RETIREMENT OR SEPARATION Sample Clauses

RETIREMENT OR SEPARATION. Retirement will be in accordance with the Michigan Public School Retirement Act. Upon termination of employment of a bargaining unit employee with ten (10) years of seniority in this school district at the time of termination, three-quarters (3/4) of the accumulated sick leave days or $400, or $20 times years of service, whichever is greater, will be paid to the employee on a separation bonus. In the event of death before such termination, but after the minimum ten (10) year period, the employee's beneficiary is entitled to receive the bonus. Separation bonus days are paid on the basis of the daily pay rate.
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RETIREMENT OR SEPARATION. A. Upon retirement, each employee covered by this Agreement who has at least twenty-five
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RETIREMENT OR SEPARATION. A. Upon retirement or separation, an employee shall be compensated at his/her current rate of pay for accrued earned time up to forty-five days in a lump sum payment.
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RETIREMENT OR SEPARATION. A bargaining unit member who separates from the service for any reason shall be compensated for all accumulated sick leave credit up to a maximum of one thousand forty (1040) hours, at the bargaining unit member's rate of pay at the time of separation. A bargaining unit member may take this payment in a lump-sum or in biweekly installments until the amount of accumulated sick leave is exhausted or for a maximum of thirteen (13) pay periods. Bargaining unit members who quit without two (2) weeks’ notice or who are terminated for just cause shall not be eligible for this benefit.
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RETIREMENT OR SEPARATION. 1. Accumulated sick days will be paid to the employee on a fifty/fifty (50/50) basis at the employee's rate of pay at the time of separation or retirement from the Borough. Payments will be made by Borough check.
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RETIREMENT OR SEPARATION. 1. Any Bargaining Unit Member with more than one (1) year of continuous service who is discharged or separated from the service of the Department for any reason shall be paid for any unused and accrued PTO. Final compensation for PTO is the combined amount of deferred PTO hours and the number of current year PTO hours still unused. Compensation may not exceed 720 hours unless otherwise approved by the Chief of Police or the Board of Police Commissioners.
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Related to RETIREMENT OR SEPARATION

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

  • 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.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Retirement Severance (a) Upon qualification for benefits in accordance with the rules and regulations of the Michigan Public School Employees Retirement System the retiring bus driver shall be paid for all unused sick leave days at a rate that is 50% of the current rate based on the current bid route time. The retiree after 10 or more consecutive years of service will receive 75% of the above amount. Bus monitors who meet the MPSERS qualification shall be paid for all unused equivalent sick leave days at a rate of $15 per day. This will not apply to discharged employees.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Retirement Retirement" shall mean voluntary termination by the Executive in accordance with the Employers' retirement policies, including early retirement, generally applicable to their salaried employees.

  • 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.

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

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