Final Lump Sum Retirement Compensation Program Sample Clauses

Final Lump Sum Retirement Compensation Program. As an alternative to participating in the College’s retiree health insurance program, any faculty member who retires with thirty or more years of service to the College may elect to participate in a separate “Final Lump Sum Retirement Compensation Program”. In this program, a faculty member will receive a one-time lump sum payment of $10,000.00, payable within 60 days of the effective date of retirement. Payments in this program are not subject to SURS contributions and will not be included in an employee’s final rate of earnings (FRE) calculation for SURS. Payments will be eligible for tax sheltered (403(b) and 457(b)) contributions and will be subject to federal and state income tax witholding and Medicare tax when applicable. In return for participation in this program, an employee will relinquish all rights awarded retirees under the health insurance program as provided in Section
Sample 1
AutoNDA by SimpleDocs

Related to Final Lump Sum Retirement Compensation Program

  • 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.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • 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.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • 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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Vacation Pay on Retirement Termination is as follows:

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • 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.

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