Retirement Continued Sample Clauses

Retirement Continued. (1) Employees under this contract who have previously added their military time to their seniority, or who have made application to do so, for purposes of retirement upon payment to the City Treasurer of five percent (5%) of their current salary times the number of years so claimed must complete any necessary transaction by June 30, 1980, at which time this military time buy back provision shall become null and void.
Sample 1Sample 2
AutoNDA by SimpleDocs
Retirement Continued. C) (1) Employer pickup: the City shall pick up the employee contributions required of employees for all compensation earned after the effective date of this provision, July 1, 1995. The contributions, so picked up, shall be treated as employer contributions in determining tax treatment under the United States Internal Revenue Code. The City shall pick up these employee contributions from funds established and available in the employees deferred pension contribution account, which funds would otherwise have been designated as employee contributions and paid to the retirement fund. Employee contributions picked up by the City, pursuant to this provision, shall be prorated for all other purposes, in the same manner and to the same extent, as employee contributions made prior to the effective date of this provision. Pursuant to Section 414(h) of the United States Internal Revenue Code, these employee contributions so picked up shall not be included in total income for income tax purposes.
Sample 1Sample 2
Retirement Continued viii. An employee does not have the option of choosing to receive the contributed amounts directly instead of having them paid by the City to the retirement system.
Sample 1Sample 2
Retirement Continued. The College contribution rate to the optional (TIAA-CREF) retirement program will be 13% of wages. 0501 Insurance Coverage
Sample 1
Retirement Continued. F. A retiree shall be defined as an Employee who retires from the University, and:
Sample 1
Retirement Continued. Members of the bargaining unit who are owed a Termination of Service Bonus shall be paid as indicated above or by June 2022, whichever is earlier. For payments made in June 2022, only those members who retire on July 1, 2022 or August 1, 2022 may apply their TIP payout to their TDP.
Sample 1
Retirement Continued. (2) Their final compensation shall be averaged over the three (3) highest years of the last ten (10) years to determine the amount of said retirement benefits. Commencing on July 1, 1995, upon subsequent retirement from service following completion of 25 years of service, a member shall receive a retirement pension payable throughout the member's life of 2.8% of the member's final average compensation multiplied by the first 25 years of service credited to the member, plus 1% of the member’s final average compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years. Further, on July 1, 1995, the employee contribution to the retirement system shall increase from 5% to 11.94% of payroll. The association further agrees and understands that the 6.94% increase is based on the actuarial valuation done by Gabriel, Roeder, Xxxxx & Company, actuaries and that this valuation is based on a thirty year amortization for member contributions only. Effective October 1, 2003, the employee contribution to the retirement system shall be reduced from 11.94% to 9.41%. Effective July 1, 2011, the employee contribution to the retirement system shall be increased from 9.41% to 11.91% on a pre-tax basis. Effective with payroll check dated October 30, 2015, the employee contribution to the retirement system shall be reduced from 11.91% to 8.9% Average compensation commencing on July 1, 1985 shall not include any monies paid or due to be paid by the City for sick leave which have been accumulated and banked, nor shall average compensation include more than thirty-five days of accumulated and/or current vacation pay nor shall average compensation include more than one hundred and sixty (160) hours of accumulated compensatory time, but FAC shall include payment for overtime not related to compensatory time, and payments for shift differential, court time, holiday pay, call-in, longevity, cost of living allowance, uniform allowance, education incentive, and annual buy-back of sick leave. An employee, regardless of the method of pension calculation, shall receive all accumulated sick leave and vacation monies due and owing on retirement. An employee may at his/her option elect to leave prior to his/her normal retirement date by utilizing any accumulated vacation leave and/or compensatory time.
Sample 1
AutoNDA by SimpleDocs
Retirement Continued manner and to the same extent, as employee contributions made prior to the effective date of this provision. Pursuant to Section 414(h) of the United States Internal Revenue Code, these employee contributions so picked up shall not be included in total income for income tax purposes.
Sample 1
Retirement Continued. D) ANNUITY WITHDRAWAL A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. The member's pension shall be reduced by an amount, which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx Corporate and government master bond index, published monthly by Merrill, Lynch, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective with the fiscal year beginning July 1, 1995, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or reduced from each member's contribution account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. Effective July 1, 2015, the pension interest on member contributions shall be calculated at 3.5%.
Sample 1

Related to Retirement Continued

  • SICK LEAVE (Continued 15.8 Sick leave not to exceed forty (40) hours may be utilized by employees for the birth or adoption of the employee’s child or a child regularly residing in the employee’s immediate household. The leave must be consecutive and taken within six (6) months of the birth or adoption.

