Benefit Coverage –Retirement Sample Clauses

Benefit Coverage –Retirement. An employee who retires early, age 55 or older, and has completed ten (10) years of service with the Employer may retain membership in the group life insurance plan offered by the Employer until the employee reaches 65 years of age. Retirement benefits for life insurance are limited to a basic life benefit of one (1) times the employee's annual earnings on the date of early retirement. The retired employee shall pay the full premium cost. If approved by the Insurance Underwriters and there is no cost in premium to the Employer, the employee may also retain membership in the Extended Health Care, Private and Dental Group Benefit Plans to which he/she was enrolled in the time of retirement until attaining the age of 65 years. The retired employee must pay the full premium cost in accordance with instructions provided by the Board prior to the commencement of the retirement. Note: A retired employee is one who ceases to be employed by the Employer on account of age or health and applies for and receives a retirement pension from XXXXX.
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Benefit Coverage –Retirement. An employee who retires early, age 55 or older, and has completed ten (10) years of service with the Board may retain membership in the group life insurance plan offered by the Board until the employee reaches 65 years of age. Retirement benefits for life insurance are limited to a basic life benefit of one (1) times the employee's annual earnings on the date of early retirement. The retired employee shall pay the full premium cost. If approved by the Insurance Underwriters and there is no cost in premium to the Board, the employee may also retain membership in the Extended Health Care, Private and Dental Group Benefit Plans to which he/she was enrolled in the time of retirement until attaining the age of 65 years. The retired employee must pay the full premium cost in accordance with instructions provided by the Board prior to the commencement of the retirement. Note: A retired employee is one who ceases to be employed by the Board on account of age or health and applies for and receives a retirement pension from OMERS.
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Related to Benefit Coverage –Retirement

  • Benefit Coverage The Company agrees to provide pension and welfare benefits as described in the Company Booklets, benefit plan documents or policies of insurance for the duration of the Agreement.

  • 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.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

  • Vacation Pay on Retirement Termination is as follows:

  • Same Sex Benefit Coverage An employee who co-habits with a person of the same sex, and who promotes such person as a "spouse" (partner), and who has done so for a period of not less than twelve (12) months, will be eligible to have the person covered as a spouse for purposes of Medical, Extended Health, and Dental benefits.

  • Pre-Retirement Counseling Leave ‌ After reaching earliest retirement age, each employee shall be granted up to three and one-half (3-1/2) days leave with pay to pursue bona fide pre-retirement counseling programs. Employees shall request the use of leave provided in this Article at least five (5) days prior to the intended date of use. Authorization for use of pre-retirement counseling leave shall not be withheld unless the Appointing Authority determines that the use of such leave will handicap the efficiency of the employee's work unit. When the dates requested for pre-retirement leave cannot be granted for the above reason, the Agency shall offer the employee a choice from three (3) other sets of dates. The leave herein discussed may be used to investigate and assemble the employee's retirement program, including PERS, Social Security, insurance and other retirement income.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • 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.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

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