Incentive Payment on Retirement Sample Clauses

Incentive Payment on Retirement. Upon retirement, the Township will make a Cash Payment of fifty (50%) percent of all sick leave earned from this date forward, less amount taken. Example: Employee has 5 (five) additional years to work before retirement in 1991. Employee has the good fortune of having one five day illness during that time. Earns 60 days of sick leave. Calculation: Days accumulate 60 * .5 Eligible for payment 30 days Sick leave taken - 5 days Payout on retirement at the Daily rate at time of Retirement: 25 days
Sample 1
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Incentive Payment on Retirement. 1. Eligible employees hired prior to December 31, 2011 will receive a cash payment based on the following criteria, however, the total maximum cash payout at retirement shall be the amount of the formula calculation for each individual as of December 31, 2015 or $15,000, whichever amount is higher.
Sample 1
Incentive Payment on Retirement. Upon retirement the Township will make a cash payment of fifty percent (50%) of all sick leave earned from January 1, 1986 forward, less amount taken. EXAMPLE: Patrol Officer has five (5) years to work before retirement in 1993. Patrol Officer has the good fortune of having forty (40) hours of duty illness during that time. Employee earns 480 hours of sick leave. Calculation: Leave Hours Accumulated 480 Hours Eligible for Payment 240 Hours Sick Leave Taken 40 Hours Payout on Retirement at the Daily Rate at Time of Retirement 200 Hours
Sample 1

Related to Incentive Payment on Retirement

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% 64 0%

  • Incentive Payments The Settlement Fund Administrator will treat incentive payments under Section IV.F on a State-specific basis. Incentive payments for which a Settling State is eligible under Section IV.F will be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌

  • Vacation Pay on Retirement Termination is as follows:

  • Vacation Payment on Termination An employee whose service is terminated by the Company or by resignation shall be entitled to a cash payment in lieu of an outstanding vacation allowance, calculated proportionately from July 1 marking the beginning of the 12-month period in which the vacation entitlement applies. Upon the death of an employee, his or her estate shall be entitled to the same payment. The payment will be based on:

  • 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.

  • Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then

  • 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.

  • 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.

  • 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.

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