Early Retirement Eligibility a. Eligible retirees are those unit members who retire no younger than age 50 with at least 15 years of service to the District. Eligibility for retiree insurance, as specified in Subsection 2, shall be limited to those retirees who were eligible for insurance as active employees. Eligibility under this section ceases upon attainment of age 65.
b. Retirees approved for this program shall not be eligible for a period of more than five years, regardless of age.
c. Retirees shall not be eligible for this program if they are entitled to health benefits through either subsequent employment, spouse’s insurance coverage, or other insurance coverage.
a. The retiree shall provide twenty (20) eight-hour days of service per year to be eligible. At least (10) days shall be required prior to December 31 and all 20 days shall be completed by June 30. The arrangement of these days is to be approved mutually by the District and retiree on an annual basis prior to the first day of school each year. The functions to be performed shall be approved mutually by the District and retiree.
b. Should any retiree under this article fail to perform satisfactory service without making mutually agreed upon arrangements to perform the service at a later date, such retiree shall be dropped immediately from coverage under this program and shall reimburse the District for all expenditures made on his/her behalf during the year of default. The Association shall reimburse the District for any amount not reimbursed by the retiree within thirty (30) days after notice to the retiree. The District may deduct such amount from the unified dues otherwise owed to the Association.
c. Should the District medical insurance carrier decline to provide the proposed coverage or should any provision of this article be invalid or be declared invalid by PERB or a California court, the entire article shall be null and void.
d. All arrangements between the District and retirees under this section shall be null and void unless the Retiree Insurance Coverage remains a valid provision in the contract between the District and the Association.
e. The District may require additional service to cover any rate increase unless the retiree contributes the amounts requested to defray such increase by the first day of each month in which such increase is effective. Failure to pay the increase by the first day of each month shall result in the retiree being dropped immediately from coverage under this program.
Early Retirement Eligibility. 16 A unit member is eligible for the Early Retirement Program when the following criteria are met.
17 1. The unit member at fifty-five (55) years of age, employed on a full-time basis prior to July 1, 18 2004 and has completed a minimum of twelve (12) years of full time service with the BCOE;
Early Retirement Eligibility. 1. Teachers who have reached the age of fifty-five (55) years prior to September 1, 2018, may request to take early retirement benefits under the terms and conditions set forth below. Application for early retirement benefits is entirely voluntary. Approval or denial of a request for early retirement benefits is within the sole discretion of the Board.
2. A teacher is eligible for early retirement benefits if such teacher is:
a) Currently a full-time employee of the school district;
b) Has at least ten (10) years of eligible service with KPERS and with the school district; and
c) Was at least fifty-five (55) years of age on September 1, 2018, and not more than sixty-four (64) years of age on September 1 of the school year in which the teacher submits application for early retirement benefits. Eligibility, i.e., compliance with a) through c) above, will be determined by the school Superintendent. A teacher requesting early retirement benefits shall have a responsibility to provide all facts and information necessary to prove eligibility for early retirement benefits and to determine benefits to be paid.
3. A teacher may apply for early retirement benefits by giving written notice to the Superintendent. Such written notice shall be submitted on or before the 15th day of March preceding the anticipated retirement date and shall include the following information:
a) a statement of the applicant's desire to take early retirement benefits;
b) the anticipated date of retirement;
c) the applicant's birth date and age on the date of retirement;
d) the current mailing address and telephone number of the applicant;
e) the number of years applicant has been employed by the school district;
f) the total number of years of service credit recognized by KPERS;
g) applicant's current annual salary;
h) whether the applicant desires payment of the early retirement benefit in January or July of each year; and
i) whether the applicant desires health insurance coverage through the school district's health insurance by deduction of annual premiums from the early retirement benefits. Following final action on any application for early retirement, the Superintendent shall notify the applicant, in writing, of the final disposition and the date and amount of annual early retirement benefits to be paid.
4. The following terms and conditions shall apply to the school district's early retirement benefits plan:
a) Any application for early retirement benefits shall be granted or denied ...
Early Retirement Eligibility. (a) The Employer does not permit early retirement.
(b) The Employer does permit early retirement. “Early Retirement Eligibility” shall mean:
Early Retirement Eligibility. 30 1. The employee must have reached his/her fifty-fifth (55th) birthday prior to the effective date 31 of retirement.
33 2. The employee must submit a resignation form indicating “retirement” at least 30 days prior to 34 the date of retirement.
36 3. The employee must have rendered fifteen (15) years of credited service to the District 37 immediately before retirement.
39 4. Verification must be established that the employee has filed his/her application for regular 40 retirement benefits with the Public Employee's Retirement System or has submitted an annual 41 notarized affidavit stating that he/she has not or will not engage in gainful employment as a 42 regular employee under the jurisdiction of the above retirement system.
44 5. The employee must be a member of the District Health Plan for one year prior to application.
46 6. Employees working less than full-time during the previous twelve (12) months from the date 47 of retirement are eligible for benefits on a prorated basis. Employees' share of the prorated 48 premium shall be paid to the District quarterly in advance. 49 1 Failure of the employee to pay the prorated premium due within thirty (30) calendar days 2 automatically cancels coverage under this plan.
4 7. If the total number of applications and participants for the Early Retirement Health Benefits 5 Program exceeds the ten percent (10%) in any one (1) year, selection shall be based according 6 to the following criteria: 8 These criteria are in priority order:
Early Retirement Eligibility. An employee will be eligible for early retirement under the following conditions:
a. Attainment of age 50 with 15 or more years of service credit as a police officer. In this case, the pension will be computed as set forth above in Section A.1. (Voluntary Retirement), and reduced by 0.2% for each month the retirement precedes age 55.
b. Attainment of 25 years of service credit as a police officer. In this case, the pension will be computed as set forth above in Section A.1. (Voluntary Retirement), and reduced by .6% (7.2% annually) for each month the retirement precedes age 50. An employee electing early retirement with 25 years of service is eligible for the City paid health benefits provided under Section B. of this Article at the time that the retiree attains age 50. Until age 50, the retiree may participate in the City’s group health insurance plans, but must pay the full cost of the premiums.
c. Attainment of 25 years of service credit as a police officer and age 48. In this case, an employee may elect to purchase up to two years of service to age 50 for full retirement eligibility. The cost of purchasing the years of service shall be actuarially determined at that time by the City’s actuary and the purchase shall be at no cost to the City. Retirement health benefit eligibility is the same as in subsection (b) above.
Early Retirement Eligibility. Because Leased Employee service counts as Vesting Service, it also counts toward eligibility for early retirement benefits.
Early Retirement Eligibility. Notwithstanding the provisions of Section 2(a), above, to the contrary, in the event the Employee becomes eligible for Early Retirement, as defined in the Xxxxxxxx Corporation Employees’ Pension Plan (or would be eligible for Early Retirement under such plan if the Employee was a participant in such plan or as defined in a subsidiary company’s salaried pension plan in the event the Employee’s pension benefits are received solely from the subsidiary’s plan), the Employee will be deemed to be fully vested in the Units as of the date the Employee is first eligible for Early Retirement. As of such date, the vesting and transfer dates set forth in Section 2(a) shall no longer apply and, instead the following transfer schedule shall apply while the Employee remains continuously employed with the Company or one of the Company’s subsidiaries: Three (3) years from the Effective Date — 50% of the Units Four (4) years from the Effective Date — 75% of the Units Five (5) years from the Effective Date — 100% of the Units To the extent the Employee has not previously received a transfer of the applicable percentage of the shares of Common Stock represented by the Units pursuant to Section 2(a), above, the Employee will then receive a transfer from the Company of the applicable percentage on or before March 15 of the year immediately following the year in which the applicable anniversary date of the Effective Date occurs, with the Company either transferring physical possession of a stock certificate or certificates for shares of Common Stock in an amount equal to the number of shares of Common Stock represented by the Units then becoming transferable pursuant to the above schedule to the Employee or providing for book entry transfer of such shares to the Employee, subject to Sections 6 and 7 below. Notwithstanding the above to the contrary, in the event the Employee incurs a separation from service prior to the complete transfer of shares of Common Stock represented by the Units, the remaining shares that have not yet been transferred shall be transferred to the Employee six (6) months following the Employee’s separation of service; provided, if the Employee directly, indirectly, or otherwise, owns, manages, operates, controls, serves as a consultant to, becomes employed by, participates in, or becomes connected, in any manner, with the ownership, management, operation or control of any business that competes with the Company or any of its affiliates, as determined by th...
Early Retirement Eligibility. The following Early Retirement Eligibility changes shall occur for the benefit of the Current Employees Class members: (1) the age 57 and 15 years of service requirement formula established Ordinance No. 84-2011 shall be superseded by the terms of this Agreement; and (2) the age 55 and 25 years of service requirement that existed prior to Ordinance No. 84-2011 shall be reinstated; and (3) the retirement option for those employees who reach age 60 and have at least five years of service that existed prior to Ordinance No. 84-2011 shall be reinstated.
Early Retirement Eligibility. The intent of early retirement is to fill the span between “early retirement” and eligibility for Medicare or Social Security. Hence, anyone reaching eligibility for Social Security or Medicare does not also qualify for early retirement.
1. 55 years of age or 30 years in Oregon PERS/OPSRP.
