RETIREMENT OR SEPARATION Clause Samples

RETIREMENT OR SEPARATION. Retirement will be in accordance with the Michigan Public School Retirement Act. Upon termination of employment of a bargaining unit employee with ten (10) years of seniority in this school district at the time of termination, three-quarters (3/4) of the accumulated sick leave days or $400, or $20 times years of service, whichever is greater, will be paid to the employee on a separation bonus. In the event of death before such termination, but after the minimum ten (10) year period, the employee's beneficiary is entitled to receive the bonus. Separation bonus days are paid on the basis of the daily pay rate.
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RETIREMENT OR SEPARATION. A. Upon retirement, each employee covered by this Agreement who has at least twenty-five
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RETIREMENT OR SEPARATION. A. Upon retirement or separation, an employee shall be compensated at his/her current rate of pay for accrued earned time up to forty-five days in a lump sum payment. B. The Town agrees that it shall pay to the employee upon his or her voluntary separation or retirement forty-four dollars and forty five cents ($44.45) for each 7 ½ (or 8) hours of accumulated unused long term illness account (LTIA) time remaining in the account of said employee for fifty (50) percent of the total hours of said accumulated LTIA up to a maximum payment of $4,000. In order to be eligible for this benefit said employee must have been employed by the Town of Plymouth for ten (10) years or more. C. Upon the death of an employee, the same benefits will be paid to the employee’s estate.
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RETIREMENT OR SEPARATION. 1. Any Bargaining Unit Member with more than one (1) year of continuous service who is discharged or separated from the service of the Department for any reason shall be paid for any unused and accrued PTO. Final compensation for PTO is the combined amount of deferred PTO hours and the number of current year PTO hours still unused. Compensation may not exceed 720 hours unless otherwise approved by the Chief of Police or the Board of Police Commissioners.
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RETIREMENT OR SEPARATION. A bargaining unit member who separates from the service for any reason shall be compensated for all accumulated sick leave credit up to a maximum of one thousand forty (1040) hours, at the bargaining unit member's rate of pay at the time of separation. A bargaining unit member may take this payment in a lump-sum or in biweekly installments until the amount of accumulated sick leave is exhausted or for a maximum of thirteen (13) pay periods.
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RETIREMENT OR SEPARATION. 1. Accumulated sick days will be paid to the employee on a fifty/fifty (50/50) basis at the employee's rate of pay at the time of separation or retirement from the Borough. Payments will be made by Borough check. 2. At the employee's discretion, payment at the current rate of pay shall be given by the Borough to the employee on a fifty/fifty (50/50) basis for any sick days accumulated by the employee. The employee must accumulate fifteen (15) sick days before selling any back. 3. At the employee's discretion, sick time accumulated up to the time of retirement may be converted into vacation time and used for early retirement on a one (1) for one (1) basis. 4. The amount of accumulated sick time shall be capped at 110 days. ,
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Related to RETIREMENT OR SEPARATION

  • Termination of Employment or Service (a) Subject to the provisions of this Section 5, if the Participant’s employment with or service to the Company Group terminates for any reason, the unvested RSUs shall terminate as of the effective date of termination (the “Termination Date”), and all of the Participant’s rights hereunder with respect to such unvested RSUs shall cease as of the Termination Date (unless otherwise provided for by the Committee in accordance with the Plan). (b) If the Participant’s employment or service is terminated by the Service Recipient during the Performance Period due to or during the Participant’s Disability or due to the Participant’s death, a pro-rated number of the target number of RSUs granted hereunder shall become vested and nonforfeitable (irrespective of performance) based on the number of days in the Performance Period prior to the Termination Date relative to the number of the days in the full Performance Period. Any RSUs that vest as provided herein shall be settled in accordance with Section 4. (c) In the event the Participant’s employment with or service to the Company Group is terminated as a result of the Participant’s Retirement, the RSUs granted hereunder shall remain outstanding and eligible to vest, notwithstanding such termination of employment or service, based on (and to the extent) the Committee’s determination that the Performance Conditions have been satisfied on the Determination Date, in accordance with the schedule set forth in the Award Notice, so long as no Restrictive Covenant Violation occurs (as determined by the Committee, or its designee, in its sole discretion) prior to the Determination Date. Any RSUs that vest as provided herein shall be settled in accordance with Section 4. As a pre-condition to the Participant’s right to continued vesting following Retirement, the Committee, or its designee, may require the Participant to certify in writing prior to the applicable vesting date that no Restrictive Covenant Violation has occurred. Notwithstanding the foregoing, if the Date of Grant of the RSUs is not at least six months prior to the date of the Participant’s Retirement, any unvested RSUs shall terminate as of the Termination Date. (d) If the Participant’s employment with or service to the Company Group terminates for any reason after the last day of the Performance Period and before the Determination Date (other than a termination by the Company for Cause, or by the Participant while grounds for Cause exist or without Good Reason), and no Restrictive Covenant Violation occurs before the Determination Date, then all RSUs shall remain outstanding and eligible to vest based on (and to the extent) the Committee’s determination that the Performance Conditions have been satisfied on the Determination Date. (e) Notwithstanding anything herein to the contrary, the RSUs granted hereunder shall become immediately fully vested as of the Termination Date and settled in accordance with Section 4 if the Participant’s employment with or service to the Company Group shall be terminated by the Company other than for Cause, or by the Participant for Good Reason, in either case if such termination of the Participant’s employment occurs within 12 months following a Change in Control (for the avoidance of doubt, a Change in Control alone shall not, also, result in any vesting hereunder), with the actual number of RSUs determined based on (i) actual performance through the Termination Date, as determined by the Committee, or (ii) if the Committee determines that measurement of actual performance cannot be reasonably assessed, the assumed achievement of target performance as determined by the Committee. (f) For purposes of this Section 5, “Good Reason” means the occurrence of any of the following, without the Participant’s written consent:

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Disability Separation A. An employee with permanent status may be separated from service when the Employer determines that the employee is unable to perform the essential functions of the employee’s position due to a mental, sensory, or physical disability, which cannot be reasonably accommodated. Determinations of disability may be made by the Employer based on an employee’s written request for disability separation or after obtaining a written statement from a licensed physician or licensed mental health professional. The Employer can require an employee to obtain a medical examination, at Employer expense, from a licensed physician or licensed mental health professional of the Employer’s choice. Evidence may be requested from the licensed physician or licensed mental health professional regarding the employee’s limitations. B. When the Employer has medical documentation of the employee’s disability and has determined that the employee cannot be reasonably accommodated in any available position for which they qualify, or the employee requests separation due to disability, the Employer may immediately separate the employee. C. The Employer will inform the employee in writing of the option to apply to return to employment prior to their separation due to disability. The Employer will provide assistance to individuals seeking reemployment under this Article for two (2) years. If reemployed, upon successful completion of the employee’s probationary period, the time between separation and reemployment will be treated as leave without pay and will not be considered a break in service. D. A disability separation is not a disciplinary action. Disability separation at the employee’s request is not subject to the grievance procedure in Article 30.

  • No Right to Continued Employment or Service This Agreement and the grant of Restricted Stock hereunder shall not confer, or be construed to confer, upon the Recipient any right to employment or service, or continued employment or service, with the Company or any Related Entity.

  • No Right to Employment or Service Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without Cause, in accordance with and subject to the terms and conditions of the Employment Agreement.