Lump Sum Payment in Lieu of Step Sample Clauses

Lump Sum Payment in Lieu of Step. Effective beginning July 1, 2018, faculty members who are at the top of the salary schedule and who otherwise would be eligible for the Career Step shall receive, at the of beginning the faculty member’s sixteenth (16th) consecutive year of service in the MSCF bargaining unit, a lump sum payment equivalent to one (1) step. The lump sum payment for part-time faculty shall be prorated according to the faculty member’s FTE in the preceding academic year (i.e., cumulative FTE for fall and spring semesters, truncated at 1.0). Article 13
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Lump Sum Payment in Lieu of Step. A faculty member who, during the 2018-2019 academic year, was employed at least one (1) semester (fall and/or spring), and paid according to the salary schedule shall, effective January 1, 2020 receive a single lump- sum payment of fifteen hundred dollars ($1500.00) in lieu of the progression step described in Subd. 2.A., above, if the faculty member is employed for spring semester 2020, at the top step of the faculty member’s respective salary column, and paid according to the salary schedule.
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Lump Sum Payment in Lieu of Step. A faculty member who, during the 2018-2019 2020-2021 academic year, was employed at least one (1) semester (fall and/or spring), and paid according to the salary schedule shall, and at the top step of the faculty member’s respective salary column, shall, effective January 1, 2020 July 1, 2021, receive a single lump-sum payment of fifteen hundred one thousand nine hundred fifty- five dollars ($1500.00) ($1,955.00) in lieu of the progression step described in Subd. 2.A., above, if the faculty member: i. in the 2021 academic year was employed at least one (1) semester (fall and/or spring) and paid according to the salary schedule, and
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Lump Sum Payment in Lieu of Step i. Effective beginning July 1, 2018 2021, faculty members who are at the top of the salary schedule and who otherwise would be eligible for the a Career Step under Section 6, Subd. 1.A(i), above, shall receive, at the of beginning the faculty member’s sixteenth (16th) consecutive year of service in the MSCF bargaining unit, a one-time lump- sum payment equivalent to one (1) step. The lump- sum payment for part-time faculty shall be prorated according to the faculty member’s FTE in the preceding academic year (i.e., cumulative FTE for fall and spring semesters, truncated at 1.0). ii. Effective July 1, 2022, faculty members who are at the top of the salary schedule and who otherwise would be eligible for a Career Step under Section 6, Subd. 1.A(ii), above, shall receive a one-time lump-sum payment equivalent to one (1) step at the beginning of the faculty member’s twenty-first (21st) consecutive year of service in the MSCF bargaining unit. The lump-sum payment for part-time faculty shall be prorated according to the faculty member’s FTE in the preceding academic year (i.e., cumulative FTE for fall and spring semesters, truncated at 1.0).
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Related to Lump Sum Payment in Lieu of Step

  • Lump Sum Payment If an individual JOC Task Order is scheduled for Completion within forty-five (45) days or less, the County will make one payment after thirty (30) days of Work to the Contractor, exclusive of retention. Contractor may request for one payment (including retention payment); however, payment will be made after Final Acceptance of the JOC Task Order.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Lump Sum Payments The retiring allowance shall be paid in annual instalments, to a maximum of three

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

  • Change of Control Benefit Upon a Change of Control, the Company shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Agreement.