Early Retirement a Sample Clauses

Early Retirement a. Effective May 2, 2011 any employee who has completed twenty-five (25) or more years of service and who is at least age fifty-five (55) shall upon his/her written application, be retired on an annual pension, payable monthly from the Pension Fund equal to his/her benefit accrued to such early retirement date, and reduced by two and one-half percent (2.5%) for each year that early retirement precedes age sixty (60) on the following basis: PERCENT OF ACCRUED BENEFIT AGE 100% 60 97.5% 59 95.0% 58 92.5% 57 90.0% 56 87.5% 55 Early Retirement b.) Effective May 2, 2011 any employee who has completed ten
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Early Retirement a. Effective May 2, 2011 any employee who has completed twenty-five (25) or more years of service and who is at least age fifty-five (55) shall upon his/her written application, be retired on an annual pension, payable monthly from the Pension Fund equal to his/her benefit accrued to such early retirement date, and reduced by two and one-half percent (2.5%) for each year that early retirement precedes age sixty (60) on the following basis: PERCENT OF ACCRUED BENEFIT AGE 100% 60 97.5% 59 95.0% 58 92.5% 57 90.0% 56 87.5% 55 Early Retirement b.) Effective May 2, 2011 any employee who has completed ten (10) or more years of service and who is at least fifty-five (55) shall, upon his/her written application, be retired on an annual pension, payable monthly from the Pension Fund equal to his/her benefit accrued to such early retirement date, and reduced by two and one-half percent (2.5%) for each year that early retirement precedes age sixty-five (65) on the following basis: PERCENT OF ACCRUED BENEFIT AGE 100% 65 97.5% 64 95.0% 63 92.5% 62 90.0% 61 87.5% 60 85.0% 59 82.5% 58 80.0% 57 77.5% 56 75.0% 55 m. The City shall appoint two (2) members of the Pension Committee selected by the Union. Said Union members names will be submitted to the Mayor, in writing, by the Union President, annually.
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Early Retirement a. Effective May 2, 201l any employee who has completed twenty-five (25) or more years of service and who is at least age fifty-five
Sample 1

Related to Early Retirement a

  • 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.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

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