Retirement Package Sample Clauses
A Retirement Package clause outlines the benefits and compensation an employee is entitled to receive upon retirement from an organization. This typically includes details such as severance pay, pension arrangements, continued health insurance, or other post-employment benefits, and may specify eligibility criteria like years of service or age. The core function of this clause is to provide financial security and clarity for employees transitioning into retirement, while also helping employers manage workforce planning and obligations.
Retirement Package. Employees covered by the collective agreement, who meet the eligibility requirements set for all employees, may participate in any Vancity retirement package offered from time to time.
Retirement Package. Employees who can retire under the Montana Teachers Retirement System after reaching a total of 25 years of qualifying credit or have reached the age of 60, and who have taught in the District for at least 15 years, qualify for a retirement package. The qualified staff member as outlined above must provide evidence of the execution of TRS retirement during the year retired and notify the Board of Trustees by the April School Board meeting. This formula applies only to teachers employed during the 2020-2021 school year. The dollar amount shall be 40% times the base salary of the school year retired plus $100 times the number of sick leave days or .83 times the Base Salary whichever is greater. This shall be paid at the option of the District either during the last school year employed or shortly after July 1 of the first year of retirement. The staff member is not eligible for the sick leave payoff option incentive (Article 15, Section G) if Article 15 (H) is used by the retiree. Those staff employed during the 2005-06 school year would be grand-fathered under the Association Contract of 2005-06 for Article 15 (H) in regards to the required consecutive years. They would only need 10 consecutive years. Teachers initially employed as of the 2021-2022 school year and beyond who have taught in the district for at least 20 years, qualify for a retirement package at the following rates: the multipliers for the retirement package will be the dollar amount shall be 30% times the base salary of the school year retired plus $100 times the number of sick leave days or .70 times the Base Salary whichever is greater.
Retirement Package. In (i) recognition of Retiree’s service to the Company, (ii) full and complete payment for all services to be rendered hereunder during the Transition Services Period, and (iii) consideration of the enhanced restrictive covenants described in this Agreement, the Management Development and Compensation Committee of the Board of Directors has approved the following treatment for certain outstanding LTI awards previously granted to the Retiree (the “Consideration”), notwithstanding any contrary provisions in the applicable Company compensation plans:
Retirement Package. Employees who can retire under the Montana Teachers Retirement System after reaching a total of 25 years of qualifying credit or have reached the age of 60, and who have taught in the District for at least 15 years, qualify for a retirement package. The qualified staff member as outlined above must provide evidence of the execution of TRS retirement during the year retired and notify the Board of Trustees by the April School Board meeting. The dollar amount shall be 40% times the base salary of the school year retired plus $100 times the number of sick leave days or .83 times the Base Salary whichever is greater. This shall be paid at the option of the District either during the last school year employed or shortly after July 1 of the first year of retirement. The staff member is not eligible for the sick leave payoff option incentive (Article 15, Section G) if Article 15 (H) is used by the retiree. Those staff employed during the 2005-06 school year would be grand-fathered under the Association Contract of 2005-06 for Article 15 (H) in regards to the required consecutive years. They would only need 10 consecutive years.
Retirement Package. Any employee who is currently eligible for retirement with School Employees Retirement System (SERS), or becomes eligible shall be entitled to a retirement package in the amounts as listed in Option B if the employee chooses this option at retirement.
Retirement Package. An employee who has completed twenty-eight (28) years of service or more will receive a retirement allowance of four (4) weeks paid off in the last pay period of the employee.
Retirement Package. 3.1 Not later than fifteen (15) business days after the last day of the Employment Period, the Company will pay Employee all regular pay due through his last day of employment, less withholdings required by state and/or federal law. Employee agrees that this payment includes all accrued employment benefits payable to Employee, including without limitation all salary, wages, compensation, accrued and unpaid vacation leave, and any other paid time off earned and owed through his last day of employment.
