible sick leave days to arrive at the amount due to the employee.
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Compensation at Retirement or Death 
Sample 1

Related to Compensation at Retirement or 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.

  • 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.

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • 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 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 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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