Years. If the employee has ten (10) years but less than sixteen (16) years of continuous service with the Employer, the employee shall be entitled to a lump sum payment equal to seven (7) months pay at the rate of pay the employee was earning at the time the position became redundant or surplus.
Years. When a supervisor's name is placed on the Bargaining Unit Layoff List/Other Classifications, the supervisor shall indicate in writing the geographic location(s) for which he/she would accept recall. The supervisor may change his/her availability by notifying Minnesota Management & Budget in writing. The provisions of Sections 9 (B) and (C) shall not apply to supervisors on seasonal layoff.
Years. This option provides payments for the entire lifetime of the retired participant and guarantees that, should the Member die after his pension has commenced but before he/she has received one hundred and twenty (120) monthly payments thereof, the payments shall be continued to his Beneficiary until one hundred and twenty (120) monthly payments in all shall have been made. If the Beneficiary is the retired Member's estate, any remaining guaranteed monthly payments shall be commuted and paid in a lump sum to the estate.
Years. In the calendar year in which Company anticipates that an employee may attain ten years of Service and in any calendar year thereafter, an employee whose sick leave record qualifies the employee in accordance with the formula shown below shall, upon exhausting his/her accumulated and current sick leave, be allowed additional sick leave, if needed, not to exceed 160 hours in such calendar year. (Amended 1-1-91)
Years. If this is a Qualified Contract and you are married, the Annuity Option will be Joint and Survivor Life, with survivor payments of 50%, and your spouse will automatically be named as the secondary Annuitant. The Annuity Option may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date, to any other Annuity Option contained in this Contract or allowed by us. Unless otherwise specified or changed, we will make annuity payments based on our most frequent payment schedule that results in an initial annuity payment of at least $250. The payment frequency may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date. Subject to our minimum requirements, the Net Contract Value less any charges for premium taxes and/or other taxes will be converted to a variable annuity and applied to the Subaccounts in proportion to the Account Value in each Subaccount on the Annuity Date.
Years. The employee's grade and progression step shall be maintained and negotiated increases shall apply for sixteen (16) weeks from the surplus date regardless of placement. If the employee accepts a vacancy in a lower-rated classification his/her dollar rate shall be frozen at the end of sixteen (16) weeks for a period of three (3) months at which time a four percent (4%) reduction in rate will take place. Subsequent reductions of four percent (4%) will take place annually thereafter until the maximum rate for the lower-rated job is reached.