Benefits at Retirement Sample Clauses

Benefits at Retirement. Your normal retirement date is the first day of the month following your 65th birthday. However, you may retire as early as the first day of any month following your 55th birthday. Starting from your normal or early retirement date, you will receive a pension payable monthly throughout your lifetime.
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Benefits at Retirement. Upon notification of an Employee’s intention to retire, the Company shall provide to the Employee information on benefits that are available at retirement.
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Benefits at Retirement. 1) The District will provide health premiums for the Employee, for a maximum of two years (24 months) after entering retirement from the District under the following conditions: • The employee must have worked for the District fifteen (15) years immediately preceding retirement. • The employee must retiree at least two years prior (age sixty-three 63) to being qualified through Social Security eligibility for Medicare Part A and Medicare Part B. • The District shall provide a stipend or actual premium payments equivalent to twenty four (24) months of the medical plan premium contributions being made by the District for an individual employee. The District shall use the last month of the employer active employee medical plan premium contribution to determine the lump sum stipend or monthly employer medical premium contribution. For example, if the employer medical plan contribution is $1,000 per month at the time of last month of active service, the District will provide a $24,000 stipend or $1,000 employer premium contribution to pay for an individual medical plan to the retiree for 24 consecutive months. • Human Resources shall notify the future hired faculty member upon resignation for the purpose of retirement notice to the District of the option to receive a lump sum stipend or election for the District to make premium payments towards individual medical plan coverage for 24 consecutive months.
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Benefits at Retirement. The Company will provide an optional Dental and Health Care Insurance to all retirees, and all premiums for such benefits shall be payable by the retiree should they wish to have such coverage. Premiums will be paid on a basis for dental and health insurance until age The Company will give the Union copies of the policies of Benefits”.
Sample 1
Benefits at Retirement. (a) Early retirement between ages of 55-64: 1. Employees who elect early retirement from the Employer after January 1, 2008 shall have the option of continuing their medical coverage paid fully by the employee at the early-retiree group rate. 2. Employees who retired from the Employer prior to January 1, 2008 shall have the option of continuing their medical coverage paid fully by the employee at the active employee group rate. (b) Normal retirement at age 65 or older: 1. Employees who retire from the Employer shall have the option of continuing their medical coverage paid fully by the employee at the post-65 retiree group rate. 2. Employees who are age 65 or older must have proof of their MediCare Part B coverage/award letter from the Social Security office at least 30 days prior to the date of retirement to be eligible to continue medical coverage on the group Medigap plan as required by current Center for Medicare and Medicaid Services regulations. Arrangements for payment of the full premiums by the employee shall be made with the Benefits Department prior to retirement. (c) Employees not electing to continue medical coverage through the Employer’s medical plans at the time of retirement will not be eligible to elect medical coverage at a later date. (d) Continuation of other benefits for which retirees are eligible will be offered through COBRA.
Sample 1
Benefits at Retirement. The Company will provide an optional Dental and Health Care Insurance to all retirees, and all premiums for such benefits shall be payable by the retiree should they wish to have such coverage. Premiums will be paid on a 50/50 co- pay basis for dental and health insurance until age 65.
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Related to Benefits at Retirement

  • 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.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (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 sixteen (16) 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. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(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. (b) Prior to issuing notice of layoff pursuant to article 14.02(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 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • 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.

  • 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.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

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