Early Retirement Incentive Payment Sample Clauses

Early Retirement Incentive Payment a) The early retirement incentive will be based on the number of full years to retirement and will be paid in the following amounts: Full Years to Retirement Payout
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Early Retirement Incentive Payment. (1) The early retirement incentive will be based on the number of full years to retirement and will be paid in the following amounts: Age at Retirement % of Annual Salary at Time of Retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% 64 0%
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Early Retirement Incentive Payment. A. Those bargaining unit members who have been employed by the Triway Local Schools for at least ten (10) years and become first eligible to retire under STRS guidelines and have been approved by the STRS to receive retirement benefits other than disability retirement benefits and who notify the Board of their intention to retire, in writing no later than March 1 of the year they intend to retire, will receive two (2) equal lump sum payments which will total fifty percent (50%) of all accumulated Sick Leave. Once a bargaining unit member has given the notice of intent to retire, it cannot be withdrawn unless STRS determines the bargaining unit member is not eligible to retire. A bargaining unit member must retire when first eligible or he/she forfeits his/her right to this provision of the Contract.
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Early Retirement Incentive Payment. Payment shall be made to Eligible Employee in accordance with the Early Retirement Incentive Plan, which is incorporated herein by reference.
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Early Retirement Incentive Payment. A. Those bargaining unit members who have been employed by the Triway Local Schools for at least ten
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Early Retirement Incentive Payment 
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Related to Early Retirement Incentive Payment

  • 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 at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of 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 year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. 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.

  • 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.

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