Retirement Pay definition

Retirement Pay when used in this Agreement refers to pay to a teacher upon retirement as provided for in this Agreement, and subject to all the restrictions and limitations contained in this Agreement.
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Retirement Pay means regular, recurring monthly annuity payments received based on conditions of federal
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Retirement Pay means the retirement pay to which a Participant is entitled to receive pursuant to Article 2 hereof.
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Examples of Retirement Pay in a sentence

  • If the teacher is receiving Retirement Pay after the date of retirement, the Board, upon request of the teacher, shall reduce the Retirement Pay by an amount equal to the health insurance premium times the number of years the teacher wishes to enroll in the health insurance plan.

  • All teachers employed before August 1, 1998 who made an irrevocable election before July 1, 1999 to participate in the 403(b) Matching Program (previously referred to as the 403(b) Program), rather than take Retirement Pay under Article VII of the Agreement, as it existed before the Effective Date.

  • Seventy percent (70%) of the total sum of the amount calculated by the FSC as the present value for the Retirement Pay and Severance Benefits shall then be contributed by the School Corporation to each individual teacher’s Section 401(a) Plan maintained by the Board.

  • The School Corporation shall contribute to a voluntary employees’ beneficiary association (“VEBA”), as described in section 501(c)(9) of the Internal Revenue Code, thirty percent (30%) of the total sum of the amount calculated by FSC as the present value for the Retirement Pay and Severance benefits for each individual teacher.

  • Since this Retirement Restructuring Program is a replacement for the benefits provided for in Article VII, Section 1(F) and Article IX, Retirement Pay Section 1 (year of service component of the Retirement Pay formula) and any right to retirement health insurance premiums, that contribution to eligible teachers will not vest until the teacher has a total of ten (10) years or more of service in the Metropolitan School District of Washington Township and reaches the age of fifty (50) years.

  • That portion of the lump sum one-time buy-out that has been calculated for the buy-out of a portion of the Retirement Pay will be deposited into a separate account for each eligible teacher in the 401(a) Retirement Savings Plan.

  • The anticipated amount of the Retirement Pay shall be calculated using the 2003-04 dollar amounts and the formula set forth in Article X of the Prior Agreement.

  • The total sum of the amount calculated by Educational Services Corporation as the present value for the Retirement Pay shall be contributed by the school corporation to the 401(a) plan by the 31st day of December, 2004.

  • The school corporation shall contribute to a voluntary employees’ beneficiary association (“VEBA”) as described in section 501(c)(9) of the Code, the amount representing the present value of the Retirement Pay as calculated for all employees under subsection C above.

  • Retirement Pay (For teachers hired before June 1st, 2001) Teachers employed by the Corporation prior to June 1, 2001 shall be eligible for retirement pay upon and subject to the following conditions and limitations: A teacher reaching age 55 or older who has twenty (20) or more years of service in the Corporation may elect to retire at the end of a designated school year.


More Definitions of Retirement Pay

Retirement Pay means the retirement pay to which a Participant who is entitled to receive pursuant to Article 2 hereof.
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Related to Retirement Pay

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in value in the aggregate as are payable thereunder prior to a Change in Control.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Bereavement Pay Benefits means the benefits as set out in Article II hereof.