Retirement Program Salary Increase(s) Sample Clauses

Retirement Program Salary Increase(s). An employee who is eligible and elected to participate in the retirement program shall receive an increase of 4.5% over his/her prior year’s salary from the Cooperative for each of up to four (4) remaining years of the employee’s employment by the Cooperative. The increase(s) shall be in lieu of any other raise, step, or other creditable earnings increase to which the employee may otherwise have been entitled under this Agreement. A retiring employee may receive no more than four (4) years of such creditable earnings increases under this retirement program. It is the intent of the parties that the increases will be paid in the employee’s final years of employment. Extra duty pay will not be included in the 4.5% increase. Employees may perform extra duty but under no circumstances may an employee participating in this program receive a creditable earnings increase for more than 6% over the employee’s prior year’s creditable earnings unless the increase is otherwise permitted by this Agreement.
View SourceView Similar (2)

Related to Retirement Program Salary Increase(s)

  • Salary Increases The Employer agrees to pay the negotiated salary increases to every employee not later than the month following the month in which this Agreement is signed and not later than the month following the month in which any subsequent salary increases become effective.

  • Salary Increase All State salary increases or reductions provided to the district during this contract will be provided to all employees.

  • Salary Increments The Employer may grant an increment for meritorious service after an Employee has served for a period of twelve (12) months following the day established in Article 25.07 or twelve (12) months following the date of a change in his rate of compensation as established in Articles 25.04, 25.05, or 25.06.

  • Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.