3.2 Provided that Employee executes and does not revoke a release, in the form attached as Exhibit A, effective on the last day of the Employment Period, the Company represents to Employee that the Committee will take all actions pursuant to the provisions of the 2005 ECIP necessary to consider Employee to have retired on or after his “normal retirement age” under the 2005 ECIP and (i) to determine Employee's 2015 target annual performance bonus under the 2005 ECIP without any proration in accordance with Section 7(c) thereof, which amount will be payable at the time specified in the 2005 ECIP, and (ii) if the last day of the Employment Period is after 31 December 2015, Employee will be entitled to payment within thirty (30) days of that date of one hundred percent (100%) of his 2016 target annual performance bonus subject to proration under the 2005 ECIP of $460,000 (which is consistent with the amount of his 2015 target annual performance bonus). Employee agrees that he shall not be eligible to receive a severance benefit under any Company severance plan, policy, or program.
3.3 In exchange for the mutual promises contained herein, effective on the last day of the Employment Period, the Company represents to Employee that the Committee will take all actions pursuant to the provisions of the 2012 LTIP necessary to (i) provide for acceleration (full vesting) as of the last day of the Employment Period of all unvested restricted share awards and restricted share unit awards heretofore granted to Employee, and (ii) consider Employee to have retired on or after his “normal retirement age” under the 2012 LTIP and determine the performance unit awards granted after 2012 to Employee under the 2012 LTIP in accordance with Section 15(b) thereof; provided, however, that any restricted share units that vest upon the last day of the Employment Period pursuant to clause (i) shall not be paid or settled until the original vesting date specified in the award agreement under...
Retirement Package. The Company agrees to provide you with the following payments and benefits (“Retirement Package”) to which you are not otherwise entitled. You acknowledge and agree that this Retirement Package constitutes adequate legal consideration for the promises and representations made by you in this Retirement Agreement.
Retirement Package. Teachers who meet the eligibility requirements set forth in this Section 9.20 and who provide the notice as described below will receive as a retirement bonus a salary increase of six percent (6%) applied to their TRS creditable earnings due from the District in the year(s) prior to the school year(s) in which they gave their notice of retirement. The teacher may give one (1), two (2), three (3) or four (4) years of notice, provided that the teacher is eligible to do so and further provided that the notice is given during the term of this collective bargaining agreement. This retirement bonus is limited to those teachers who are or will be able to retire without penalty under applicable law on or before June 30, 2027. To be eligible for this benefit, a teacher must: (1) be eligible to receive a retirement annuity without discount under applicable law on or before June 30, 2027; (2) submit to the Superintendent by December 15th, at least one (1), two (2), three (3) or four (4) years in advance of retirement, an irrevocable notice of intent to retire, and (3) have served as a teacher in the District for 15 or more years, including the last 5 consecutive years. No retirement benefit under this Section 9.20 shall be available to any teacher whose retirement requires the payment of any penalty, contribution or additional charge by the District (for example, the ERO penalty or a penalty for payment in excess of 6%). An eligible teacher who elects any benefit under this Section 9.20 must submit to the Superintendent a written notice of irrevocable (except by mutual agreement of the teacher and the Board) intent of resignation from employment due to retirement, effective at the end of the election period but no later than December 15, 2022. Said written notice must be submitted according to the timelines herein. The last school year in which any bonus will be paid under this paragraph is 2026-2027. It is understood and agreed to that no payment under this paragraph will result in any TRS penalty to the District, and the parties agree that if any such penalty is or may be assessed the District may adjust any employee's salary retroactively, or take any other action it deems necessary, to avoid such penalty. Any teacher who submits notice of retirement and begins receiving or is scheduled to receive one or more six percent (6%) salary increases shall be removed from the salary schedule and shall not receive any other additional compensation from the District regardl...
Retirement Package. Provided Employee (i) signs this Agreement, (ii) does not revoke it pursuant to paragraph 10, and (iii) complies with his obligations under this Agreement, including but not limited to his obligations under paragraph 5, Employee shall be entitled to the following retirement package: