Retirement Package Sample Clauses
A Retirement Package clause outlines the benefits and compensation an employee is entitled to receive upon retirement from an organization. This typically includes details such as severance pay, pension arrangements, continued health insurance, or other post-employment benefits, and may specify eligibility criteria like years of service or age. The core function of this clause is to provide financial security and clarity for employees transitioning into retirement, while also helping employers manage workforce planning and obligations.
Retirement Package. Employees covered by the collective agreement, who meet the eligibility requirements set for all employees, may participate in any Vancity retirement package offered from time to time.
Retirement Package. Employees who can retire under the Montana Teachers Retirement System after reaching a total of 25 years of qualifying credit or have reached the age of 60, and who have taught in the District for at least 15 years, qualify for a retirement package. The qualified staff member as outlined above must provide evidence of the execution of TRS retirement during the year retired and notify the Board of Trustees by the April School Board meeting. This formula applies only to teachers employed during the 2020-2021 school year. The dollar amount shall be 40% times the base salary of the school year retired plus $100 times the number of sick leave days or .83 times the Base Salary whichever is greater. This shall be paid at the option of the District either during the last school year employed or shortly after July 1 of the first year of retirement. The staff member is not eligible for the sick leave payoff option incentive (Article 15, Section G) if Article 15 (H) is used by the retiree. Those staff employed during the 2005-06 school year would be grand-fathered under the Association Contract of 2005-06 for Article 15 (H) in regards to the required consecutive years. They would only need 10 consecutive years. Teachers initially employed as of the 2021-2022 school year and beyond who have taught in the district for at least 20 years, qualify for a retirement package at the following rates: the multipliers for the retirement package will be the dollar amount shall be 30% times the base salary of the school year retired plus $100 times the number of sick leave days or .70 times the Base Salary whichever is greater.
Retirement Package. Employees who can retire under the Montana Teachers Retirement System after reaching a total of 25 years of qualifying credit or have reached the age of 60, and who have taught in the District for at least 15 years, qualify for a retirement package. The qualified staff member as outlined above must provide evidence of the execution of TRS retirement during the year retired and notify the Board of Trustees by the April School Board meeting. The dollar amount shall be 40% times the base salary of the school year retired plus $100 times the number of sick leave days or .83 times the Base Salary whichever is greater. This shall be paid at the option of the District either during the last school year employed or shortly after July 1 of the first year of retirement. The staff member is not eligible for the sick leave payoff option incentive (Article 15, Section G) if Article 15 (H) is used by the retiree. Those staff employed during the 2005-06 school year would be grand-fathered under the Association Contract of 2005-06 for Article 15 (H) in regards to the required consecutive years. They would only need 10 consecutive years.
Retirement Package. In (i) recognition of Retiree’s service to the Company, (ii) full and complete payment for all services to be rendered hereunder during the Transition Services Period, and (iii) consideration of the enhanced restrictive covenants described in this Agreement, the Management Development and Compensation Committee of the Board of Directors has approved the following treatment for certain outstanding LTI awards previously granted to the Retiree (the “Consideration”), notwithstanding any contrary provisions in the applicable Company compensation plans:
Retirement Package. Any employee who is currently eligible for retirement with School Employees Retirement System (SERS), or becomes eligible shall be entitled to a retirement package in the amounts as listed in Option B if the employee chooses this option at retirement.
Retirement Package. An employee who has completed twenty-eight (28) years of service or more will receive a retirement allowance of seven (7) weeks paid off in the last pay period of the employee.
Retirement Package. In exchange for Employee's continued employment through the dates set forth below, Employer agrees to vest Employee's unvested incentive stock options and unvested restricted stock units (the "Retirement Package") as follows:
i. Employer and Employee agree that all of Employee's unvested incentive stock options and unvested restricted stock units with ten-year vesting periods shall be deemed vested on June 30, 2025, subject to Employee's continued employment with the Employer through June 30, 2025, with such restricted stock units settled no later than ten days thereafter.
ii. Employer and Employee agree that all of Employee's unvested incentive stock options (if any) and unvested restricted stock units with four- or five-year vesting periods shall be deemed vested on the earlier of the scheduled vesting date or April 1, 2026, subject to Employee's continued employment with the Employer through such dates, with such restricted stock units settled no later than ten days thereafter.
Retirement Package. The Company agrees to provide you with the following payments and benefits (“Retirement Package”) to which you are not otherwise entitled. You acknowledge and agree that this Retirement Package constitutes adequate legal consideration for the promises and representations made by you in this Retirement Agreement.
Retirement Package. 1. Employees working twenty (20) years for the District and have reached age 60, or who have worked for the District thirty (30) years and have reached age 55, shall be eligible to receive health benefit coverage until age 65, or until eligible for Medicare.
2. Employees not meeting the requirements above and are not eligible for the Golden Handshake, may elect to use the dollar cost of the Golden Handshake and apply it towards the cost of fringe benefits.
Retirement Package. In (i) recognition of Retiree’s service to the Company, (ii) full and complete payment for all services to be rendered hereunder during the Transition Services Period, and (iii) consideration of the enhanced restrictive covenants described this Agreement, the Management Development and Compensation Committee of the Board of Directors has approved the following treatment for certain outstanding LTI awards previously granted to the Retiree (the “Consideration”), notwithstanding any contrary provisions in the applicable Company compensation plans: The Retiree will retain the right to continued vesting in both time and performance based restricted stock units originally granted to him on July 25, 2014, July 29, 2016 and February 27, 2018, subject to any applicable Company performance conditions, with no change to the vesting dates set forth in the original grant agreements.