Benefits for Retirement Sample Clauses

Benefits for Retirement a. An employee may request a voluntary retirement incentive from the college if they have been employed in a full-time position at the college for at least fifteen (15) years at the time of retirement. If the retirement request is approved by the Administration and meets the criteria cited in Article XIV, the employee shall receive an amount equal to $37,000 plus an additional $1,800 for each year of service over ten (10) years. This amount shall be divided into five (5) equal installments payable over five (5) years beginning with the first year of retirement. Payment shall be made on or about September 1 of each year. b. The college will provide retirees the choice in health insurance plans as provided for in Article XII, section 12. If the retiree chooses the $20 copay plan, the college will contribute 85% towards the cost of coverage for the retiree and dependents for one (1) year following retirement. If the retiree chooses the high deductible plan, the college will provide such coverage to the retiree and dependents for one (1) year following retirement, but the retiree shall be responsible to contribute the difference in premiums between the high deductible plan and the $20 copay plan. The college shall continue payment of health benefits for the retiree, based on the retiree’s choice in insurance plans as outlined above, for a maximum of ten (10) years or until the retiree qualifies for Medicare or another equivalent replacement for Medicare. The retiree may make changes in health care plan choices during the college’s open enrollment period; the college will send the retiree thirty (30) days advance written notice of open enrollment each year to the retiree’s last known address on file with the college. It is the retiree’s responsibility to maintain a current address on file with the college. The retired faculty member may maintain personal health and other existing benefits for dependents at the retiree’s expense after retirement. c. Arrangements for the type of payment by the college to the retiree or designee or designated account shall be mutually agreed upon by the college and the retiree. In the case of the death of the retiree before the completion of the negotiated payments, the college shall remunerate the retiree’s designated beneficiaries or designated account.
Sample 1
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Benefits for Retirement. A Individual health insurance will be continued at District expense for eligible contract teachers who retire during the term of this Agreement for a period of ten years following the date of retirement or until retiree reaches Medicare eligibility, whichever comes first. 1. To be eligible for benefits hereunder, the retiring employee must be at least 55 and have at least 25 years of PSERS retirement credit service at the time of the last day of service, as well as fifteen (15) years of service with the District. Notice of retirement shall be provided by October 1st for intended retirement at the end of the first semester, and by February 1st for intended retirement at the end of the second semester. A non-binding poll shall be completed by the District in the first week of the second semester to determine the number of potential retirements at the end of the semester. Resignation must take effect at the end of a semester, and a retiring employee must actually retire as that term is defined by PSERS guidelines to be eligible for benefits hereunder. If an individual who elects benefits hereunder later obtains employment with benefits elsewhere, the individual shall cease to be eligible to receive benefits. 2. The District’s monthly obligation toward the purchase of the retiree’s health insurance shall be fixed at the amount of the District’s contribution toward employee’s individual health insurance under Article 63 of this Agreement at the time of an employee’s retirement, and any increase shall be the retired employee’s responsibility.
Sample 1
Benefits for Retirement a. An employee may request a voluntary retirement incentive from the college if he/she has been employed in a full-time position at the college for at least twenty (20) years at the time of retirement. If the retirement request is approved by the Administration and meets the criteria cited in Article XIV, the employee shall receive an amount equal to $37,000 plus an additional $1,800 for each year of service over ten (10) years. This amount shall be divided into five (5) equal installments payable over five (5) years beginning with the first year of retirement. Payment shall be made on or about September 1 of each year. b. Full insurance benefits for retirees and dependents for one (1) year following retirement will be provided by the college. The college shall continue payment of all health benefits for the retiree for a maximum of ten (10) years or until the retiree qualifies for Medicare or another equivalent replacement for Medicare. The retired faculty member may maintain personal health and other existing benefits for dependents at the retiree’s expense after retirement. c. Arrangements for the type of payment by the college to the retiree or designee or designated account shall be mutually agreed upon by the college and the retiree. In the case of the death of the retiree before the completion of the negotiated payments, the college shall remunerate the retiree’s designated beneficiaries or designated account.
Sample 1

Related to Benefits for Retirement

  • 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.

  • 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.

  • 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.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • 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 Executive Retirement Plan The Executive will participate in the Rockland Trust Supplemental Executive Retirement Plan (“SERP”), a non-qualified plan on terms and conditions and with benefits comparable to those applicable and available to similarly situated executives of the Company.

  • Retirement, Death or Disability If the Executive’s employment terminates during the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

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