Retirement Compensation Program Sample Clauses

The Retirement Compensation Program clause establishes the terms under which employees are provided with financial benefits upon retirement. Typically, this clause outlines eligibility requirements, the method for calculating compensation—such as based on years of service or final salary—and the timing and form of payments, which may include lump sums or periodic installments. Its core function is to ensure that employees receive agreed-upon retirement benefits, providing financial security after leaving employment and clarifying the employer’s obligations.
Retirement Compensation Program. “A” 1. Effective October 1, 2002, the District implemented a new form of additional compensation in which funds are invested into an individual 403(b) Plan of the employee’s choice. This program was made available to contract employees not eligible for Early Retirement (Under the Supplemental Early Retirement Incentive (ERI) Agreement), and contract employees who opted for this Program in lieu of Early Retirement benefits outlined in the Supplemental ERI Agreement.
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Retirement Compensation Program. “A” 1. Effective October 1, 2002, the District implemented a new form of additional compensation in which funds are invested into an individual 403(b) Plan of the employee’s choice. This program was made available to contract employees not eligible for Early Retirement (Under the Supplemental Early Retirement Incentive (ERI) Agreement), and contract employees who opted for this Program in lieu of Early Retirement benefits outlined in the Supplemental ERI Agreement. 2. Contract employees eligible for Early Retirement (under the Supplemental ERI Agreement) had a choice to opt into the 403(b) Retirement Compensation Program, in lieu of Early Retirement (benefits under the Supplemental ERI Agreement) according to the following:  Contract employees chose the Retirement Compensation Program (outlined in this Article) in lieu of the Early Retirement Option (in the Supplemental ERI Agreement) by completing an option choice form between September 2002 and December 15, 2002.  Contract employees who opted for the 403(b) Retirement Compensation Program (outlined in this Article) may not opt back into Early Retirement (in the Supplemental ERI Agreement).  As outlined below (#5), the ▇▇▇▇ ▇▇▇▇▇ School District deposited seed money into the personal 403(b) account of contract employees who had a minimum of ten (10) years of service with the District who choose the Retirement Compensation Program (outlined in this Section A).
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Retirement Compensation Program. “A” 1. Effective October 1, 2002, the District implemented a new form of additional compensation in which funds are invested into an individual 403(b) Plan of the employee’s choice. This program was made available to contract employees not eligible for Early Retirement (Under the Supplemental Early Retirement Incentive (ERI) Agreement), and contract employees who opted for this Program in lieu of Early Retirement benefits outlined in the Supplemental ERI Agreement. 2. Contract employees eligible for Early Retirement (under the Supplemental ERI Agreement) had a choice to opt into the 403(b) Retirement Compensation Program, in lieu of Early Retirement (benefits under the Supplemental ERI Agreement) according to the following: • Contract employees who opted for the 403(b) Retirement Compensation Program (outlined in this Article) may not opt back into Early Retirement (in the Supplemental ERI Agreement).
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Related to Retirement Compensation Program

  • Employment Compensation Schedule 3.16 contains a true and correct list of all employees to whom Company is paying compensation, including bonuses and incentives, at an annual rate in excess of Fifteen Thousand Dollars ($15,000) for services rendered or otherwise; and in the case of salaried employees such list identifies the current annual rate of compensation for each employee and in the case of hourly or commission employees identifies certain reasonable ranges of rates and the number of employees falling within each such range.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Management Compensation As compensation for your services in the management of the offering, we will pay you an amount equal to the management fee specified in the Invitation in respect of the Securities to be purchased by us pursuant to the Purchase Agreement, and we authorize you to charge our account with such amount. If there is more than one Representative, such compensation shall be divided among the Representatives in such proportions as they may determine.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.