Accumulation Benefit Sample Clauses

Accumulation Benefit. Upon retirement, bargaining unit members who have not used the early retirement incentive and who have been members of the McBain Rural Agricultural school system for more than 20 years as a teacher will receive $325 for each year of service beyond 20 years.
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Accumulation Benefit. Upon retirement, bargaining unit members who have not used the early retirement incentive and who have been members of the ▇▇▇▇▇▇ Rural Agricultural school system and/or the Falmouth Elementary school system for more than 20 years will receive $325 for each year of service beyond 20 years.
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Accumulation Benefit. 1. An employee who retires under the Michigan Public School Employees Retirement System will be paid sixty-five percent (65%) of their accumulated sick days at the prevailing rate of pay. An employee who does not retire, but leaves the employ of the Board after ten (10) years of continuous service shall receive thirty-five percent (35%) of the accumulated sick days at the prevailing rate of pay. An employee who leaves the employ of the Board after five (5) years of continuous service shall receive twenty percent (20%) of accumulated sick days at the prevailing rate of pay. Any employee who voluntarily leaves the employ of the Board, and gives proper notification, with less than five (5) years of continuous service shall forfeit all accumulated sick days for deposit into the unit’s sick bank. 2. An employee with more than two (2) years of continuous service who is placed on layoff status shall have the option of receiving five (5) days pay (if available) at their current rate of pay, to be deducted from their accumulated sick leave. 3. The employee’s beneficiary shall receive the employee’s accumulation benefit, as if the employee retired on the date of death.
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Accumulation Benefit. On the Rider Maturity Date, if the Accumulation Benefit is greater than the Contract Value plus, if applicable, the amount of any loan outstanding plus accrued interest, then the Contract Value will be increased to equal the Accumulation Benefit. The excess amount of any such increase will be allocated to the money market Variable Sub-account. Prior to the Rider Maturity Date, the Accumulation Benefit will not be available as a Contract Value, Settlement Value, or Death Proceeds. Additionally, if this rider is terminated for any reason prior to the Rider Maturity Date, no Accumulation Benefit will be paid. After the Rider Maturity Date, this rider provides no additional benefit.
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Accumulation Benefit. Employees shall be allowed a year-end accumulation maximum of 500 unused sick leave hours, except those employees having more than 480 hours of sick leave accumulation on January 1, 1984, shall retain such accumulations for sick leave usage and termination consideration. Employees shall be compensated at a rate of one hour of pay for each three hours of unused sick leave in excess of the 500 hours, except those employees having more than 480 hours of sick leave accumulation on January 1, 1984, shall retain such accumulations for sick leave usage and termination consideration. Part-time employees will receive sick leave buyback on a pro-rata basis, based on their hours worked or shift schedule.
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Accumulation Benefit. 1. An employee who retires under the Michigan Public School Employees Retirement System will be paid sixty-eight (68%) percent of their accumulated sick days up to 90 days at their current rate of pay. Retirees would be required to receive payment via the Board designated provider in qualified 403(b) program. An employee who does not retire, but voluntarily resigns with a 10 working day notice after ten (10) years of continuous service shall receive thirty-five (35%) percent of the accumulated sick days up to 90 sick days at their current rate of pay. The payment is to be made to a the Board designated provider in a qualified 403(b). 2. Association members that accumulate days in excess of ninety (90) days or their frozen accumulation total above 90 days will have their excess days purchased by the Board at the rate of fifty (50%) percent of their current rate of pay and invested Board in a designated provider of a qualified 403(b) program.
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Related to Accumulation Benefit

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wi▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • 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

  • 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.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.