Common use of Retirement Payment Clause in Contracts

Retirement Payment. Employees with 25 or more total years of service in the program, who give two months’ notice of intent to retire, shall be provided the equivalent of 16% of annual salary, or $16,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

Retirement Payment. Employees with 25 or more total years of service in the program, who give two months’ notice of intent to retire, shall be provided the equivalent of 168% of annual salary, or $16,0008,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

Retirement Payment. Employees with 25 or more total years of service in the program, and who commenced working for the Employer or its predecessor prior to January 1, 1980, who give two (2) months’ notice of intent to retire, shall be provided the equivalent of 167% of annual salary, or $16,0004,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

Retirement Payment. Employees with 25 or more total years of service in the program, and who commenced working for Employer or its predecessor prior to January 1, 1980, who give two (2) months’ notice of intent to retire, shall be provided the equivalent of 167% of annual salary, or $16,0004,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

Retirement Payment. Employees with 25 or more total years of service in the program, who give two months’ notice of intent to retire, shall be provided the equivalent of 8% 16% of annual salary, or $8,000 $16,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.