Complete Early Retirement Sample Clauses

Complete Early Retirement. The Complete Early Retirement Option provides for the purchase of valuable tenure rights of faculty members in exchange for the faculty member’s separation for service at a time earlier than that required by law. Where a faculty member’s application for this option is approved by the President, he/she shall retire and waive any and all tenure rights and shall receive payment in exchange for such retirement and waiver of tenure rights. The amount and method of such payment shall be as mutually agreed upon by the College and the faculty member. Payment under this option shall not be reported as wages by the employer but must be reported as ordinary income by the faculty member for the year in which received. Such payment shall be excluded in any calculation regarding retirement benefits. The written agreement will include a schedule of payment(s). No payment will be made after age seventy (70). Upon the death of a faculty member participating in this option, the faculty member’s estate shall be entitled to receive death benefits based upon the same schedule as the one to have been received by the deceased faculty member.
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Complete Early Retirement. The Complete Early Retirement Option provides for the purchase of tenure rights from members in exchange for the member's‌ separation from service at a time earlier than that required by law. Where a member's application for this option is approved by the College, they will retire and waive any and all tenure rights and will receive payment in exchange for such retirement and waiver of tenure rights. The amount and method of such payment will be as mutually agreed upon by the College and the member.‌ Payment under this option will not be reported as wages by the Employer but must be reported as ordinary income by the member for the year in which received. Such payment will be excluded in any calculation regarding retirement benefits. The written agreement will include a schedule of payment(s). No payment will be made after age 70. Upon the death of a member participating in this option, the member's estate will be entitled to receive death benefits based upon the same schedule as the one to have been received by the deceased member.
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Related to Complete Early Retirement

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Benefits on Early Retirement The Hospital will provide equivalent coverage to all employees who retire early and have not yet reached age 65 and who are in receipt of the Hospital’s pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Hospital will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Hospital to the billed premiums of active employees.

  • Early Retirement Option The District may offer an early retirement incentive for unit members.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

  • 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.

  • 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.

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