Salary Continuation Pay definition

Salary Continuation Pay means compensation paid to a Local 34 Staff Member, C&T Non-Union Staff Member, or Local 502 Staff Member that is designated as salary continuation pay for purposes of the Plan under the payroll records maintained by the University and paid to a Participant following his or her Severance Date; provided, that Salary Continuation Pay shall not include (i) Salary Continuation Pay paid during any pay period not included within Participant’s Limitation Year (as defined in Section 5.1(b)(iv)) which contains his or her Severance Date and the next five Limitation Years or (ii) Salary Continuation Pay when added to Basic Compensation paid previously during the Plan Year that is in excess of the compensation limit of Code Section 401(a)(17) as adjusted annually by the Secretary of the Treasury for cost of living increases under Code Section 401(a)(17)(B). For the purpose of clause (ii), the compensation limit in effect for the calendar year in which the Plan Year begins shall be the compensation limit for that Plan Year.
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Salary Continuation Pay means, in the case of a Participant who is an Eligible Employee on his or her Severance Date, amounts designated as salary continuation pay under the payroll records maintained by the University and paid to a Participant following his or her Severance Date.
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Salary Continuation Pay means compensation paid to a Local 34 Staff Member, Local 502 Staff Member, or C&T Non-Union Staff Member (as each is described in the Eligible Employee Section) after termination of employment that is designated as salary continuation pay for purposes of the Plan under the payroll records maintained by the University.
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Examples of Salary Continuation Pay in a sentence

  • A Participant who is an Eligible Employee on his or her Severance Date shall be credited with 1/260th of a Benefit Year for each day he or she receives Salary Continuation Pay.

  • For purposes of this paragraph (i), a Participant’s Final Earnings shall take into account Salary Continuation Pay and a Participant’s classification as a non-exempt, exempt employee, or Casual Employee shall be determined by the payroll or personnel records maintained by the Employer which shall be binding and conclusive for all purposes of the Plan.

  • Hourly base earnings or base salary shall include Salary Continuation Pay and the thirty–six (36) month period and last sixty (60) months of an Employee’s employment with the Employershall include the period during which a Participant is receiving Salary Continuation Pay.

  • As such, WFIS is a “Participating Employer” in the Wells Fargo & Company Salary Continuation Pay Plan (the “Plan”).

  • In the occasion, the rele- vant question put before it, relating to Article 3(g), was the involvement of the United States in the paramilitary activities carried out by the contras on the territory of Nicaragua and the legal consequences derived thereof.

  • A Participation Election shall terminate on the earlier of: (i) a Participant’s Severance Date or, if later, the date on which his or her Salary Continuation Pay ends or (ii) on the date a Participant becomes an Employee who is not an Eligible Employee.

  • This is effective eighth day of absence; employee is not using supplemental leave.• WC Salary Continuation Pay – employee is placed on Workers’ Compensation leave with Salary Continuation pay for up to two (2) years from date employee is unable to work either a partial or full day.

  • In the case of a Participant who is a Local 34 Staff Member, Security Officer, or C&T Non-Union Staff Member as determined on his or her Severance Date, University Salary Continuation Contributions shall be made for each pay period during which he or she is receiving Salary Continuation Pay.

  • A Separation from Service has occurred on the first day of your salary continuation leave taken under the Company’s Salary Continuation Pay Plan.

  • A Participation Election terminates on the earlier of: (1) a Participant’s Severance Date or, if later, the date on which the Salary Continuation Pay ends or (2) the date a Participant becomes an Employee who is not an Eligible Employee.

Related to Salary Continuation Pay

  • Benefit Continuation Period shall have the meaning set forth in Section 5(b).

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

  • COBRA Continuation Period means the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and generally shall continue for an 18 month period.

  • COBRA continuation provision means any of the following:

  • Leave Salary means the monthly amount paid by the University to an employee who is on leave.

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Termination Benefit means the benefit set forth in Article 7.

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • COBRA Continuation Coverage means the health care benefit continuation coverage mandated by the Consolidated Omnibus Budget Reconciliation Act and similar provisions of state law.

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Benefit Period means the period of time from the date of the Accident causing the Injury for which benefits are payable, as shown in the Schedule of Benefits, and the date after which no further benefits will be paid.

  • Severance Amount means:

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Salary as defined in Section 3.1(a).

  • superannuation benefits means pensions, gratuities and other allowances payable on resignation, retirement or death;

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Normal salary means the salary that would be paid to a participating employee if that person was not participating in a Plan and includes salary expressed as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate. It includes all allowances that are paid as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate but not overtime payments and shift work penalty rates unless they are paid as a component of an annualised rate.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Cash Compensation means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer, intermediary, or directly from the consumer.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.