Common use of Retirement Payment Clause in Contracts

Retirement Payment. Employees with 25 or more total years of service in the program, and who commenced working for LSNY prior to January 1, 1980, who give two months’ notice of intent to retire, shall be provided the equivalent of 7 percent of annual salary, or $4,000, whichever is greater, at date of termination.

Retirement Payment. Employees with 25 or more total years of service in the program, and who commenced working for LSNY prior to January 1, 1980, who give two months’ months notice of intent to retire, shall be provided the equivalent of 7 percent 7% of annual salary, or $4,0004000, whichever is greater, at date of termination.

Retirement Payment. Employees with 25 or more total years of service in the program, and who commenced working for LSNY prior to January 1, 1980, who give two months’ notice of intent to retire, shall be provided the equivalent of 7 percent 7% of annual salary, or $4,0004000, whichever is greater, at date of termination.