Longevity Benefit Sample Clauses
The Longevity Benefit clause establishes a provision that rewards or provides additional compensation based on the extended duration of a contract or the continued performance of a party over time. Typically, this clause applies in long-term agreements, such as service contracts or employment arrangements, where parties may receive bonuses, increased payments, or other benefits if the relationship persists beyond certain milestones or timeframes. Its core practical function is to incentivize long-term commitment and performance, thereby aligning the interests of both parties and reducing the risk of early termination or turnover.
Longevity Benefit. Longevity benefits shall be determined on an employee's anniversary date of hire each year. Full-time employees who meet the eligibility requirements in Section 16.2, and who have completed a minimum of five (5) years continuous service with the Employer shall receive longevity benefits calculated on the basis of fifty dollars ($50) for each full year of continuous service, provided, however, the maximum payment allowed under this Section shall be one thousand dollars ($1,000). There shall be no pro rata longevity payment upon an employee's termination for any reason whatsoever.
Longevity Benefit. At the end of each year that a teacher has been employed with the District they will be awarded a yearly longevity bonus as follows:
Longevity Benefit. 1. The district will provide certificated educational staff with an increased salary allotment as a longevity benefit. The individuals desiring these funds will notify the district administration by February 1st of their plan to retire at the end of the following year; must meet the rule of 85 or reach the age of 62; and be employed in the district for a minimum of fifteen (15) consecutive years.
2. The longevity benefit will be paid as a one-time payment of Nine Thousand and no/100 Dollars ($9,000.00) in their final paycheck.
Longevity Benefit. Employees who have completed five (5) or more years of continuous employment with the County shall receive longevity pay in December of each year according to the following scale:
Longevity Benefit. Employees hired before June 12, 2003, shall receive longevity pay in December of each year according to the following scale:
Longevity Benefit. Any retiring administrator of the ▇▇▇▇▇ Central School District who meets the following eligibility requirements shall receive the longevity lump sum payment, which would be contributed as an employer non-elective contribution into an IRS 403(b) tax sheltered annuity plan established for the benefit of the retiring employee. The eligibility requirements are set forth below:
1. The administrator must have completed at least ten years of service in the district.
2. The lump sum payment is determined by taking 30% of the administrators’ final yearly salary.
Longevity Benefit. At the end of each year, beginning with the fourth consecutive year that a teacher has been employed with the District, they will be awarded a yearly longevity bonus of $100 per year for each consecutive year of service paid on the final paycheck of the year. Sabbaticals and Board approved leaves of absence do not invalidate consecutive years.
Longevity Benefit. Effective July 1, 2019, employees who have completed a minimum of five (5) years of service with the City of Rialto shall receive longevity pay equal to the following (non-cumulative) percentage of his or her current base salary/hourly rate of pay: To the extent applicable and permitted by law, this pay shall be reportable to CalPERS as special compensation, as defined under Sections 571 and 571.1 of Title 2 of the California Code of Regulations.
Longevity Benefit. Any teacher, who decides to retire beginning at age 55 and has taught in the District for at least 15 years or has had at least 30 years of service in the District, shall be eligible for a one-time longevity payment. The amount of the benefit shall be equal to the number of years of in- District teaching experience times $50 per year. Additionally, the teacher shall be paid $10 per day for unused sick leave; beginning with the 1988- 89 school term, sick leave will accumulate with no ceiling for the purposes of longevity benefits only. This provision shall not apply to any teacher new to the district after the 2006-07 school year. (2006-07) (2011-12) To be eligible for the longevity benefit payment, applications must be submitted to the Superintendent no later than January 15. The longevity benefit will be paid on June 20th of the school year in which the teacher retires. Any teacher who elects to retire early through the longevity benefit may, at the teacher’s expense, continue with the District’s group life insurance program and health insurance program until the teacher reaches age 65 in accordance with the retiree insurance provisions of Paragraph I. Premiums are to be paid to the District at least 30 days in advance of the time that the District must make payment to either insurance vendor. It is further agreed that neither the District, its Board members, administrative staff, nor the Association will be liable for any clerical errors in failing to forward such premiums to either insurance vendor. Any teacher who elects to take a longevity benefit will not be eligible for the early retirement benefit. *Exceptions to the required notification date may be made due to unexpected illness or other extenuating circumstances. Exceptions will be determined on an individual basis by the Board of Education.
Longevity Benefit. A teacher upon completion of the following years of service to the Town of Watertown, shall receive the following amount added to his/her salary effective September 1st of the next school year: YEARS OF SERVICE Years of Service is defined as years completed in the Watertown Public Schools. 10 through 14 Years $1,000 15 through 19 Years $1,500 20 through 24 Years $2,000 25 through 29 Years $2,500 30 through 34 Years $3,500 35 Years + $4,000