Service Benefit Sample Clauses

Service Benefit. Upon termination as a Managerial Employee, if the Executive is entitled to this Service Benefit, Company will provide a severance to the Executive equivalent to a minimum of two (2) months plus additionally one (1) month of the Executive’s Base Salary at the Employment Termination Date for each of the Executive’s two Years of Service completed up to a maximum of (5) months. The following table states the number of months of Base Salary that the Executive will receive as a function of the Executive’s Years of Service. Years of Service Period < 2 years 2 months ≥ 2 years and < 4 years 3 months ≥ 4 years and < 6 years 4 months ≥ 6 years 5 months The Executive will be entitled to receive this payment regardless of whether or not he/she secures other employment during the time period that he/she is receiving this Service Benefit.
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Service Benefit. Administrators with a minimum of ten years of service in the Neshaminy School District shall be entitled to a severance benefit in an amount equal to their unused sick leave times $75.00 per day, with notice of resignation or retirement no less than four months prior to his/her last day of work for the Neshaminy School District. In the event of the Administrator’s death, the entitlement shall be paid to the designated beneficiary. Only that portion of the unused sick leave accrued in the service of the Neshaminy School District may be used in this computation. No limit has been established as to the number of sick days used in the computation.
Service Benefit. The School District shall, following the participant's retirement, make a non-elective contribution to a 403(b) annuity or custodial account selected by the participant in an amount equal to two percent (2%) of his/her scheduled salary or administrative contract salary as deemed below at the 1.0 FTE level during the Employee's final contract year multiplied by the Employee's number of years of creditable service with the School District up to a maximum benefit of Twenty-five Thousand Dollars ($25,000.00); such amount to be paid over three (3) fiscal years in six (6) equal installments, with one (1) such installment to be paid on or before September 30 of each such fiscal year and one (1) such installment to be paid on or before March 31 of each such fiscal year; with the first installment being payable on the September 30 immediately following the fiscal year of participant's retirement. For purposes of this paragraph the following definitions shall apply:
Service Benefit. The Company shall present long service award as follows:
Service Benefit. When this contract expires (August 2016 or 2017), members of the bargaining unit who have five (5) years or more of service in District 129 shall receive an annual service benefit contribution based on their years of District 129 service to a single area designated by the member. A list of choices will be created and agreed upon by the Association and Administration for members to choose from. The list of choices and information about each choice will be posted on the Human Resources Portal by September 30 of the benefit’s first year of inception. Eligible members must have all necessary paperwork completed and submitted to Administration by December 1 of each school year. The service benefit contribution will be made to the member’s designated area on June 30 of each year. Eligible members that choose not to select a choice from the list of options in the given time frame will not receive a service benefit contribution for that year. The benefit will be paid according to the schedule in Appendix G.
Service Benefit. Upon qualified separation from employment with the City, employees shall be paid the sum of the following in recognition of years of service to the City of Xxxxxx Island:

Related to Service Benefit

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Severance Benefit If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

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