Common use of Lump Sum Payments Clause in Contracts

Lump Sum Payments. The retiring allowance shall be paid in annual instalments, to a maximum of three (3) instalments of one-third of annual salary, to be paid on agreed-upon dates acceptable to the faculty member and shall be based on scale salary* without allowances at the date of retirement (i.e. last day worked) in the following amounts: Full Years to Retirement Pay Out 1 20% of annual salary 2 40% of annual salary 3 60% of annual salary 4 80% of annual salary 5 100% of annual salary *This amount could be subject to change by virtue of a new or renewed Collective Agreement that provided a salary increase applicable on the last day worked.

Lump Sum Payments. The retiring allowance shall be paid in annual instalmentsinstallments, to a maximum of three (3) instalments installments of one-third of annual salary, to be paid on agreed-upon dates acceptable to the faculty member and shall be based on scale salary* without allowances at the date of retirement (i.e. last day worked) in the following amounts: ): Full Years to Retirement Pay Out 1 20% of annual salary 2 40% of annual salary 3 60% of annual salary 4 80% of annual salary 5 or more 100% of annual salary *This amount could be subject to change by virtue of a new or renewed Collective Agreement collective agreement that provided a salary increase applicable on the last day worked.