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 Benefits. A unit member who has been employed by the District for 25 or more complete years of service (including the total of part-time and full-time experience), and reaches the age of fifty-five (55) by July 1 of the first year of his or her retirement, is eligible to receive medical insurance benefits, from the date of retirement until such time that the unit member has reached the age at which he or she is eligible for medical insurance benefits under Medicare. In the event that the member elected not to participate in Medicare during his or her period of employment, the eligibility to receive medical insurance benefits will terminate on the first of the month after the date the unit member reaches age sixty-five (65).
Early Retirement Benefits. The annual individual early retirement benefit shall be a sum of money as shown on the scale below: 1st Year of Eligibility - $3500 2nd Year of Eligibility - $3000 3rd Year of Eligibility - $2500 4th Year of Eligibility - $2000 5th Year of Eligibility - $1000 Payment is made for up to five years prior to the employee reaching the eligible age for receiving full Social Security benefits. An employee who retires and is less than five years from receiving full Social Security benefits will forfeit the initial years of eligibility on the scale. (Example: If the employee has three years before reaching the eligible age for full Social Security and chooses to take Early Retirement, then the Early Retirement Benefit would begin paying on the 3rd Year of Eligibility.) Upon death of the retired employee, any early retirement benefits shall be prorated from the date of death, with no benefits accruing after death.
Early Retirement Benefits. Notwithstanding the provisions of Section 1.3, if Executive’s employment with Company is terminated, for a reason other than death, on or after the date Executive attains age 55 or is credited with 10 Actual Years of Service and prior to the Retirement Date, then Company shall pay Executive the Normal Retirement Benefit on or within five business days following the first day of the month coinciding with or next following Executive’s termination of employment (the “Earliest XXX Payment Date”) or, if required to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code, on or within five business days after the Section 409A Payment Date (an “Early Retirement Benefit”); provided, however, that the amount of the benefit shall be reduced to the extent necessary to cause the value of such Early Retirement Benefit (determined as if payment would be made on the Earliest XXX Payment Date) to be the actuarial equivalent of the value of the Normal Retirement Benefit (based on the actuarial assumptions set forth in Section 1.7 and adjusted for such time of payment). If payment of the Early Retirement Benefit must be delayed beyond the Earliest XXX Payment Date to satisfy the provisions of Section 409A(a)(2)(B)(i) of the Code as provided in the preceding sentence, then payment of the Early Retirement Benefit (with interest on such benefit from the Earliest XXX Payment Date to the actual date of payment at the Aa Corporate Bond Rate) shall be paid by Company to Executive (or, in the event of Executive’s death after the Earliest XXX Payment Date, Executive’s Beneficiary) not earlier than but as soon as practicable on, and in any event within five business days after, the Section 409A Payment Date.
Early Retirement Benefits a) The Employer shall pay 100% of the costs required to provide the following benefits to employees who take early retirement until they attain age 65.
i) Group Term Life Insurance
ii) Survivor’s Protection Plan iii) Dependent Life Insurance
Early Retirement Benefits. 24:07 60 Emergency Operations ...........................6:01 7 Employee Benefits ..................................24 56 Employee Benefits Continuation .............24:05 59 Employees Not Covered by Agreement .3:04 4 Employee Savings Plan ..........................24:06 60 Extended Health Care Plan.....................24:01 56 Flex Days ................................................12:02 24 Footwear - Safety ....................................11:03 22 General Leave ........................................15:01 45 Glasses - Safety .....................................11:04 23 Grievances .............................................. 7 7 Holidays...................................................12 23
Early Retirement Benefits. The City shall pay one hundred percent (100%) of the costs required to provide the following benefits to employees who take early retirement until they attain age sixty-five (65):
Early Retirement Benefits. 24:07 58 Emergency Operations ..........................6:01 7 Employee Benefits ..................................24 54
Early Retirement Benefits. 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. The early-retired employee's share towards the billed premium of the insured benefit plans will be deducted from his or her monthly pension cheque.
Early Retirement Benefits. 1. Leave may accumulate to a maximum of one hundred eighty (180) days only for the purpose of calculating the early retirement benefits. Accumulation in excess of fifty (50) days is not available as paid leave, except on a limited basis as described above in Section A, subsection 5 of this article, but is used to determine a teacher’s eligibility for early retirement and to calculate the annual benefit.
2. To qualify for early retirement benefits from the District, all of the following conditions must be met:
a. A minimum of fifteen (15) years of continuous full-time District employment.
b. At least sixty (60) days of accumulated leave (total both useable and unusable).
c. A completed application for early retirement has been received by the Superintendent by May 10th.
d. Eligibility ends when the retiree reaches Medicare Eligibility age.
e. No payment under this program shall be made prior to retirement under the provisions of the Kansas Public Employees Retirement System.
3. Early retirement benefits shall be payable for a maximum of five (5) years. They shall terminate upon the death of the early retiree or when the retiree reaches Medicare Eligibility age (whichever occurs first). The benefit shall be calculated as follows:
a. If the total accumulated leave days are in the range of 61-100, then the Board will continue to contribute the amount currently paid to certified/licensed employees per month toward the health insurance premium for employees who chose to remain in the Districts’ health insurance group plus $25 per day for each day of leave above 60.
b. For each additional day of total accumulated leave in the range of 101-150, the retiring employee’s annual benefit will increase to $50.
c. For each additional day of total accumulated leave in the range of 151-180, the retiring employee’s annual benefit will increase to $75.
4. Requests for a waiver of any of the qualifications of early retirement benefits, including accumulated leave, fifteen (15) years of continuous full-time District employment, or an application for early retirement not received by May 10th will be considered by the Review Committee. The Review Committee will consist of three members: one (1) administrator appointed by the Superintendent and two (2) teachers who are JCEA members. The Review Committee will forward its recommendation(s) to the Superintendent who has the final discretion to waive requirements for Early Retirement Benefits. Committee members shall maintain confide...
