Salary Benefit Sample Clauses

Salary Benefit. An amount, payable at the times and in the manner set forth in Section 6.3 below, equal to one (1) times Executive’s Annual Salary under this Employment Agreement as in effect as of the date of such Section 6 Termination.
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Salary Benefit. An eligible teacher who submits a timely letter of resignation (prior to March 1st) will be paid a salary increase in each of his/her last year(s) of service not to exceed five percent (5%) of the amount the previous year’s TRS creditable earnings. TRS creditable earnings is defined as all compensation paid to the teacher, including payment of extracurricular activities and stipends for a maximum of four (4) years prior to retirement if the teacher performs the identical extracurricular duties and stipend duties for each of the years. In the event the teacher does not perform identical duties, the pay increase will be limited to the previous year’s placement on the salary schedule up to 5% maximum. No new stipends, overloads or extra class periods (subbing) will be assigned to a teacher that would put them over the 6% from previous fiscal year’s earnings. Should the teacher revoke the retirement, and the Board of Education approves, the teacher will be responsible in reimbursing the district for all additional funds paid above the salary schedule that was part of the retirement program. The repayment would be done in a salary reduction in the next fiscal year of all funds that were paid as part of the retirement program, plus the teacher will be placed back on the salary schedule that they would have been placed on if they did not participate in the retirement program. Moreover, the teacher shall no longer be eligible to participate in the Retirement Program under this Section and will be subject to salary reduction for any fines, fees, taxes or penalties incurred by the District as a result of revoking the retirement.
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Salary Benefit. An eligible teacher who submits a timely letter of resignation (prior to March 1st) will be paid a salary increase in each of his/her last year(s) of service not to exceed five percent (5%) of the amount the previous year’s TRS creditable earnings. TRS creditable earnings is defined as all compensation paid to the teacher, including payment of extracurricular activities and stipends for a maximum of four (4) years prior to retirement if the teacher performs the identical extracurricular duties and stipend duties for each of the years. In the event the teacher does not perform identical duties, the pay increase will be limited to the previous year’s placement on the salary schedule up to 5% maximum. The district will be responsible for applying for exemptions under Public Law 94-1057. Therefore, exemptions identified in Public Law 94-1057 will not affect the calculation of the 5% salary benefit. Should the teacher revoke the retirement prior to the District hiring a replacement the teacher’s compensation shall be based on the salary schedule beginning with the school year immediately following revocation. In addition, the teacher shall receive a salary reduction equal to each year of participation in the retirement program. Moreover, the teacher shall no longer be eligible to participate in the Retirement Program under this Section and will be subject to salary reduction for any fines, fees, taxes or penalties incurred by the District as a result of revoking the retirement.
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Salary Benefit. The Company shall pay to Executive (or to the Executive's spouse or the Executive's estate in the event the Executive should die without a spouse) in a lump sum not later than 3o days after the effective date of the notice of termination for any reason other than the death, termination with cause or disability of the Executive an amount equal to 500 percent (500%) of the annual base salary of the Executive, determined according to Section 5(a) of this Agreement, that was in effect as of the effective date of the termination of the Executive's employment hereunder, plus the value of all of the Executive's accrued and unused vacation leave.
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Salary Benefit. The Company shall pay to Executive an amount equal to five (5) times the Base Salary in effect on the Date of Termination, such payment to be made as follows:
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Salary Benefit. The Company shall pay to Glusic an amount equal to one (1) times the Base Salary in effect on the Date of Termination, such payment to be made as follows:
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Related to Salary Benefit

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • 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.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Basic Salary (a) During the Employment the Company shall pay the Executive a Basic Salary of not less than £415,000 per annum. The Basic Salary shall accrue from day to day and be payable by credit transfer in equal monthly instalments in arrears on or around the 25th day of each calendar month or otherwise as arranged from time to time.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • ANNUITY BENEFIT Payments under an Annuity Benefit will be made monthly. You may elect instead to have the Annuity Benefit paid at other intervals, such as every three months, six months, or twelve months, instead of monthly, subject to our rules at the time of your election or as otherwise stated in the Data Pages or any Endorsement attached hereto. This election may be made at the time the Annuity Benefit form as described in Section 8.04 is elected. In that event, all references in this Contract to monthly payments, with respect to the Annuity Benefit to which the election applies, will be deemed to mean payments at the frequency elected.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

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