Common use of Age at retirement Clause in Contracts

Age at retirement. For purposes of the present value calculation, it is assumed that an employee terminates employment at the later of the end of the school year in which the employee attains age fifty- six (56), at the end of the current year if the individual is already age fifty-six (56) or older, or the satisfaction of the requirements for unreduced TRF benefits. If an employee does continue employment after the attainment of age fifty-six (56), the employee does continue to receive all ongoing Corporation contributions to the 401 (a) and/or VEBA.

Age at retirement. For purposes of the present value calculation, it is assumed that an employee terminates employment at the later of the end of the school year in which the employee attains age fifty- fif- ty-six (56), at the end of the current year if the individual is already age fifty-six (56) or older, or the satisfaction of the requirements for unreduced TRF benefits. If an employee does continue employment after the attainment of age fifty-six (56), the employee does continue to receive all ongoing Corporation contributions to the 401 (a) and/or and/ or VEBA.