Xxxxxxxxx Pay Upon Retirement Sample Clauses

Xxxxxxxxx Pay Upon Retirement. Employees of the Xxxxxxx Xxxxx School District, upon retirement, shall be eligible for severance pay based upon unused sick leave credited to their account. The following language will be effective beginning with the 2004/2005 school year.
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Xxxxxxxxx Pay Upon Retirement. An employee, upon retirement at age 62 or older with a minimum of five years of continuous service, will be granted severance pay of $200. An employee, upon retirement at age 62 or older with a minimum of ten years of continuous service, will be granted severance pay of $300. An employee, upon retirement at age 62 or older with a minimum of fifteen years of continuous service, will be granted severance pay of $500.
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Xxxxxxxxx Pay Upon Retirement. For the purpose of this section, retirement is defined as service or disability retirement under the provisions of Ohio Revised Code Chapter 3309.
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Xxxxxxxxx Pay Upon Retirement. Upon retirement, an employee will be paid for one quarter (¼) of his/her days of sick leave for a maximum fifty (50) days. Example: If an employee has 120 days of unused sick leave upon retirement, 30 days would be paid. If an employee has 8 days of unused sick leave, 2 days would be paid. An employee must have not less than ten (10) years of service with Russia Local School to qualify for severance pay.
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Xxxxxxxxx Pay Upon Retirement. Teachers of the District may elect, at the time of their retirement from active service and with ten (10) or more years of service with the state, any political subdivisions, or any combination thereof, to be paid in cash for one-fourth (1/4) of the value of their unused accumulated sick leave earned in public service in Ohio. Only those teachers whose effective date of retirement with the State Teachers Retirement System is no later than ninety (90) calendar days after the last paid day of service with the District shall be eligible to be paid for such unused accumulated sick leave in the State of Ohio not to exceed one-fourth (1/4) of the two hundred (200) days. Under no circumstances shall the maximum payment exceed fifty (50) days. Such payment shall be based on the teacher's rate of pay at retirement. Payment for sick leave on this basis shall eliminate all unused accumulated sick leave credit in the State of Ohio by the teacher at that time. Thus, if an employee has received severance pay from another political subdivision of the State of Ohio, the employee is not eligible for additional severance pay by the Board, unless the teacher has an additional ten years' service since severance payment. Such payment shall be made no later than sixty (60) calendar days after the effective date of retirement with the State Teachers Retirement System, unless the teacher requests payment to be made at a later date. In the event of the death of a teacher, the executor of the estate may elect to have the estate paid for the value of the teacher's accrued, unused sick leave (maximum payment will not exceed 50 days) if the teacher had met the other requirements of this Section.
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Related to Xxxxxxxxx Pay Upon Retirement

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • 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.

  • Vacation Pay on Retirement Termination is as follows:

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement.

  • 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.

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Payment Upon Death When an employee dies, any and all accrued, unused vacation leave to his/her credit shall be paid to the surviving spouse. In the event that the employee has no surviving spouse, said unused vacation leave shall be paid to the employee's estate. Such payment shall be paid at the employee's hourly rate of pay at time of death in a lump sum (less applicable withholding), less any amounts owed by the employee to the City.

  • 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.

  • Salary Rate Upon Employment The hiring rate of pay for a new employee shall not be higher than the rate of pay for an existing employee in the same classification with similar work experience, training and education.

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