Longevity Compensation Policy Clause Samples

Longevity Compensation Policy. The Macomb Intermediate School District Board of Education hereby established a policy of payment of additional compensation to those employees having a record of long continued employment and service with the MISD as recognition of the value of experience gained by such length of service and to encourage same. All employees included in the bargaining unit shall be included in said policy. A. Basis of longevity compensation is as follows: 1. Eligibility of an employee shall initially commence when such employee shall have completed five (5) full years continuous employment on or before October 31st of any year. 2. Credit shall be given retroactively for continuous employment years of service by MISD employees’ existent as of the effective date of this longevity policy. 3. Continuous employment for the purposes of this policy shall not be considered as interrupted when absences arise as paid vacations, sick leave or leave of absence authorized by the Employer provided such leave of absence periods shall not be considered in the computations of years of service for longevity compensation. 4. Employee longevity shall be paid as per the following schedule provided such employee qualifies as to length of service as per item 1. 5. After having met the initial time requirements to be eligible for longevity pay, either full or half longevity payments will be paid in accordance with the following: To receive a full longevity payment, an employee must have been physically on the job a minimum of ninety (90) days during the eligible longevity period. To receive one-half longevity payment, an employee must have been physically on the job a minimum of forty-five (45) days during the eligible longevity period. Step Continuous years service on or before October 31st of each year Amount
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Longevity Compensation Policy. The Macomb Intermediate School District Board of Education hereby establishes a policy of payment of additional compensation to those employees having a record of long continued employment. A. Basis of longevity compensation is as follows: 1. Eligibility of an employee shall initially commence when such employee shall have completed five (5) full years continuous employment by his/her fifth anniversary date. 2. Continuous employment will not be interrupted except for discharge, resignation or other termination. 3. Unpaid leaves such as Parental Leave, Educational Leave, etc. shall not count towards the five full years. 4. No employee shall be eligible to receive any longevity payment for any eligibility year during which the employee was not physically on the job at least 90 working days. 5. Employee longevity shall be paid as per the following schedule, provided such employee qualifies as to length of service. 1 5 thru 9 $650 $750 2 10 thru 14 $850 $950 3 15 thru 19 $1050 $1200 4 20 thru 24 $1250 $1350 5 25 thru 29 $1450 $1600 6 30 and over $1650 $2000 6. It is understood that in the event of an employee’s death, longevity payment under the Longevity Compensation Policy (Article IV, Section 8) is payable to estate/beneficiary. B. Longevity compensation shall be a separate and distinct annual payment to those eligible employees but shall be considered a part of the regular compensation and as such, subject to withholding tax, social security, retirement deductions and all other deductions required by federal and state law and the regulations and ordinances of the County of Macomb. C. Payments to employees eligible on April 30th of any year shall be paid no later than June 10th following. The annual period covered in computation of longevity shall be from May 1st of each year through and including April 30th of the following year. D. Payments to employees eligible on October 31st of any year shall be paid no later than December 10th following. The annual period covered in computation of longevity shall be from November 1st of each year through and including October 31st of the following year. E. This section shall apply only to bargaining unit members who terminate employment by retirement directly into the Michigan Public School Employees Retirement System (MPSERS). In such cases, and only in such cases, eligibility for the final longevity payment will be prorated based on the first full month after the anniversary date through the last full month worked. ...
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Longevity Compensation Policy. A. Employee must be physically on the job to receive longevity; however it is not necessary for the employee to be continuously working in order to be eligible for anniversary credit. Employees will be paid according to the schedule in the appendix. B. The employee will receive longevity payment in full if his/her anniversary (hire) date falls between July 1st through September 30th and if the employee notifies the Human Resources Department of his/her intent to retire onto the Michigan Public School Employees Retirement System by May 1st. In all other cases, if the employee terminates employment with the District prior to his/her anniversary date, longevity payment will be prorated.
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Longevity Compensation Policy. The Macomb Intermediate School District Board of Education hereby establishes a policy of payment of additional compensation to those employees having a record of long continued employment and service with the MISD as recognition of the value of experience gained by such length of service and to encourage same. All employees included in this bargaining unit shall be included in said policy.
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Longevity Compensation Policy. The Macomb Intermediate School District Board of Education hereby establishes a policy of payment of additional compensation to those employees having a record of long continued employment and service with the MISD as recognition of the value of experience gained by such length of service and to encourage same. All employees included in this bargaining unit shall be included in said policy. A. Employee longevity shall be paid as per the following schedule, provided such employee qualifies as to length of service as per item 1: 1. Employees hired after 7/1/11 will not be eligible for Longevity Compensation. 2. Eligibility of an employee shall initially commence when such employee shall have completed five (5) full years continuous employment on or before October 31st of any year.
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Related to Longevity Compensation Policy

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Equity Compensation All unvested equity awards, including, but not limited to, stock options, stock appreciation rights and restricted stock awards held by Employee on the Date of Termination shall be deemed vested and exercisable on such Date of Termination as if Employee had been employed for an additional six (6) months following the Date of Termination. Notwithstanding the foregoing, if any option, right or award would, as a result of such accelerated vesting and exercisability no longer qualify for exemption under Section 16 of the Exchange Act, then the deemed acceleration of the vesting of such option, right or award shall apply but such option, right or award shall not become exercisable until the earliest date on which it could become exercisable and also qualify for exemption from Section 16 of the Exchange Act, unless Employee instead timely elects to receive a single lump sum cash payment equal to the value of such option, right or award, in lieu of the equity interest that Employee would otherwise receive but for the lack of an exemption under Section 16 of the Exchange Act. Any repurchase rights held by the Company on stock owned or options exercised by Employee shall be canceled on the Date of Termination. To the extent the acceleration of vesting and exercisability described in this Section 4(b)(ii) does not otherwise violate the requirements of Section 409A of the Code, this Agreement shall serve as an amendment to all of Employee’s outstanding stock options, restricted stock awards, repurchase rights, and stock appreciation rights as of the Date of Termination.

  • Incentive Compensation Plan In addition to receipt of Basic Compensation under the Employment Agreement, you shall participate in the Incentive Compensation Plan for Executive Officers of the Company (the “Compensation Plan”) and shall be eligible to receive incentive compensation under the Compensation Plan as may be awarded in accordance with its terms.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Metropolitan or its Subsidiaries, or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, and (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.