Retirement Separation Allowance Clause Samples

The Retirement Separation Allowance clause establishes the terms under which an employee receives a financial payment upon retiring from an organization. Typically, this allowance is calculated based on factors such as years of service, final salary, or a predetermined formula, and is paid out as a lump sum or in installments when the employee officially retires. The core function of this clause is to provide financial support to employees transitioning into retirement, recognizing their service and helping to ensure a smoother adjustment to post-employment life.
Retirement Separation Allowance. Secretaries who qualify under the Michigan Public School Employees Retirement Act and have ten (10) years of service with the Lansing School District, after completion of their last year of service, shall receive $200 for each year of service in the District. In case of death prior to retirement, the cumulative amount shall be paid to the designated beneficiary.
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Retirement Separation Allowance. CFB shall pay to White a cash ------------------------------- Retirement Separation Allowance in the amount of $155,925.12. Such amount will be paid in a lump sum, less 28% federal income tax withholding, 5% Nebraska state income tax withholding, 6.2% Social Security tax withholding (subject to the maximum taxable wage base for tax year 2000) and 1.45% Medicare tax withholding. The net amount shall be paid to White by CFB in a lump sum within ten (10) days after the effective date of this Agreement described in paragraph 4 of this Agreement.
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Related to Retirement Separation Allowance

  • Separation Allowance Should it become necessary to close the plant or a portion of the plant and it is not expected that those affected will be re-employed, a separation allowance will be paid to employees subject to the following:

  • Retirement Allowance Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of 26 weeks' salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement."

  • Severance Allowance A laid-off employee shall be entitled to severance allowance pursuant to Article 55.

  • - Separation Allowances (a) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 9.08(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of twelve (12) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (b) Where an employee resigns later than 30 days after receiving notice pursuant to Article 9.08(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars."

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.