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.
Deferred Retirement. Any employee who is otherwise qualified to be paid the sick-leave buy-back, so called, that is described in the preceding paragraph (g) but who, having given notice thereof to the University, defers his/her retirement in accordance with the requirements of the State Retirement Act shall be entitled to be paid his/her sick-leave buy-back when he/she actually retires, and the value thereof shall be calculated on the basis of his/her rate of pay as it was when he/she was last employed as a member of the bargaining unit.
Deferred Retirement. An employee, who leaves employment and elects to defer retirement benefits, shall receive payment representing fifty percent (50%) of his/her accumulated and unused Sick Leave computed on the basis of the employee's salary at termination of employment. This payment shall not be made until the former employee begins to receive retirement benefits. In case the former employee dies prior to the time that the retirement benefits are to begin, said accumulated payoff shall be made to the deceased employee's Sick Leave Payoff designee and shall be paid at the time of death.
Deferred Retirement. If a Participant should continue in the employ of the Employer beyond his Normal Retirement Date in accordance with Section 4.3, the Trustee shall convert the contracts on the life of such Participant to reduced paid-up contracts under the provision of such contracts relating to default in premium payment so that, subject to the terms and conditions of the provision for the purchase of additional retirement benefits, a deferral of such Participant's retirement benefits can be accomplished until his actual retirement. Upon actual retirement, the Trustee shall make application to the insurance company to obtain for such Participant the retirement benefits to which he may be then entitled. In lieu of such action, the Trustee may direct the insurance company to pay the cash value of the contracts on the life of such Participant to the Trustee for distribution pursuant to Article IX. If term life insurance has been purchased and if the Participant should continue in the employ of the Employer beyond his Normal Retirement Date in accordance with Section 4.3, the Committee shall have the right to direct that the Trustee continue the term life contracts on the life of such Participant
Deferred Retirement. A Participant who continues in the employment of a Company after his Normal Retirement Date shall continue to participate in this Plan, and contributions shall be allocated to his Company Contributions Account as otherwise provided in this Plan. Any such Participant who elects Deferred Retirement shall be entitled to benefits under this Plan payable at his Deferred Retirement Date in the same manner as if he had retired on his Normal Retirement Date; provided, however, that the deferral of benefit payments after a Participant's Normal Retirement Date shall be permitted only to the extent authorized by and in compliance with all requirements imposed under Section 2530.203-3 of the Department of Labor Regulations which are incorporated herein by reference.
Deferred Retirement a. An employee who, upon separation from Authority service, is eligible for paid retirement and elects deferred retirement must defer participation in the Retiree Medical Insurance Grant until such time as he/she becomes an active retiree.
b. An employee who has one (1) year of service (2,080 hours), is not eligible for paid retirement at the time he/she separates from Authority service, and elects deferred retirement status shall not become eligible for participation in the Retiree Medical Insurance Grant until he/she becomes fifty-five (55) years of age.
Deferred Retirement. 3 Section 1.16. Deferred Retirement Date......................3 Section 1.17.
Deferred Retirement. Effective two (2) months following an approved agreement, employees who resign and file for a deferred retirement may continue in their County group health and dental plan. The following conditions and limitations apply:
A. Life insurance coverage is not included.
B. To be eligible to continue health and dental coverage, the employee must:
1. be qualified for a deferred retirement under the 1937 Retirement Act provisions;
2. be an active member of a County group health and/or dental plan at the time of filing their deferred retirement application and elect to continue health benefits;
3. be eligible for a monthly allowance from the Retirement System and direct receipt of a monthly allowance within twenty-four (24) months of their application for deferred retirement;
4. file an election to defer retirement and to continue health benefits hereunder with the County Benefits Division within thirty (30) days before their separation from county service.
C. Deferred retirees who elect continued health benefits hereunder may maintain continuous membership in their County health and/or dental plan group during the period of deferred retirement at their full personal expense, by paying the full premium for their health and dental coverage on or before the eleventh (11th) of each month to the Auditor-Controller. When they begin to receive retirement benefits, they will qualify for the same health and/or dental plan coverage and County subvention to which retirees who did not defer retirement are entitled.
D. Deferred retirees who elect continued health benefits hereunder may elect not to maintain participation in their County health and/or dental plan during their deferred retirement period, and may instead qualify for the same coverage and County subvention in any County health and/or dental plan when they begin to receive retirement benefits as retirees who did not defer retirement are entitled; provided reinstatement to a County group health and/or dental plan with County subvention occurs no sooner than the first of the month following a full three (3) calendar month waiting period after the commencement of their monthly allowance.
E. Eligibility for County subvention will not exist hereunder unless and until the member draws a monthly retirement allowance within not more than twenty-four (24) months after separation from County service.
F. Deferred retirees are required to meet the same eligibility provisions for health/dental plans as active/retired employees.
Deferred Retirement i. An employee who, upon separation from the Authority, is eligible for paid retirement and elects deferred retirement must defer participation in the Retiree Medical Insurance Grant until such time as they become an active retiree. However, in order to be eligible for health care coverage provided by XxxXXXX, retirement must not be deferred for more than one hundred twenty (120) days after the employee separates from Authority Service.
ii. An employee with at least one (1) year of service (2,080 hours), who is not eligible for paid retirement at the time they separate from Authority service and elects deferred retirement status shall not become eligible for participation in the Retiree Medical Insurance Grant until they become fifty- five (55) years of age.
Deferred Retirement. A member with ten (10) or more years of credited service as of December 17, 2008, who ceases to be a member, except by death or retirement, before attaining the minimum service retirement age of fifty (50) shall be allowed to qualify for pre-65 retiree health care coverage provided he/she upon reaching age fifty (50) applies for retirement in accordance with Section 1.250 of the City of Grand Rapids Police and Fire Retirement System Ordinance and also applies for City pre-65 retiree health care coverage. A member with less than ten (10) years of credited service as of December 17, 2008, who ceases to be a member, except by death or retirement, before attaining the minimums service retirement age of fifty (50) shall not be eligible for City pre-65 retiree health care coverage upon application for retirement in accordance with Section 1.250 of the City of Grand Rapids Police and Fire Retirement System Ordinance. This paragraph shall also apply to all new hires on or after December 17, 2008.
