Credited Service With respect to each employee benefit plan, policy or practice, including severance, vacation and paid time-off plans, policies or practices, sponsored or maintained by Buyer or an Affiliate of Buyer, Buyer or such Affiliate shall recognize, for all Transferred U.S. Employees from and after the Closing Date, credit for all service with Seller, its Affiliates and their respective predecessors, prior to the Closing Date for all purposes (including eligibility to participate, vesting credit, eligibility to commence benefits, benefit accrual (other than under a defined benefit pension plan), early retirement subsidies and severance); provided, that no service credit shall be granted to the extent any duplication of benefits results.
Years of Service Bargaining unit employee leaving in good standing with at least twenty (20) years of service will receive upon separation twenty five percent (25%) of their unused accumulated sick leave up to a maximum of two hundred forty (240) hours, computed at the bargaining unit employee’s current rate of pay. Upon normal retirement (as defined by FRS or contract city) of a bargaining unit employee in good standing or upon the death of a bargaining unit employee in good standing with at least twenty (20) years of service, the bargaining unit employee will receive upon separation one hundred percent (100%) of their unused, accumulated sick time up to a maximum of nine hundred sixty (960) hours, computed at the bargaining unit employee’s current rate of pay.
Christmas or New Year's Day Off The Employer agrees to make every reasonable effort to ensure that employees required to work shift shall have at least Christmas Day or the following New Year's Day off.
End of Fiscal Years; Fiscal Quarters The Parent shall cause (i) each of its, and each of its Subsidiaries’, fiscal years to end on December 31 of each year and (ii) each of its and its Subsidiaries’ fiscal quarters to end on March 31, June 30, September 30 and December 31 of each year.
Years If the employee has more than one (1) year but less than three (3) years of continuous service with the Employer, a lump sum payment equal to two (2) months pay at the rate of pay the employee was earning at the time the position became redundant or surplus.
Annual Compensation The Executive’s “Annual Compensation” for purposes of determining severance payable under this Agreement shall be deemed to mean the sum of (i) the annual rate of Base Salary as of the Date of Termination, and (ii) the cash bonus, if any, earned by the Executive for the calendar year immediately preceding the year in which the Date of Termination occurs.
Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination and which was either (i) included in the Executive's gross income for tax purposes, including but not limited to Base Salary, bonuses and amounts taxable to the Executive under any qualified or non-qualified employee benefit plans of the Employers, or (ii) deferred at the election of the Executive.
Share Class Annual Compensation Rate Class R-1 1.00% Class R-2 0.75% Class R-2E 0.60% Class R-3 0.50% Class R-4 0.25% Class R-5 No compensation paid Class R-5E No compensation paid Class R-6 No compensation paid
Breaks in Service An employee’s seniority record shall be broken by voluntary resignation, discharge, reduction in force, or retirement. Should an employee laid off return to work within one year, the seniority will pick up from the date of return. Seniority rights will be forfeited if a continuous period of layoff exceeds one year. Should an employee leave his/her assignment in this bargaining unit for another position with the district, the seniority will be frozen. Should an employee return to this bargaining unit, seniority shall continue from the seniority level previously attained.
Benefit Level The primary care clinics available through each plan administrator are assigned a Benefit Level. The Benefit Levels are outlined in the benefit chart below. Primary care clinics may be in different Benefit Levels for different plan administrators. Family members may be enrolled in clinics that are in different Benefits Levels. Employees and their dependents may change to clinics in different Benefit Levels during the annual open enrollment. Employees and their dependents may also elect to move to a clinic in a different Benefit Level within the same plan administrator up to two (2) additional times during the plan year. Unless the individual has a referral from his/her primary care clinic, there are no benefits for services received from providers in Benefit Levels that are different from that of the primary care clinic in which the individual has enrolled.