BENEFIT FUND IMPACT ON SALARY Clause Samples

BENEFIT FUND IMPACT ON SALARY. For salary calculations, the balance of the Employee Benefits Fund on May 1 of Year One shall be used to determine the base salaries for Year Two as set forth in Appendix B. The District shall communicate the balance of the Employee Benefits Fund to the Association on or before May 30 of the first year of this Agreement and the balance of the Employee Benefits Fund for purposes of this Agreement shall not include any loans into the Fund by the District or any amounts borrowed out of the Fund by the District, as described in Article II (Terms for Reopening).
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  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌ (a) Retire at age sixty-five (65) years; or (b) Retire after age sixty-five (65) years; or (c) Have completed at least ten (10) years continuous employment and retire after age fifty-five (55) years but before age sixty-five (65) years; (d) Employees who have completed at least ten (10) years continuous service with the Employer, whose age plus years of that service equal eighty (80); shall be granted retirement bonus on the basis of four (4) days per year of employment.

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