  • No Right of Continued Employment I acknowledge and agree that nothing contained herein shall be construed as granting me any right to continued employment by the Company, and the right of the Company to terminate my employment at any time and for any reason, with or without cause, is specifically reserved.

  • NO EXPECTATION OF CONTINUED EMPLOYMENT BEYOND TERM OF CONTRACT Neither this contract nor any Board Policy, rule or evaluation procedure shall confer upon the Employee continued employment beyond the term provided in this contract.

  • Continuing Employment Continuing employment means full-time or part-time employment which has no fixed end date or contingency upon which the employment contract will come to an end. All employment, other than fixed term employment and casual employment, is continuing employment.

  • TERMINATION OF EMPLOYMENT CONTRACT A. This Contract shall terminate, the Superintendent's employment will cease, and no compensation shall thereafter be paid, under any one of the following circumstances:

  • Continued Benefits For a twenty-four (24) month ------------------ period (or, if less, the number of months from the Date of Termination until the Executive would have reached age sixty-five (65)) after the Date of Termination (the "Benefits Period"), the Company shall provide the Executive with group term life insurance, health insurance and long-term disability insurance benefits ("Welfare Benefits") substantially similar in all respects to those which the Executive is receiving immediately prior to the Notice of Termination (without giving effect to any reduction in such benefits subsequent to a Change in Control which reduction constitutes or may constitute Good Reason). Benefits otherwise receivable by the Executive pursuant to this Section 2.6(B)(ii) shall be reduced to the extent substantially similar benefits are actually received by or made available to the Executive by any other employer during the same time period for which such benefits would be provided pursuant to this Section 2.6(B)(ii) at a cost to the Executive that is commensurate with the cost incurred by the Executive immediately prior to the Executive's Date of Termination (without giving effect to any increased costs paid by the Executive after the Change in Control which constituted or might have constituted Good Reason); provided, however, that if the Executive becomes employed by a new employer which maintains a medical plan that either (i) does not cover the Executive or a family member or dependent with respect to a preexisting condition which was covered under the applicable Company medical plan, or (ii) does not cover the Executive or a family member or dependent for a designated waiting period, the Executive's coverage under the applicable Company medical plan shall continue (but shall be limited in the event of noncoverage due to a preexisting condition, to such preexisting condition) until the earlier of the end of the applicable period of noncoverage under the new employer's plan or the end of the Benefits Period. The Executive agrees to report to the Company any coverage and benefits actually received by the Executive from such other employer(s). The Executive shall be entitled to elect to change his level of coverage and/or his choice of coverage options (such as the Executive only or family medical coverage) with respect to the Welfare Benefits to be provided by the Company to the Executive to the same extent that actively employed senior executives of the Company are permitted to make such changes; provided, however, that in the event of any such changes the Executive shall pay the amount of any cost increase that would actually be paid by an actively employed executive of the Company by reason of making the same change in his level of coverage or coverage options.

  • Continued Employment The Option granted hereunder shall confer no right on Optionee to continue in the employ of the Company or any Subsidiary, or limit in any respect the right of the Company or any Subsidiary (in the absence of a specific agreement to the contrary) to terminate Optionee's employment at any time.

  • Benefit Continuation You and your then eligible dependents shall continue to be covered by and participate in the group health and dental care plans (collectively, “Health Plans”) of the Company (at the Company’s cost) in which you participated, or were eligible to participate, immediately prior to the Date of Termination through the end of the Benefit Continuation Period; provided, however, that any medical or dental welfare benefit otherwise receivable by you hereunder shall be reduced to the extent that you become covered under a group health or dental care plan providing comparable medical and health benefits. You shall be eligible to participate in such Health Plans on terms that are at least as favorable as those in effect immediately prior to the Date of Termination. However, in the event that the terms of the Company’s Health Plans do not permit you to participate in those plans (other than pursuant to an election under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)), in lieu of your and your eligible dependent’s coverage and participation under the Company’s Health Plans, the Company shall pay to you within fifteen (15) calendar days after the effective date of the Waiver and Release a lump sum equal to two (2) times your monthly COBRA premium amount for the number of months remaining in the Benefit Continuation Period. In addition, for the purposes of coverage under COBRA, your COBRA event date will be the date of loss of coverage described in this paragraph above.

  • No Rights to Continued Employment Neither this Letter Agreement nor any of the rights or benefits evidenced hereby shall confer upon you any right to continuance of employment by the Company or interfere in any way with the right of the Company to terminate your employment, subject to the provisions of Section 4 above, for any reason, with or without Cause.

  • No Right of Continued Service Nothing in the Plan or this Agreement shall confer upon Participant any right to continued Service with the Company or any Affiliate.

Time is Money Join Law Insider Premium to draft better contracts faster.