Retirement Payments Sample Clauses

Retirement Payments. The SFERS shall process and pay retirement claims in the following manner: BENEFIT PROCESSING TIME Initial monthly 60 days maximum retirement allowance 90% within 60 days Withdrawal of 6 weeks maximum contributions 85% paid in 30 days Death benefit 30 days maximum 90% paid within 30 days of filing appropriate papers 366. Represented employees agree to pay their own employee retirement contribution to SFERS. For employees who became members of SFERS prior to November 2, 1976 (Charter Section A8.509 Miscellaneous Plan), the City shall pick up one-half percent (0.5%) of the total employee retirement contribution.

Retirement Payments. Upon termination of Executive's employment due to Retirement, as provided herein, the Company will pay to the Executive the Net Retirement Benefit described below. Payment shall be made in monthly installments beginning the first day of the calendar month following termination of employment. "Retirement" shall mean the termination of Executive's employment at any time after the date hereof for any reason (other than the Company's termination of the Executive for Cause as defined herein), including termination because of a permanent disability, early retirement or after a Change in Control (as defined herein).

Retirement Payments. 374. The SFERS shall process and pay retirement claims in the following manner: BENEFIT PROCESSING TIME Initial monthly 60 days maximum retirement allowance 90% within 60 days Withdrawal of 6 weeks maximum contributions 85% paid in 30 days Death benefit 30 days maximum 90% paid within 30 days of filing appropriate papers 375. Effective July 1, 2006, represented employees agree to pay their own employee retirement contribution in an amount equal to seven and one-half percent (7.5%) of covered gross salary. For employees who became members of SFERS prior to November 2, 1976 (Charter Section A8.509 Miscellaneous Plan), the City shall pick up the remaining one-half percent (0.5%) of the total eight percent (8.0%) employee retirement contribution.

Retirement Payments. Upon retirement from service in the public schools of Indiana, teachers who are at least fifty (50) and have at least ten (10) years of corporation services are eligible for the sum of the following payments if they were hired and served under regular contract prior to May 1, 2001. 1. Payments for Sick Leave Accumulation 10 to 15 years of Corporation service $75 per day 15+ years of Corporation service $80 per day Sick leave shall accumulate without limit. 2. Payments for Service to the Corporation 10 to 15 years of corporation service $160.00 per year 15+years of corporation Service $165.00 per year 3. Payments made under Article V, Section 1 (A) shall be subject to an annual Bargaining Unit aggregate cap of $45,000 in any fiscal year. These payments will be paid on a "first-come, first-served" basis, being determined by the order received of letters of retirement to the Eastern ▇▇▇▇▇▇ Schools. However, $2,000 shall be paid each teacher who has provided a timely notice of intent to leave the Eastern ▇▇▇▇▇▇ Schools and will be included in the teacher's last contract as salary for retirement purposes. The $2,000 will be deposited into the teacher's 401(a) account already established with the corporation. The remaining payment will be paid into the teacher's 401 (a) account already established with the corporation if paid prior to the final paycheck. Payments beyond the aggregate cap shall be paid to the retiree no later than June 30 of the year following retirement. Those payments will be paid into a post- retirement 403(b) account.

Retirement Payments. A teacher who submits his/her irrevocable retirement letter during the term of this agreement according to the notification requirements above, shall be removed from the salary schedule and shall receive a salary increase in each of his/her four final years of employment from date of retirement notification of six percent (6%) above their prior year’s creditable earnings. In consideration of such salary increases, the teacher shall continue to perform such extra duties, and any additional extra duties performed by the teacher after submission of the retirement notice, as were included in calculating the teacher’s retirement payments unless the Superintendent approves the teacher’s discontinuation of the extra-duty for good cause shown and the teacher’s salary will be reduced accordingly.

Retirement Payments. On January 1, 2003, if this Agreement and the Executive's employment hereunder have not been terminated, the Executive shall be eligible to receive retirement payments (the "RETIREMENT PAYMENTS") upon certain terminations of this Agreement and the Executive's employment hereunder occurring on or after the Executive's 60th birthday (the "ELIGIBILITY Date"). On and after the Eligibility Date, if this Agreement and the Executive's employment hereunder are terminated pursuant to paragraphs 7(a)(i), 7(a)(ii)(C) or 7(a)(iv) (the "EMPLOYMENT TERMINATION DATE"), the Company shall pay the Retirement Payments to the Executive during each 12 month period after the Employment Termination Date until the 7th anniversary thereof. The Retirement Payments shall be in the following amounts: (A) for each 12 month period after the Employment Termination Date and ending on the 4th anniversary thereof, 50% of the Executive's base salary in effect immediately prior to the Employment Termination Date (the "BASE Rate"); and (B) for each 12 month period after the 4th anniversary of the Employment Termination Date and ending on the 7th anniversary thereof, 25% of the Base Rate. All such Retirement Payments shall be paid to the Executive in appropriate installments in accordance with the Company's usual and customary payroll practices for executive officers. The provisions of this paragraph 2(d) shall survive the termination of this Agreement pursuant to paragraphs 7(a)(i), 7(a)(ii)(C) or 7(a)(iv) hereof.

Retirement Payments. The Employer shall pay or provide to the Executive, promptly after the Release Agreement becomes effective, the severance benefits described in paragraphs (a) through (j) below, subject to paragraph (k) below: (a) The Employer shall allow the Executive to continue participation for himself and his eligible dependants under the Employer’s group health plan on the same terms as applicable to active employees at no expense to the Executive for a period equal to the lesser of (i) eighteen (18) months, or (ii) the period from the Retirement Date through the date the Executive first becomes eligible for coverage under any group health plan of another employer; and provided further that participation for any eligible dependent shall cease upon such dependent becoming eligible for coverage under any group plan of another employer. To the extent these payments are subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then such expenses must be incurred before the last day of the second taxable year following the taxable year in which the Retirement Date occurred, provided that any reimbursement for such expenses be paid before the Executive’s third taxable year following the taxable year in which the Retirement Date occurred. (b) Executive shall be entitled to participate in Employer’s retiree health plan at Employee’s expense after Employee’s coverage under Section 3(a) concludes. (c) The Employer shall continue to pay the Executive through December 31, 2009, the Executive’s Base Salary (as defined in the Employment Agreement) as of the Retirement Date, in accordance with the Employer’s generally applicable payroll policies. (d) The Employer shall pay the Executive a single lump sum amount equal to $91,884.00 in lieu of annual bonus for 2008, by the later of July 15, 2008, or five days following the date on which the Release Agreement becomes effective. (e) The Employer shall pay to the Executive, by the later of July 15, 2008, or five days following the date on which the Release Agreement becomes effective, or the next regular scheduled payroll, an amount equal to the sum of (i) the Executive’s Base Salary accrued through the Retirement Date, (ii) any amounts payable under any of the employee benefit plans of the Employer or F.N.B. Corporation in accordance with the terms of such plans, and (iii) in lieu of any accrued but unpaid vacation in accordance with the terms of the Employer’s vacation plan, an amount equal to $38,167.00. ...

Retirement Payments. On each Payroll Date during any Annual Cycle, the Company shall pay Employee an amount equal to (i) the annual amount set forth in Appendix A hereto for such Annual Cycle, divided by (ii) the number of scheduled Payroll Dates in such Annual Cycle.

Retirement Payments. Assuming the Waiver and Release has become binding (without revocation), the Company agrees to pay the Executive a lump sum payment of $499,374.87 (less applicable taxes) on November 30, 2007. This provision hereby modifies and supersedes Section 13 (d) of the Employment Agreement.