Payments on Retirement Sample Clauses

Payments on Retirement. A. Employees Hired Prior to July 1, 2005. Upon retirement, as defined by the Town of Manchester’s Supplemental Pension Plan, an employee with at least twenty-five (25) years of service with the Manchester Police Department, and/or who is age fifty (50) or above, may either receive payment for any of his unused, accumulated sick leave up to ninety (90) days on the basis of an average of his last three (3) years of base salary, or exchange compensation for which they are otherwise eligible in increments of forty-five (45) days for an additional one percent (1%) added to his normal retirement benefit, as specified within the Supplemental Pension Ordinance, not to exceed two percent (2%). The additional percentage purchased shall not count toward eligibility for any benefit and shall only be for benefit-accrual purposes. Employees retiring with less than twenty-five (25) years of service with the Manchester Police Department, or on a disability pension, or less than age fifty (50) may only receive payment for any of his unused, accumulated sick leave up to ninety (90) days on the basis of an average of his last three (3) years of base salary. Employees, who subsequently resign their employment with the Town, shall not be eligible for payout of unused, accumulated sick time if they have less than ten (10) years of service with the Town. Employees who resign with more than ten (10) years of service shall be eligible to receive, on the basis of an average of their base pay for the last three (3) years, compensation for any of their unused, accumulated sick leave up to forty-five (45) days, provided the employee has given a two (2) week written notice to the department head. In the event of an employee’s death, his spouse and minor children, or his estate in the event that there are no surviving spouse or minor children, shall receive compensation for any of the employee’s unused, accumulated sick leave. There shall be no payout for unused, accumulated sick leave for any employee who is discharged. The Town may make payments due for sick leave under this Article in three installments – one at the time of retirement, and the next two in the month of July in the two fiscal years after retirement.
Sample 1
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Payments on Retirement. Subject to the terms and conditions of this Agreement, in consideration of Xxxxxxx’x past services for Company, the Xxxxxxx Release and the provisions of Sections 6 and 7 of this Agreement, Xxxxxxx shall be entitled to the following compensation and other payments and benefits under this Agreement:
Sample 1
Payments on Retirement. A Participant who attains his Normal Retirement Date and continues to be an Employee shall continue to share in the allocation of Earnings Deferral Contributions, Supplemental Employer Contributions, Matching Contributions, and may elect or continue to enter into Long-Term Savings Agreements. Upon the retirement of a Participant at or after his Normal Retirement Date, the Committee shall notify the Trustee in writing of the Participant's retirement and shall direct the Trustee to make payment, in a method provided in the Plan, of the Adjusted Balance of the Participant's Account as of the Participant's retirement date.
Sample 1

Related to Payments on Retirement

  • Payments on Early Termination For the purpose of Section 6(e) of this Agreement:

  • Payments on Termination Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement.

  • 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.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Pre-Retirement Death Benefits Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 55th birthday, the Bank will pay $2,070 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.

  • Payments Etc (a) Except as otherwise specifically provided herein, all payments under this Agreement and the other Credit Documents shall be made without defense, set-off or counterclaim to the Administrative Agent not later than 1:00 PM (local time for the Administrative Agent) on the date when due and shall be made in Dollars in immediately available funds at its Payment Office.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Termination on Account of Disability Notwithstanding anything in this Agreement to the contrary, if Executive’s employment terminates on account of Disability, Executive shall be entitled to receive disability benefits under any disability program maintained by the Company that covers Executive, and Executive shall not receive benefits pursuant to Sections 2 and 3 hereof, except that, subject to the provisions of Section 5 hereof, the Executive shall be entitled to the following benefits provided that Executive executes and does not revoke the Release:

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

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