Benefits during Phased Retirement Program Sample Clauses

Benefits during Phased Retirement Program. 19.5.1 The Participant’s contributions to the pension plan will be based on his or her actual salary received in each year of the phased retirement. The Participant may assign a portion of their lump sum retirement supplement to their pension plan subject to CRA limits. The Employer will not provide matching funds. 19.5.2 Group benefit coverage will continue as though the Participant continued to be employed on a full-time appointment throughout the phased retirement program except as set out in this Article, with respect to life insurance, sick pay and Long Term Disability. Life insurance coverage (including Optional Life Insurance, if applicable, prior to TRD) shall be based upon; (a) the Participant's pre-program salary multiplied by the cumulative appointment and then divided by one (1), two (2) or three (3), or; (b) the Participant’s nominal salary in which case, the Member will pay the cost of additional premiums. The additional premiums will be paid in a lump sum from the Participant’s retirement supplement. 19.5.3 Long Term Disability benefits will be payable only up to the Participant's irrevocable retirement date, or, if earlier, the TRD, with such premiums and benefits being calculated based on the Participant’s nominal salary. A Participant who is eligible and qualifies for Long Term Disability Benefits during the phased retirement program may opt out of the program and retire instead of receiving Long Term Disability Benefits. Participants who are not eligible for Long Term Disability benefits but who meet the criteria for Long Term Disability during the phased retirement program may opt out of the program and retire.
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Benefits during Phased Retirement Program. 19.5.1 The Participant's contributions to the pension plan will be based on his or her actual salary received in each year of the phased retirement. 19.5.2 Group benefit coverage will continue as though the Participant continued to be employed on a full-time appointment throughout the phased retirement program except as set out in this Article with respect to life insurance, sick pay and Long Term Disability. Life insurance coverage (including Optional Life Insurance, if applicable, prior to TRD) shall be based upon the Participant's pre-program salary multiplied by the cumulative appointment and then divided by one (1), two (2) or three (3). 19.5.3 Long Term Disability benefits will be payable only up to the Participant's irrevocable retirement date, or, if earlier, the TRD, with such benefits being calculated as the lesser of seventy percent (70%) of the Participant’s one-hundred percent (100%) nominal salary immediately prior to the commencement of the phased retirement or one-hundred percent (100%) of the Participant’s actual salary. A Participant who is eligible and qualifies for Long Term Disability Benefits during the phased retirement program may opt out of the program and retire instead of receiving Long Term Disability Benefits. Participants who are not eligible for Long Term Disability benefits but who meet the criteria for Long Term Disability during the phased retirement program may opt out of the program and retire.
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Benefits during Phased Retirement Program. 19.5.1 The Participant's contributions to the pension plan will be based on his or her actual salary received in each year of the phased retirement. 19.5.2 Group benefit coverage will continue as though the Participant continued to be employed on a full-time appointment throughout the phased retirement program except as set out in this Article with respect to life insurance, sick pay and long term disability. Life insurance coverage (including Optional Life, if applicable, prior to TRD) shall be based upon the Participant's pre-program salary multiplied by the cumulative appointment and then divided by one, two or three. 19.5.3 Long term disability benefits will be payable only up to the Participant's irrevocable retirement date, or, if earlier, the TRD, with such benefits being calculated as the lesser of 70% of the employee's 100% nominal salary immediately prior to the commencement of the phased retirement or 100% of the employee's actual salary. A participant who is eligible and qualifies for Long Term Disability Benefits during the phased retirement program may opt out of the program and retire instead of receiving
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Related to Benefits during Phased Retirement Program

  • Death During Employment If the Executive dies during the term of employment and has not attained the age of seventy years, the Corporation and/or any third party insurance provided by the Corporation, through a coordination of benefits, shall pay the estate of the Executive a death benefit equal to two times the Executive's annual salary. In the event the Executive receives death benefits payable under any group life insurance policy issued to the Corporation, the Corporation's liability under this clause will be reduced by the amount of the death benefit paid under such policy. The Corporation shall pay any remaining death benefits to the estate of the Executive over the course of twelve (12) months in the same manner and under the same terms as the Executive would have been paid if he had still been working for the Corporation. No later than one (1) month from the date of death, the estate of the Executive will also be paid any accumulated vacation pay. Such payments pursuant to this paragraph shall constitute the full compensation of said Executive and he and his estate shall have no further claim for compensation by reason of his employment by the Corporation.

  • Public Employees Retirement System “PERS”) Members.

  • Death During Benefit Period If the Executive dies after the benefit payments have commenced under this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive's beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.