Service Benefit. Upon termination, if the Executive is entitled to this Service Benefit, Company will provide a severance to the Executive equivalent to: two (2) months plus one (1) month of the Executive’s Base Salary at the Termination Date for each of the Executive’s two Years of Service completed up to a maximum of (5) months. The following table states the number of months of Base Salary that the Executive will receive as a function of the Executive’s Years of Service. Years of Service Period < 2 years 2 months ≥2 years and < 4 years 3 months ≥ 4 years and < 6 years 4 months ≥ 6 years 5 months The Executive will be entitled to receive this payment regardless of whether or not he/she secures other employment during the time period that he/she is receiving this Service Benefit.
Service Benefit. Full- and part-time staff members with a minimum of ten years service with the Neshaminy School District shall be entitled to a severance benefit in an amount equal to their unused sick leave times $72.00 per day upon suspension (as defined in the School Code), resignation or retirement. In the event of a member’s death, the entitlement will be paid to the designated beneficiary. Only that portion of the unused sick leave accrued in the service of the Neshaminy School District may be used in this computation. No limit has been established as the number of sick days used in this computation.
Service Benefit. The School District shall, following the participant's retirement, make a non-elective contribution to a 403(b) annuity or custodial account selected by the participant in an amount equal to two percent (2%) of his/her scheduled salary or administrative contract salary as deemed below at the 1.0 FTE level during the Employee's final contract year multiplied by the Employee's number of years of creditable service with the School District up to a maximum benefit of Twenty-five Thousand Dollars ($25,000.00); such amount to be paid over three (3) fiscal years in six (6) equal installments, with one (1) such installment to be paid on or before September 30 of each such fiscal year and one (1) such installment to be paid on or before March 31 of each such fiscal year; with the first installment being payable on the September 30 immediately following the fiscal year of participant's retirement. For purposes of this paragraph the following definitions shall apply:
Service Benefit. Upon qualified separation from employment with the City, employees shall be paid the sum of the following in recognition of years of service to the City of Xxxxxx Island:
Service Benefit. When this contract expires (August 2016 or 2017), members of the bargaining unit who have five (5) years or more of service in District 129 shall receive an annual service benefit contribution based on their years of District 129 service to a single area designated by the member. A list of choices will be created and agreed upon by the Association and Administration for members to choose from. The list of choices and information about each choice will be posted on the Human Resources Portal by September 30 of the benefit’s first year of inception. Eligible members must have all necessary paperwork completed and submitted to Administration by December 1 of each school year. The service benefit contribution will be made to the member’s designated area on June 30 of each year. Eligible members that choose not to select a choice from the list of options in the given time frame will not receive a service benefit contribution for that year. The benefit will be paid according to the schedule in Appendix G.
Service Benefit. Upon termination as a Managerial Employee, if the Executive is entitled to the service benefit defined in this Section 14(b), Company will provide a severance to the Executive equivalent to 6 months Base Salary (“Service Benefit”), which will be paid in one (1) lump sum payment per Section 23 below. The Executive will be entitled to receive this payment regardless of whether or not he/she secures other employment during the time period that he/she is receiving this Service Benefit.
Service Benefit. The Company shall present long service award as follows:
