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.
Appears in 14 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
