Early Retirement Incentive Plan (ERIP Sample Clauses

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.
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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).
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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.
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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.
Sample 1
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.
Sample 1
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.
Sample 1
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.
Sample 1
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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.
Sample 1
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
Sample 1

Related to Early Retirement Incentive Plan (ERIP

  • 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.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Deferred Salary Leave Plan (1) The deferred salary leave plan enables Employees to take one (1) year of leave from the Public Service and to finance this leave through a deferral of Salary in previous years. (2) Under this plan, participating Employees agree to defer a portion of their Salary for four (4) consecutive Academic Years and the Employer agrees to grant the Employee leave in the fifth year, and to use the amounts deferred in the previous four (4) years to pay the Employee's Salary during the period of the leave. Participation in the plan is subject to operational requirements. (3) During the period of leave, Employees may engage in whatever activities they wish. (4) The individual plan for each participating Employee is a six (6) Academic Year period consisting of the following: (a) The first four consecutive years during which the Employee draws 80% of Salary earned in each of the four years and defers the remaining 20%; (b) The fifth consecutive year in which the Employee takes the leave, and is paid from the amounts deferred above plus any interest earned on the deferred funds; and (c) The sixth consecutive year in which the Employee returns to employment with the Public Service of Nunavut for a minimum of one year. (5) There is no maximum number of Employees allowed to enter the plan. (6) Executive Directors ensure that approved leaves do not impair the future operation of their School Operations. (7) Employees make written application to their Executive Director. Applications should state the proposed start of the Salary deferral and the proposed period of leave. (8) The Executive Director reviews the application and the requirements of the School Operations and notifies the Employee and the respective Department of Finance, Pay and Benefits Officer at least six (6) weeks prior to the start of Salary Deferral. (9) Each participant will sign an agreement covering the details of the plan. (10) In each year of the plan preceding the period of the leave, the Employee will be paid 80% of the applicable Salary. The remaining 20% of Salary will be deferred and this amount will be retained in trust by the Employer to finance payments during the period of leave. (11) The deferred Salary will be placed in a trust fund by the Government and any returns on the investment of the trust will be used to pay the participant during the period of leave. (a) The money held in trust will be pooled with other Government funds and the Employee will be credited with the average rate of return on those funds. (b) Investments will be restricted to those eligible under Section 57(1) of the Financial Administration Act. (c) A statement of the individual's account will be provided at each anniversary of the plan. (12) During the period of leave, the participant shall receive, if on a one (1) year leave, one twenty-sixth (1/26) of the amount deferred plus any trust fund returns in each pay period, less applicable deductions. No additional payments to the participant can be made such as loans, subsidies, Allowances or Salary. (13) Income tax will be deducted in accordance with the provisions of the Income Tax Act and its Regulations. (14) During the first four (4) years of the plan, the Employer shall provide Employee benefits at a level equivalent to 100% of Salary. Benefits and premium recoveries for the period of leave will be governed by the rules for leave without pay. All benefits cease except Health Care Plan, superannuation, supplementary death benefit, disability insurance, and dental coverage. Premiums for these plans are payable by the Employee. Arrangements can be made to have deductions from pay for some of these benefits. (15) Upon return from leave, the Department will place the Employee in the position held at the commencement of the leave. (16) Returning Employees will have their qualifications re-assessed and placed on the appropriate pay scale. (17) The Employer shall cancel participation in the plan and shall refund, within 60 days, the total of the deferred Salary plus earnings from the plan if the Employee dies or employment is otherwise terminated. (18) Where operational requirements would not be met if the Employee proceeded on leave in the fifth year, or where exceptional changes in personal circumstances make the leave unfeasible, the Employer will give the Employee the choice of the following: (a) withdrawing from the plan and taking a refund of the total in the deferred salary account; or (b) deferring the period of leave to either the sixth or the seventh academic consecutive year or to some other mutually agreeable time. (19) Upon withdrawal from the plan the total in the account will be repaid to the Employee within 60 days from the notification of withdrawal.

  • RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

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

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • 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.

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