SPECIAL DEATH OR RETIREMENT BENEFIT Sample Clauses

SPECIAL DEATH OR RETIREMENT BENEFIT. 20.01 Any employee retiring or receiving disability benefits pursuant to the qualifications of the South Dakota Retirement System, or who dies while in employment of the City, shall be entitled to a special benefit as hereinafter provided.
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SPECIAL DEATH OR RETIREMENT BENEFIT. Any employee retiring pursuant to any of the City’s retirement or disability plans, or who dies while in employment of the City, shall be entitled to a special benefit as hereinafter provided for. The benefit shall equal fifty percent (50%) of all accumulated hours of sick leave in excess of 960 (1440 for 56 hours) hours, provided that the maximum benefit payable shall not exceed twenty-five percent (25%) of the employee’s last twelve month’s earning with the City. Payable upon retirement or disability, it shall be paid solely in the name of the employee. If payable due to death, said benefit shall be payable according to the same beneficiaries as provided for by the employee under his designation for the Retirement System. The rate of pay shall be at the rate of pay at the time of retirement, death or disability. The twenty-five percent (25%) above shall be increased as follows: at 52 years old 26% at 53 years old 29% at 54 years old 32% at 55 years old 35% at 56 years old 38% at 57 years old 42% at 58 years old 45% at 59 years old 48% at 60 years old+ 50%
Sample 1
SPECIAL DEATH OR RETIREMENT BENEFIT. Any employee retiring pursuant to any of the City’s retirement or disability plans, or who dies while in employment of the City, shall be entitled to a special benefit as hereinafter provided for. The maximum benefit shall equal fifty percent (50%) of all accumulated hours of sick leave in excess of 960 (1440 for 56 hours) hours, provided that the maximum benefit payable shall not exceed twenty-five percent (25%) of the employee’s last twelve month’s earning with the City. Payable upon retirement or disability, it shall be paid solely in the name of the employee. If payable due to death, said benefit shall be payable according to the same beneficiaries as provided for by the employee under his designation for the Retirement System. The rate of pay shall be at the rate of pay at the time of retirement, death or disability. The twenty-five percent (25%) above shall be increased as follows: at 52 years old 26% at 53 years old 29% at 54 years old 32% at 55 years old 35% at 56 years old 38% at 57 years old 42% at 58 years old 45% at 59 years old 48% at 60 years old+ 50% ARTICLE EIGHTEEN SPECIAL PAY PLAN FOR RETIREMENT PAYOUT OF ANNUAL LEAVE AND SICK LEAVE The City of Rapid City participates in a Retirement Special Pay Plan, which provides a tax advantage and Social Security advantage when employees terminate their employment. The administration and participation in the Pay Plan shall be in accordance with South Dakota Codified Law.
Sample 1

Related to SPECIAL DEATH OR RETIREMENT BENEFIT

  • 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.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • 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.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Death or Disability The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • Resignation or Retirement You may terminate the Term of Employment for any reason, including, without limitation, your retirement, at any time on sixty (60) days’ prior written notice to the Company. In such event, the Company’s only obligation to you will be payment of the Termination Entitlement. In any instance in which you provide written notice of your termination of the Term of Employment to the Company, the Company may elect to terminate your employment immediately, in which case the Company’s only obligation to you will be payment of the Termination Entitlement, treating the last day of the notice period as the date of termination solely for purposes of calculating the Termination Entitlement. In no event will the Company’s early termination of your employment pursuant to the preceding sentence be considered a termination of the Term of Employment by the Company under Section 5.4 and in no event shall the Company’s early termination of you pursuant to the preceding sentence require the Company to provide the Termination Entitlement for any greater period than the period beginning on the date your written notice of termination is received by the Company and ending sixty (60) days thereafter.

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