Extended Compensation Option Sample Clauses

Extended Compensation Option. Regular full-time and part-time employees, who have completed two (2) years of net credited service may elect to participate in the Extended Compensation Option. Employees selecting this option shall be reassigned to a temporary work assignment for a period not to exceed the number of weeks based on net credited service provided for in the CBA’s termination pay schedule (for those at risk of being laid off) and in the CBA’s optional termination pay schedule (for those not at risk of being laid off). Extended compensation payments shall be based on the methods used to compute termination allowance as defined by the CBA for the position held by the employee immediately prior to the temporary assignment. Such payments are subject to deduction of appropriate taxes and union dues, as applicable, and will be offset by any payments made under the disability plan coverage. To be and remain eligible for this option, an employee must: accept work assignments within his/her local placement area in all job titles for which s/he is qualified (but may reject one assignment in any continuous twelve (12) month period and may designate a full one week period in any consecutive three months as “unavailable” time); accept the appropriate wage rate at the location for the position s/he is filling on a temporary basis in addition to extended compensation payments; such pay will not be used in the computation of any benefits, which shall be based solely upon extended compensation; remain in the same pension band applicable to the employee immediately prior to the new temporary assignment; accept the unused portion of the extended compensation as a lump sum termination payment should eligibility be lost and the employee is required to leave the Company’s payroll. Employees must elect to schedule and take vacation, excused work days, and non- designated floating holidays prior to beginning their temporary work assignment and/or receive a lump sum payment for any balance of vacation not taken. Those employees electing this option do not accrue vacation time or excused work days, but are compensated for holidays or Company designated excused work days when worked. Acceptance of another permanent position within the Company terminates participation in the Extended Compensation Option.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Extended Compensation Option

  • 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.

  • Extended Benefits If you are disabled on the date your healthcare coverage ends, your benefits will be temporarily extended for any continuous loss, which commenced while your coverage was in force. The services provided under this benefit are subject to all terms, conditions, limitations and exclusions listed in this agreement, and the care you receive must relate to or arise out of the disability you had on the day your healthcare coverage ended. Extended benefits apply only to the subscriber who is disabled. If you want to receive coverage for continued care when your coverage ends, you must provide us with proof that you are disabled. We will make a determination whether your condition constitutes a disability and you will have the right to appeal our determination or to take legal action. The extension of benefits will end upon the earliest of the following events: • the continuous disability ends; or • twelve (12) months from the termination date; or • payment of the benefit limits under this plan.

  • Additional Compensation Notwithstanding anything in this Memorandum of Understanding to the contrary when in the judgment of the Board, it becomes necessary or desirable to utilize the services of County employees in capacities other than those for which they are regularly employed, the Board may authorize and, if appropriate, fix an additional rate of compensation for such employees.

  • REFUND OF UNEARNED COMPENSATION The Party of the Second Part agrees to refund the Party of the First Part any compensation received for which no services were rendered. TERMINATION: This contract may be terminated by either party pursuant to law. OTHER CONDITIONS: Any subsequent contracts shall supersede the provisions of this contract. Student Achievement and Accountability instructional staff may be required to serve students in more than one location. Given this, the 15TH OF SEPTEMBER, 2016. PARTIES: The Fort Xxxxx School District 100, Party of the First Part, and XXXXXXX X. XXXXXX Party of the Second Part, agree as follows:

  • Deferred Compensation Program ‌ Unit members shall continue to be eligible to join the County’s Deferred Compensation Plan. Said employees will be bound by the same Plan, rules and participation agreements as are generally applicable to other County employees. DSA acknowledges that County retains the right to alter, amend, or repeal the current plan, rules, and participation agreements, at any time. The County shall not charge an administrative fee to participating employees.

  • Employment Option If the State determines that it would be in the State’s best interest to hire an employee of the Contractor, the Contractor will release the selected employee from any non-competition agreements that may be in effect. This release will be at no cost to the State or the employee.

  • Additional Termination Rights In addition to any right to terminate this Agreement under the provisions of this Section 16, either party shall have the further right to terminate this Agreement, upon delivery of written notice to the Agent, upon the occurrence of any of the following:

  • 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.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Retirement Options The Xxxxxxx Community College Board of Trustees may at its discretion grant one of the following retirement incentive plans to eligible faculty. The unit member must elect and may participate in only one of the three following retirement plans:

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