Early Retirement Fund Sample Clauses

Early Retirement Fund. Effective July 1, 2000, the University established and funded a fund from which monthly premium costs of group health coverage shall be paid for a retired Sergeant and his/her spouse who meets these criteria, as long as there are monies in the fund: (1) satisfies the definition of an official retiree as set forth in Paragraph 129, (2) retires from a Sergeant position, (3) retires after July 1, 2000, (4) has attained at least age 55 and if ages 55 through 59 officially retires due to a bona-fide serious disease or disability that permanently prevents their return to work as an Oakland University Police Sergeant, or, has attained at least age 60 and officially retires at ages 60 through 64 (5) will require at least ten (10) uninterrupted years as a Sergeant at Oakland University. The benefit amount for the foregoing age 55 through 59 Sergeants who officially retire due to a bona-fide serious disease or disability shall be the retiree’s full share of the monthly medical premium cost for the lowest cost HMO; provided however, that under no circumstance shall the benefit amount exceed $700.00 per month for any such retiree and his/her spouse. The benefit amount for the foregoing age 60 through 64 Sergeants who officially retire shall be the full monthly medical premium cost for the lowest cost HMO, for any retiree and his/her spouse, i.e., the same cost the University contributes for the applicable one or two person coverage. The University’s annual contribution to the Early Retirement Fund will be $10,788.00. The University will pay the average 91-day United States Treasury Bill rate semi-annually on the average balance in the fund. The University may pay additional distributions, at its discretion, if the actual earnings of the fund exceed the average 91-day United States Treasury Bill rate. Amounts not used during one fiscal year will be carried over to the next fiscal year. If requests are in excess of available funding, remaining funds will be prorated among those retirees only who qualify. In no event will premium payments from this fund exceed University contributions for active employees for like coverage. The retiree must make advance arrangements with the Benefit and Compensation Services Office to pay whatever premium costs for this coverage are not paid from the fund or the coverage will not be provided. Should the fund be dissolved for any reason, any remaining monies in the fund will be distributed to the payment of Sergeants’ retiree medical cost...
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Early Retirement Fund. 75 PART IV TEACHING CONDITIONS AND EDUCATIONAL IMPROVEMENTS A. School Year .......................................................................................................................... 76
Sample 1
Early Retirement Fund. ‌ 3 1. Effective July 1, 1982, the Board will provide employees with an early retirement 4 supplement and special retirement benefit supplement to the Wisconsin Retirement 5 System plan. Retirement benefits will be payable effective July 1, 1982. 7 2. Employees of the Board who are in the teacher bargaining unit represented by the
Sample 1
Early Retirement Fund. Effective July 1, 2000, the University established and funded a fund from which monthly premium costs of group health coverage shall be paid for a retired Sergeant and his/her spouse who meets these criteria, as long as there are monies in the fund: (1) satisfies the definition of an official retiree as set forth in Paragraph 129, (2) retires from a Sergeant position,
Sample 1

Related to Early Retirement Fund

  • 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 Age The age set by the Employer in the Adoption Agreement, not less than age fifty-five (55), at which a Participant becomes fully vested and is eligible to retire and receive his or her benefits under the Plan.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • 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.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • 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.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

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