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.
Early Retirement Incentive. For the purposes of this article early retirement is defined as retirement after age 55 and before age 65. During any fiscal year starting April 1, the Employer will offer or accept at least one, or the equivalent of at least one, five year early retirement incentive, provided that there are any such requests. The Employer may offer to an employee or an employee may request an early retirement incentive provided the employee meets the following qualifications:
1. is age 55 or over;
2. has a minimum of ten years employment with the College;
Early Retirement Incentive. In those departments in which a reduction in staff is required, a faculty member shall be eligible to apply for an early retirement incentive providing he/she meets the following conditions:
(a) is age fifty-five (55) or over;
(b) has a minimum of ten (10) years pensionable service with the College;
(c) holds a continuing appointment at the College.
Early Retirement Incentive. 30 ARTICLE 12 - SALARIES 31 ARTICLE 13 - EFFECT OF THIS AGREEMENT 33 ARTICLE 14 - INTERNATIONAL EDUCATION 34 ARTICLE 15 - HEALTH AND SAFETY EQUIPMENT 36 ARTICLE 16 - Common faculty professional development Fund 36 ARTICLE 17 - TERM 37 APPENDIX A 38 APPENDIX B 39 APPENDIX C 40 APPENDIX D 41 APPENDIX E1 42 APPENDIX E2 43 APPENDIX F. 44 APPENDIX G 46 APPENDIX H 47 APPENDIX I 48 LETTER OF UNDERSTANDING 1 50 LETTER OF UNDERSTANDING 2 51 LETTER OF UNDERSTANDING 3 52 LETTER OF UNDERSTANDING 4 53 LETTER OF UNDERSTANDING 5 54 LETTER OF UNDERSTANDING 6 56 LETTER OF UNDERSTANDING 7 57 LETTER OF UNDERSTANDING 8 58 LETTER OF UNDERSTANDING 9 59
Early Retirement Incentive. Health Insurance benefits shall be provided to employees who participate in the ERI for the period between the effective ERI date and the retirement insurance eligibility date with STRS providing the participant pays 100% of the Board cost one (1) month in advance.
Early Retirement Incentive. Members must provide written binding notification to Human Resources by February 1, 2008 of their retirement at the end of this school year. Members who do so will be paid an incentive as follows:
a. Members with nineteen (19) or less years of district service will receive $500.00
b. Members with twenty (20) or more years of district service will receive $1000.00.
Early Retirement Incentive. Definition: Eligibility:
(a) An Employee must be at the highest achievable step of the salary scale.
(b) An Employee must have a minimum of ten (10) years of full-time equivalent service with the Employer.
Early Retirement Incentive. The purpose of the early retirement incentive plan is to provide an incentive for early retirement under the pre-layoff canvass outlined in Clause 36.1 where the retirement of an employee will prevent a layoff. While the clause is permissive in that individual implementation and approval is at the discretion of OC, there may be instances where a layoff has not been identified and there would be a benefit to the institution and the employee. In these instances OC would be prepared to review the request.
Early Retirement Incentive. In 2010 the University will create a program to provide a onetime lump sum payment to eligible employees that will serve as an early retirement incentive. Program details and operation, eligibility requirements, funding levels and the lump-sum payment amount will be determined by the University and be consistent with the requirements of Florida Statutes. The Union may request consultation on program details. The continuation of this program beyond 2010 is at the discretion of the University.
Early Retirement Incentive. To be eligible for this incentive a teacher must have been employed under a regular teaching contract during the 2001-2002 school year, must be at least 55 years of age and must have at least 20 years of LSC service as a certified teacher on regular contract. The eligible teacher that submits Appendix F as an intent to retire early will receive
1. A payment of up to $1,250 for each year of teaching service in the Lafayette School Corporation, not to exceed 25 years.
2. Minus the value of 401 (a) contributions (See appendix J in this contract)
3. Equals the present value of Early Retirement Benefits
4. The Early Retirement Benefit earned in Appendix I of the contract will be compared to number 3 above. The greater amount will be the early retirement payout. The EARLY RETIREMENT benefits calculated above will be paid out in eight (8) payments over a four-year period with such payments made semiannually on the first teacher payday after January 1 and June 30 of each calendar year. For a teacher retiring between January 1 and June 30th who has given written notice of retirement at least one
(1) calendar year before the effective date of retirement, the first payment will be made in July. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of January after retirement. For a teacher retiring between July 1 and December 31st who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in January. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of July after retirement. All such payments shall be made to the teacher’s 403(b) post retirement plan account. The payments will cease in the cycle when the teacher qualifies to receive full (normal) Social Security benefits. Total payments shall not exceed 8. It is the intent of the parties to allow teachers who have retired prior to the effective date of this contract to have no changes in their already designated early retirement benefits.
