Retirement Terminal Pay Sample Clauses

Retirement Terminal Pay. The Board and the Association agree to an aggressive phase in plan to improve Retirement Terminal Pay as defined in Article XIX, Other Fringe Benefits, with the full intent of providing a benefit level that values and appreciates dedicated continued service to Seminole County Public Schools. To achieve this goal, on the following is agreed to: 1. Upon an official retirement date/DROP exit date, an employee will receive terminal pay for unused sick leave hours multiplied by 50 percent of the employee’s hourly rate of pay up to 100 days; 80 percent of the employee’s hourly rate for days over 100 and 13 years of service in SCPS; 90 percent of the employee’s hourly rate for days over 100 and 14-19 years of service in SCPS; 100 percent of the employee’s hourly rate for days over 70 and 20 plus years of service in SCPS. a. Employees participating in the Deferred Retirement Option Program (DROP) shall be provided the option to receive the terminal sick leave pay for which they are eligible at the time they enter the program. Such payment(s) shall be paid into the tax deferral plan as may be required by paragraph (b) below. Such payment(s) shall be calculated as follows: • Year one (1) of DROP - 20% of accumulated sick leave terminal pay. • Year two (2) of DROP - 25% of accumulated sick leave terminal pay. • Year three (3) of DROP - 33% of accumulated sick leave terminal pay. • Year four (4) of DROP - 50% of accumulated sick leave terminal pay. • Year five (5) of DROP - 100% of accumulated sick leave terminal pay. b. Terminal sick leave pay shall be paid into a tax deferral plan adopted by the school board, and shall then be paid to the employee in accordance with the terms of such plan. 2. Upon the death of an employee, his/her beneficiary will receive terminal pay for unused sick leave hours in an amount determined as follows: a. During the first 3 years of service in Seminole County, the hourly rate of pay multiplied by 35 percent times the number of hours of accumulated sick leave. b. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 40 percent times the number of hours of accumulated sick leave. c. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 45 percent times the number of hours of accumulated sick leave. d. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave. e. During ...
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Retirement Terminal Pay. A. Upon official retirement date/DROP exit date of January 1, 2006, or later, an employee will receive terminal pay for unused sick leave hours multiplied by 50 percent of the employee’s hourly rate of pay up to 100 days; 75 percent of the employee’s hourly rate for days over 100 and 13 years of service in SCPS; 80 percent of the employee’s hourly rate for days over 100 and 14-19 years of service in SCPS; 90 percent of the employee’s hourly rate for days over 100 and 20-24 years of service in SCPS; and 100 percent of the employee’s hourly rate for days over 100 and 25 plus years of service in SCPS. B. Upon the death of an employee, his/her beneficiary will receive terminal pay for unused sick leave hours in an amount determined as follows: 1. During the first 3 years of service in Seminole County, the hourly rate of pay multiplied by 35 percent times the number of hours of accumulated sick leave. 2. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 40 percent times the number of hours of accumulated sick leave. 3. During the next 3 years of service in Seminole County, the hourly are of pay multiplied by 45 percent times the number of hours of accumulated sick leave. 4. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave. 5. During the 13th year of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 75 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 6. During the 14th-19th years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 80 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 7. During the 20th-24th years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 90 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 8. During and after the 25th year of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated ...
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Retirement Terminal Pay. A. Educational Support Personnel of the Bay District Schools will be paid terminal pay for accumulated sick leave at retirement, in accordance with Deferred Retirement Option Program (DROP) or to his/her beneficiary if terminated by death. In order to receive benefits under this section the employee must retire and be eligible to receive full or reduced benefits under the retirement criteria of the Florida Division of Retirement of the Department of Administration. The calculation of terminal pay shall not be based on any accumulated sick leave credits in excess of that earned as an employee of Bay District Schools. Any person entitled to terminal pay benefits shall have been under contract to render services for the pay period immediately preceding retirement or death and shall not be under suspension from duty except for reasons pertaining to health, or have any charges pending which could result in dismissal from employment. All payments of terminal pay for accumulated sick leave shall be computed by using the hourly/daily rate of pay of the employee at the time of retirement, multiplied by the total number of eligible accumulated sick leave days.
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Retirement Terminal Pay. A. The parties agree to continue the existing early retirement plan based on a minimum of 55 years of age and 25 years of experience in the Florida Retirement System. To be eligible for early retirement, the five years immediately preceding retirement must be as an employee of the School Board of Alachua County. Board-approved leave may be included as part of the five-year requirement. B. For purposes of terminal pay for accrued sick leave and accrued vacation pay paid at retirement, or upon death of the employee, the daily rate of pay until June 30, 1994 will be computed by dividing the total salary, including degree supplements, by the number of days the employee must be on the job to earn the annual salary for the year. C. Payouts for leave accrued between July 1, 1994 and February 1, 1996, shall be calculated in the same manner except that the percentage of daily rate shall be equal to that of a retiring teacher on a standard ten-month contract during that period. Rates for payouts for leave accrued after February 1, 1996, shall be determined by using the actual hourly rate earned by the employee at the time of retirement. Use of accrued leave shall be on a “last-in, first-out” basis. D. For employees hired on or after July 1, 1995, terminal pay for accrued vacation leave may not exceed a maximum of 60 days of actual payment.
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Retirement Terminal Pay. A. The parties agree to continue the existing early retirement plan based on a minimum of 55 years of age and 25 years of experience in the Florida Retirement System. Beginning July 1, 2009, through June 30, 2013, to be eligible for early retirement, the fifteen years immediately preceding retirement must be as an employee of the School Board of Alachua County. Board-approved leave may be included as part of the fifteen- year requirement. 1. Beginning July 1, 2013, the early retirement plan will be closed to new enrollees. 2. An employee who retires under the early retirement provision of the contract will be required to sign an agreement that he will not be re-employed by the School Board of Alachua County for three (3) years from the date of retirement.
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Related to Retirement Terminal Pay

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • 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.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and ▇▇▇▇ individual retirement accounts (“▇▇▇ Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.