Amount of Late Retirement Income Sample Clauses

Amount of Late Retirement Income. 17 4.3 Eligibility and Commencement - Early Retirement Date............19 4.4
Sample 1
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Amount of Late Retirement Income. Subject to the provisions of Section 7.9, the annual amount of late retirement income payable to such Participant will be determined based upon the number of years and months that his actual Late Retirement Date exceeds his Normal Retirement Date as set forth below: (A) If the Participant's Late Retirement Date occurs in the same Plan Year as his or her Normal Retirement Date, the annual amount of late retirement income payable to such Participant will be equal to the greater of the amounts described in paragraphs (1) or (2) below: (1) the annual amount described in the applicable paragraph of Section 3.3, based on the terms of the Plan as constituted on the date the Participant retired and Final Earnings and Credited Service to the Participant's Normal Retirement Date, but not later than December 31, 2000, adjusted by multiplying such amount by the late retirement Adjustment Factor ("LRF"), or (2) the annual amount described in the applicable paragraph of Section 3.3, based on the terms of the Plan as constituted on the date the Participant retired and Final Earnings and Credited Service to the date the Participant retired, but not later than December 31, 2000. (B) If the Participant's Late Retirement Date occurs in the Plan Year following his or her Normal Retirement Date, the annual amount of late retirement income payable to such Participant will be equal to the greatest of the amounts described in paragraphs (1), (2) or (3) below: (1) the annual amount described in the applicable paragraph of Section 3.3, based on the terms of the Plan as constituted on the date the Participant retired and Final Earnings and Credited Service to the Participant's Normal Retirement Date, but not later than December 31, 2000, adjusted by multiplying such amount by the LRF, or ================================================================================ 187 17 XXXXXX FEDERAL SAVINGS BANK
Sample 1

Related to Amount of Late Retirement Income

  • RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan

  • Retirement in Lieu of Layoff Any employee who was subject to being, or was in fact, laid off and who is qualified for and who elected service retirement from the Public Employees’ Retirement System shall be placed on an appropriate reemployment list. The District shall notify the Board of Administration of the Public Employees’ Retirement System of the fact that retirement was due to layoff. If he/she is subsequently subject to reemployment and accepts, in writing, the appropriate vacant position, the District shall maintain the vacancy, but may fill it on a temporary basis until the Board of Administration of the Public Employees’ Retirement System has properly processed his/her request for reinstatement from retirement.

  • Investment Income to pay to itself net income and gain realized on the investment of funds deposited in the Collection Account (including any A/B Whole Loan Custodial Accounts and Serviced Companion Loan Custodial Accounts);

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the previous year, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly. b) To be eligible, an employee must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Retirement System (TRS) member requested “Personal Statement of Benefits” and a “Benefit Estimate” confirmation of total years of service. An employee with ten (10) years of full-time service with Neoga C.U.S.D. No. 3 is considered to be eligible for the retirement incentive by meeting one of the following conditions at the time of retirement: 1) The employee is sixty (60) years of age and has ten (10) years of creditable TRS service. 2) The employee is at least fifty-five (55) years of age and has thirty- five (35) years of creditable TRS service. c) If, during the term of this Agreement, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that result in a greater cost to the District than the costs generated by this Agreement, or that change the definition of what is subject to the 6% TRS cap, the parties agree that this Section shall be null and void and upon the demand of any party shall meet to bargain language to succeed this paragraph.

  • Accumulation of Vacation Leave Credits An employee shall earn vacation leave credits for each calendar month during which the employee receives pay for at least ten (10) days at the following rate:

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Family Medical Leave or Critical Illness Leave a) Family Medical Leave or Critical Illness leaves granted to a permanent teacher, long-term occasional teacher or teacher hired into a term position under this Article shall be in accordance with the provisions of the Employment Standards Act, as amended. b) The teacher will provide to the employer such evidence as necessary to prove entitlement under the Employment Standards Act. c) A teacher contemplating taking such leave(s) shall notify the employer of the intended date the leave is to begin and the anticipated date of return to active employment. d) Seniority and experience continue to accrue during such leave(s). e) Where a teacher is on such leave(s), the Employer shall continue to pay its share of the benefit premiums, where applicable. To maintain participation and coverage under the Collective Agreement, the teacher must agree to provide for payment for the teacher’s share of the benefit premiums, where applicable. f) In order to receive pay for such leaves, a teacher must access Employment Insurance and the Supplemental Employment Benefit (SEB) in accordance with g) to j), if allowable by legislation. An employee who is eligible for E.I. is not entitled to benefits under a school board’s sick leave and short term disability plan. g) The Employer shall provide for permanent teachers, long-term occasional teachers and teachers hired into a term position who access such Leaves, a SEB plan to top up their E.I.

  • Child Bonding Leave A prospective father, spouse, domestic partner or adoptive parent is entitled to child bonding leave of up to six (6) months, within one year of the qualifying event. Child bonding leave runs concurrently with FMLA and CFRA. The scheduling of child bonding leave (either on FMLA or CFRA) on an intermittent basis and/or requests for a reduced work schedule are subject to mutual agreement by the employee and the Agency/Department Head as allowed by law. An employee may elect to take accrued vacation or compensating time off during the period of child bonding leave, except that in the case of an employee who is regularly scheduled to work less than the normal full-time work week for the classification, paid leave shall be granted only for those days, or fractions thereof, on which such an employee would have worked but for child bonding leave. The use of sick leave during child bonding leave shall not be permitted unless the employee is otherwise eligible to use it as provided in Section 11. Reinstatement subsequent to child bonding leave of absence shall be to the same classification from which leave was taken and the Agency/Department Head shall make its best effort to return such employee to the same geographical location, shift, and where there is specialization within a classification, to the same specialization. Questions as to whether or not the Agency/Department Head has made its best effort herein, shall not be subject to the grievance procedure.

  • Deductions from Sick Leave A deduction shall be made from accumulated sick leave of all normal working days (exclusive of holidays) absent for sick leave.

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