Lump Sum Incentive Sample Clauses

Lump Sum Incentive. A further lump sum incentive of $500 will be paid to those employees receiving 3rd Class Certificates, a lump sum of $2,500 will be paid to those employees receiving their 2nd Class Certificates and $2,500 will be paid to those employees receiving their 1st Class Certificates. (These incentives are only valid for the term of this Agreement).
Sample 1
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Lump Sum Incentive. Effective July 1, 2022, qualified faculty-retirees who meet the eligibility criteria set forth in Sections A and B above, may choose a lump sum payment of $10,800 in lieu of the monthly payments described in Section B above. To qualify for this one-time post-retirement payment, the faculty member must submit an irrevocable retirement letter to the College’s Human Resources office by October 1, 2022 and must retire by June 30, 2023. With respect to any additional salary benefit for faculty members who submit a notice of retirement, see Section 7.2, Salary. Effective July 1, 2023, qualified faculty-retirees who meet the eligibility criteria set forth in Sections A and B above, may choose a lump sum payment of $10,800 in lieu of the monthly payments described in Section B above. To qualify for this one-time post-retirement payment, the faculty member must submit an irrevocable retirement letter to the College’s Human Resources office by July 31, 2023 and must retire by June 30, 2024. With respect to any additional salary benefit for faculty members who submit a notice of retirement, see Section 7.2, Salary. Effective July 1, 2024, qualified faculty-retirees who meet the eligibility criteria set forth in Sections A and B above, may choose a lump sum payment of $10,800 in lieu of the monthly payments described in Section B above. To qualify for this one-time post-retirement payment, the faculty member must submit an irrevocable retirement letter to the College’s Human Resources office by July 31, 2024 and must retire by June 30, 2025. With respect to any additional salary benefit for faculty members who submit a notice of retirement, see Section 7.2, Salary.
Sample 1

Related to Lump Sum Incentive

  • Lump Sum Compensation Lump sum computation refers to the method of payment under this Agreement for the professional services of the Consultant.

  • 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

  • Longevity Bonus Effective 2005, twenty (20) years of continuous service, an employee will receive a longevity bonus of seven hundred dollars ($700.00) per year, payable in one lump sum by the second pay period following the employee's anniversary date.

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

  • 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%

  • Education Incentive Pay An employee shall be entitled to receive educational incentive pay as follows:

  • 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 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.

  • 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.

  • ' COMPENSATION BENEFITS In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

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