Early Retirement Incentive Benefit Sample Clauses

Early Retirement Incentive Benefit. 1 Subject to the provisions of this Article 12-4, a teacher who elects to retire in accordance with the provisions of this Article 12-4 shall be paid the Early Retirement Incentive Benefit by the District.
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Early Retirement Incentive Benefit. 24-1 Subject to the provisions of this Article 24-1, a classified employee who elects to retire in accordance with the provisions of this article 24-1 shall be paid an early retirement incentive benefit by the District. 24-2 An employee shall be eligible to be paid an early retirement incentive benefit only if such employee’s retirement request has been submitted to the District by March 31 of the Classified Employee’s last school year of employment , if such employee has at least twenty (20) continuous years of service with the District, each of the last three (3) years of which must average thirty
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Early Retirement Incentive Benefit. 24-1 Subject to the provisions of this Article 24-1, a classified employee who elects to retire in accordance with the provisions of this article 24-1 shall be paid an early retirement incentive benefit by the District. 24-2 An employee shall be eligible to be paid an early retirement incentive benefit only if such employee’s retirement request has been submitted to the District by December 31 of the prior school year in which the retirement is to occur, if such employee has at least twenty (20) continuous years of service with the District, each of the last three (3) years of which must average thirty (30) hours of regularly scheduled time per week (this time excludes overtime or temporary assignment), if the retirement request is submitted to the District no later than five (5) years after the employee qualifies for any PERA retirement benefits and if such employee retires within said five (5) years. It is understood and agreed that no employee shall have less than a five year period within which to request an early retirement benefit. The continuous years of service required for the early retirement incentive benefit shall not be deemed to be interrupted by temporary illness or by absences for purposes of child care. A leave of absence approved by the Board or a military leave pursuant to Title 38 of the United States Code, Sections 2021-2026, and by the Colorado Revised Statutes, 1973, Section 28-3-604 et seq., shall not be considered to be an interruption of the continuous employment required for the early retirement incentive benefit but the time of such leaves of absence shall not be included in computing the required twenty years of service. 24-3 The maximum salary on which the early retirement incentive benefit will be computed shall be the employee’s twentieth (20th) year salary (benchmark). For purposes of this paragraph, salary shall include the employee’s salary schedule placement for the twentieth (20th) year of service plus longevity. The amount of such payment shall be eighty percent (80%) of the salary for the employee’s benchmark year. Employees with more than twenty (20) years of service in the District on the effective date of this article (July 1, 1992) will have their benchmark salary frozen at their regular contracted salary as the effective date. 24-4 Payment of the retirement incentive shall be made in three (3) equal yearly installments. The first payment shall be given in December of the year retired. 24-5 No employee who elects ...
Sample 1
Early Retirement Incentive Benefit. 1 Subject to the provisions of this Article 12-4, a teacher who elects to retire in accordance with the provisions of this Article 12-4 shall be paid the Early Retirement Incentive Benefit by the District. than five years after the teacher qualifies for ANY PERA retirement benefits (if you are considering this option, please contact XXXX), and if such teacher retires within said five years. It is understood and agreed that no teacher shall have less than a five-year period within which to request the Early Retirement Incentive Benefit. The continuous years of service required for the Early Retirement Incentive Benefit shall not be deemed to be interrupted by temporary illness or by absences for purposes of child rearing. A leave of absence approved by the Board of Education or a military leave pursuant to Title 38 of the United States Code, Sections 2021- 2026, and by the Colorado Revised Statutes, 1973, Section 28-3-601 et seq., shall not be considered to be an interruption of the continuous employment required for the Early Retirement Incentive Benefit but the time of such leaves of absence shall not be included in computing the required twenty (20) years of service.
Sample 1
Early Retirement Incentive Benefit. 1. Any teacher who retires and meets the requirements contained in this Article shall be entitled to receive this benefit. 2. Three criteria must be met in order for a Teacher to be eligible for this benefit. EARLY RETIREMENT INCENTIVE BENEFIT (cont’d) A. A Teacher must have credited at the effective date of retirement a minimum of ten (10) years service in the New York State Teachers' Retirement System resulting from employment in the Xxxxxx-Xxxxxx- Xxxxxxxx Central School District. B. A Teacher must have credited at the effective date of retirement a minimum of 20 years service in the New York State Teachers' Retirement System and be eligible to receive full retirement benefits. Teachers who have 20 years services but are not yet eligible for full benefits, may elect to claim this benefit if the other criteria are met. C. A Teacher must have attained the age of 55. 3. In order to claim the maximum benefit of $15,000, the Teacher must retire on or before June 30th in the year in which all of the requirements in Paragraph 2 of this Article are first met. 4. The effective date of retirement may be deferred one (1) year beyond the date specified in Paragraph 3 above, but the benefit will be reduced to $5,000. Deferral of the effective date beyond the one (1) year extension will cause forfeit rights of this benefit. 5. To qualify for these options, a Teacher must submit his/her resignation, in writing, to the Superintendent of Schools, six (6) months prior to the effective date of the retirement or January 2nd, whichever comes first. 6. Payment of the benefit will be made on January 1 of the year immediately following the effective date of retirement. (If the Teacher so requests payment may be made on (1) day prior to January 1.)
Sample 1

Related to Early Retirement Incentive Benefit

  • 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.

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the previous year, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly. b) To be eligible, an employee must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Retirement System (TRS) member requested “Personal Statement of Benefits” and a “Benefit Estimate” confirmation of total years of service. An employee with ten (10) years of full-time service with Neoga C.U.S.D. No. 3 is considered to be eligible for the retirement incentive by meeting one of the following conditions at the time of retirement: 1) The employee is sixty (60) years of age and has ten (10) years of creditable TRS service. 2) The employee is at least fifty-five (55) years of age and has thirty- five (35) years of creditable TRS service. c) If, during the term of this Agreement, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that result in a greater cost to the District than the costs generated by this Agreement, or that change the definition of what is subject to the 6% TRS cap, the parties agree that this Section shall be null and void and upon the demand of any party shall meet to bargain language to succeed this paragraph.

  • 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.

  • 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.

  • 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.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌ (a) Retire at age sixty-five (65) years; or (b) Retire after age sixty-five (65) years; or (c) Have completed at least ten (10) years continuous employment and retire after age fifty-five (55) years but before age sixty-five (65) years; (d) Employees who have completed at least ten (10) years continuous service with the Employer, whose age plus years of that service equal eighty (80); shall be granted retirement bonus on the basis of four (4) days per year of employment.

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

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

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