Early Retirement Incentive Plan (ERIP. The parties agree to form a joint committee consisting of two (2) administrators and two (2) LTA members to investigate the applicability of an ERIP. In the event that the Board elects to institute an ERIP, this committee will assist and advise in the formulation of an ERIP and the provisions of such plan shall be bargained with the LTA.
Early Retirement Incentive Plan (ERIP. This Early Retirement Incentive Plan is available to eligible employees who are at least 55 years of age (50 for staff working in Corrections Centre) on or before the effective date of privatization or have sufficient pre-retirement leave into the future to reach their 55th birthday (50th birthday for staff working in a Corrections Centre).
Early Retirement Incentive Plan (ERIP. For Teachers originally hired under a Turkey Run Community Schools contract prior to September 1, 1999. Teachers who are teaching in and have taught for 15 years (or more) in the Turkey Run schools of the North Central Xxxxx Community School Corporation and who are eligible for Indiana State Teacher's Retirement Fund benefits may apply for early retirement benefits as outlined in the following provisions of the Early Retirement Incentive Plan (hereinafter ERIP). It is noted herein that the NCP Board of School Trustees and the teachers’ association are in agreement that the ERIP shall begin to be replaced in 1999-2000 by a 401(a) Matching Annuity Plan as outlined in Article VI, Section 6 of this contract.
Early Retirement Incentive Plan (ERIP. (1) The School Division will pay a retirement incentive to all eligible Teachers.
(2) Eligible Teachers shall be all teachers who have been under contract to the School Division for a minimum of ten (10) consecutive years inclusive of the year of retirement and who meet the following conditions:
a) Teachers who are 55 years of age by June 30th.
b) Teachers who are older than 55 years of age but will achieve a Teacher Retirement Fund Index of 85 by June 30th.
c) Teachers who are older than 55 years of age, but have not achieved a Teacher Retirement Fund (A.T.R.F.) Index of 85 by June 30th.
d) A teacher must be in receipt of an A.T.R.F. Pension on the date of payment.
e) A teacher must retire on June 30th of the year in which the ERIP is granted.
f) Eligible teachers must apply to the Secretary Treasurer no later than March 31st of the year in which they intend to retire.
g) In any case, no other teacher shall be eligible.
(3) Notwithstanding Clause 3.7.1(2), the Board of Trustees may, at its sole discretion, grant a Retirement Incentive to other teachers.
(4) The amount of the incentive shall be calculated as follows: $25,000 x Years of Pensionable Service of Last 10 Years
(5) The date of payment of the incentive shall be August 31st, following retirement or other time mutually agreeable to the teacher and the Secretary Treasurer.
Early Retirement Incentive Plan (ERIP. (1) The School Division will pay a retirement incentive to all eligible Teachers.
(2) Eligible Teachers shall be all teachers who have been under contract to the School Division for a minimum of ten (10) consecutive years inclusive of the year of retirement and who meet the following conditions:
(a) Teachers who are 55 years of age by June 30.
(b) Teachers who are older than 55 years of age but will achieve a Teacher Retirement Fund Index of 85 by June 30.
(c) Teachers who are older than 55 years of age, but have not achieved a Teacher Retirement Fund (A.T.R.F.) Index of 85 by June 30.
(d) A teacher must be in receipt of an A.T.R.F. Pension on the date of payment.
(e) A teacher must retire on June 30 of the year in which the ERIP is granted.
(f) Eligible teachers must apply to the Secretary Treasurer no later than March 31 of the year in which they intend to retire.
(g) In any case, no other teacher shall be eligible.
Early Retirement Incentive Plan (ERIP. (i) This ERIP is available to eligible employees who are at least 55 years of age on or before their ASD Initiative's effective date of disposition or have sufficient pre-retirement leave into the future to reach their 55th birthday.
(ii) For employees meeting the above criteria, ERIP shall provide for an unreduced pension if age plus years of contributory service add up to 80 (Rule of 80). For those employees eligible to retire whose combined age and service add up to less than 80, pension is reduced by 3% for every year their age is less than 60 or their age plus service is less than 80, whichever is the lesser.
(iii) In addition, employees approved for ERIP will also receive a lump sum payment equal to six months base salary which may be used as pre-retirement leave. Benefits under this provision shall not exceed the time than would be required to reach the employee's maximum retirement age.
Early Retirement Incentive Plan (ERIP. 1. An Early Retirement Incentive Plan will be developed and offered to employees who:
(a) are in receipt of Long Term Disability Benefits, under the Totally Disabled Any Occupation provision;
(b) are at least 55 years of age at the time of the offering;
(c) have actuarial disabled life reserve (DLR) values, at the time of offering, which exceeds the lump sum value of one year of LTD benefits; and,
(d) are participating in the Public Service Pension Plan and eligible for retirement benefits under that plan.
2. For employees meeting the above criteria and subject to the Employer’s approval, ERIP shall provide for a lump sum payment equal to six months base salary based upon the employees salary as at the date of disability. The ERIP payment may be used as pre-retirement leave. Benefits under this provision shall not exceed the time that would be required to reach the employee’s maximum retirement age. The Employer can be directed to pay the lump sum to another designate by the employee.
3. Employees who receive the ERIP will not be eligible for benefits from Article 26.16
Early Retirement Incentive Plan (ERIP. This Early Retirement Incentive Plan is available to eligible employees who are at least 55 years of age on or before a date determined by Riverview Hospital, but in any event no later than expiry of the Agreement, or have sufficient pre-retirement leave into the future to reach their 55th birthday.
Early Retirement Incentive Plan (ERIP a. This Early Retirement Incentive Plan is available to eligible employees who are at least 55 years of age on or before a date determined by BCMHS, but in any event no later than the expiry of the Agreements, or have sufficient pre-retirement leave into the future to reach their 55th birthday.
b. For employees meeting the above criteria and subject to BCMHS approval based on operational requirements, ERIP shall provide for an unreduced pension if age plus years of contributory service add up to 80 (Rule of 80). For those employees eligible to retire whose combined age and service add up to less than 80, pension is reduced by 3% for every year their age is less than 60 or their age plus service is less than 80, whichever is the lesser.
c. In addition, employees approved for ERIP will also receive a lump sum payment equal to six months base salary which may be used as pre-retirement leave. Benefits under this provision shall not exceed the time that would be required to reach the employee’s maximum retirement age.
Early Retirement Incentive Plan (ERIP. The following Early Retirement Incentive Plan option shall be granted to a teacher who, as of the date of retirement, has completed ten (10) years or more continuous service from the most recent date of hire with the Board or its predecessors who makes application for the E.R.I.P., on the appropriate form supplied by the Board, when a teacher is immediately eligible to receive pension payments as a participating member of the Ontario Teachers' Pension Plan and when one of the following criteria apply:
a) the teacher has attained the 90 factor (number of years of credit in the fund plus age equals 90); or
b) the teacher has not attained the 90 factor but has attained the age of 55. Notwithstanding the foregoing, from July 1, 1999 until December 31, 2002 “the 90 factor” in paragraphs (a) and (b) shall be replaced with “the 85 factor”.
