Full Time Retirement Benefits Sample Clauses

Full Time Retirement Benefits. The Health Centre will provide to all employees who retire and who have not yet reached age 65 and who are in receipt of the Health Centre’s pension plan benefits, semi-private, extended health care and dental benefits on the same basis as is provided to active employees except that the Employee shall be required to pay in advance 100% of the premiums required to maintain such coverage. A payment equal to three (3) months premium shall be paid by the Employee to the Employer three (3) months prior to this clause coming into effect. An additional payment equal to three (3) months premium shall be paid quarterly on the 1st day of March, June, September and December in each year commencing with the first such date subsequent to the Employee’s retirement and continuing until the last such date prior to the Employee’s 65th birthday. When the insurer’s final xxxx is received by the Employer any surplus monies shall be reimbursed to the Employee without interest. This clause shall cease to apply on the last day of the month in which the employee attains sixty-five (65) years of age or any time prior to that date if any payment shall be in default fifteen (15) days after the due date.
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Full Time Retirement Benefits the Health Centre will provide to all employees who retire on or after the date of ratification and who have not yet reached age 65 and who are in receipt of the Health Centre’s pension plan benefits, semi-private, extended health care and dental benefits on the same basis as is provided to active employees except that the Employee shall be required to pay in advance 100% of the premiums required to maintain such coverage. A payment equal to three (3) months premium shall be paid by the Employee to the Employer three (3) months prior to this clause coming into effect. An additional payment equal to three (3) months premium shall be paid quarterly on the 1st day of March, June, September and December in each year commencing with the first such date subsequent to the Employee’s retirement and continuing until the last such date prior to the Employee’s 65th birthday. When the insurer’s final xxxx is received by the Employer any surplus monies shall be reimbursed to the Employee without interest. This clause shall cease to apply on the last day of the month in which the employee attains sixty-five (65) years of age or any time prior to that date if any payment shall be in default fifteen (15) days after the due date.
Sample 1

Related to Full Time Retirement Benefits

  • 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.

  • 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.

  • 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. .

  • Vacation Pay on Retirement Termination is as follows:

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Lump Sum Compensation Lump sum computation refers to the method of payment under this Agreement for the professional services of the Consultant.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌

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