Retirement or Death of the Bargaining Unit Member Sample Clauses

Retirement or Death of the Bargaining Unit Member. In the event of the Bargaining Unit Member terminating his/her employment with the Downingtown Area School District so as to qualify for retirement or social security benefits, under any provision of the Pennsylvania School Employee’s Retirement System, the District shall make payments as a non-elective employer contribution into a 403(b) tax-sheltered account, in accordance with the Internal Revenue Code Section 403(b)(3) for all of the Bargaining Unit Member’s unused sick leave and for up to forty (40) of the Bargaining Unit Member’s unused personal days according to the following schedule. However, upon the death of a member, the payments will be made to his/her beneficiary or estate. Payment Per Day of: Unused Sick Leave Unused Personal Days $45.00 $45.00 This account shall be established by the eligible Bargaining Unit Member consistent with the District’s 403(b) Plan that will establish the list of vendors available to District employees prior to the District’s contributions. These will be considered District non-elective contributions and will be subject to an amount up to and equal to the limits established by law for such accounts. Further, if the District’s contributions exceed the limits established for any plan year in the year of separation of service, the District shall contribute as a non-employer, non-elective contribution to one or more annuity contracts described in Code Section 403(b) an amount up to and equal to the established limits for such contributions and in subsequent years for a period of not more than five (5) years or until the benefit amount is exhausted. Failure of a Bargaining Unit Member to open a 403(b) account prior to his/her retirement date will result in forfeiture of funds due.
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Related to Retirement or Death of the Bargaining Unit Member

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • 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:

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Leave When Employment Terminates 31.7.1 Except as provided in sub-clause 31.7.3, when the employment of an employee is terminated for any reason, the employee or his estate shall, in lieu of earned but unused vacation leave, be paid an amount equal to the product obtained by multiplying the number of days of earned but unused vacation leave by the daily rate of pay applicable to the employee immediately prior to the termination of his employment.

  • On-Call Employment The Employer may fill a position with an on-call appointment where the work is intermittent in nature, is sporadic and it does not fit a particular pattern. The Employer may end on-call employment at any time by giving one (1) day’s notice to the employee.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

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