Common use of Lump Sum Amount Clause in Contracts

Lump Sum Amount. (a) If the designated employee chooses a lump sum amount, the University will pay a lump sum amount and/or remit a portion of the severance pay to an RRSP or similar remittance to the extent the RRSP or similar remittance is allowed by law. (b) Where severance pay is paid in a lump sum to a designated employee, the designated employee shall be terminated as of the end date of the designated employee's notice of position discontinuance period, and the employee's employment, seniority, benefit coverage, and pension coverage also shall terminate as of that end date. (c) Severance Pay and Return to Work - A designated employee, who accepts severance pay in a lump sum from the University, is laid-off, and subsequently returns to work at the University in a continuing or sessional position within the time period equivalent to the amount of severance pay received, shall be indebted to and pay back the University for the number of working days of severance pay received less the number of working days since his/her date of lay off from the University. In addition, his/her pre-lay off seniority also shall be restored.

Lump Sum Amount. (a) If the designated employee chooses a lump sum amount, the University will pay a lump sum amount and/or remit a portion of the severance pay to an RRSP or similar remittance to the extent the RRSP or similar remittance is allowed by law. (b) Where severance pay is paid in a lump sum to a designated employee, the designated employee shall be terminated as of the end date of the designated employee's notice of position discontinuance period, and the employee's employment, seniority, benefit coverage, and pension coverage also shall terminate as of that end date. (c) Severance Pay and Return to Work - A designated employee, who accepts severance pay in a lump sum from the University, is laid-off, and subsequently returns to work at the University in a continuing or sessional position within the time period equivalent to the amount of severance pay received, shall be indebted to and pay back the University for the number of working days of severance pay received less the number of working days since his/her her/their date of lay off from the University. In addition, his/her the employee’s pre-lay off seniority also shall be restored.