DISTRICT 230 RETIREMENT PLAN Sample Clauses

DISTRICT 230 RETIREMENT PLAN. 1. Employees who retire no later than June 30, 2020, may choose to participate in the District 230 Retirement Plan. The Board has the right to limit the retirees participating in this Plan to five (5) employees per year by seniority. To be eligible to participate in the District 230 Retirement Plan, the employee must meet the following criteria: a. Must be age 55 or above at the time of retirement, and b. Must have worked for the District a minimum of 15 years. 2. Employees must submit an irrevocable letter requesting retirement under the Retirement Plan to the Assistant Superintendent/HR at least 90 calendar days prior to their actual retirement date. 3. Employees selecting this option will receive a post- Retirement severance payment of $1,500 a year for five (5) years, less any legally required or permitted withholdings. These payments shall be made in a manner so as not to qualify as creditable earnings under the prevailing rules of IMRF. This retirement plan shall expire as of the end of the work day, June 15, 2020.
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DISTRICT 230 RETIREMENT PLAN. 14.01.1 To be eligible to participate in the District 230 Retirement Plan, the employee must meet the following criteria: 1. Must be age 62 or above at the time of retirement 2. Have worked for the District a minimum of 15 years 3. Submit an irrevocable notice of intent to resign for the purpose of retirement at least 60 calendar days prior to their actual retirement date. (For example, eligible participants retiring as of the end of the work day June 30, 2023 must submit an irrevocable letter of retirement no later than May 1, 2023.) 14.01.2 Employees selecting this option will have their unused vacation days paid out in a lump sum prior to their last day of active employment, subject to section 15.01 regarding IMRF Earnings Limitation, in which case any amount over the limitation shall be paid post retirement. 14.01.3 For retirees who have submitted their timely irrevocable notice of retirement and who meet the eligibility requirements listed above, the District shall provide a one-time, lump sum post-retirement payment of Three Thousand Dollars ($3,000.00).
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Related to DISTRICT 230 RETIREMENT PLAN

  • 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.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Public Employees Retirement System “PERS”) Members.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

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