EARLY RETIREMENT INCENTIVE POLICY Sample Clauses

EARLY RETIREMENT INCENTIVE POLICY. The early retirement incentive plan shall be the only retirement incentive plan in effect for eligible employees covered by the Police and Firemen’s Disability and Pension Fund. Participation in the Plan shall be available to 5% of the eligible employees covered by this contract who are members of the Police and Firemen’s Disability and Pension Fund. Participation eligibility shall be based on total service credit in the Police and Firemen’s Disability and Pension Fund pursuant to applicable service credit provisions of O.R.C. Chapter 742. Persons with more service credit as calculated under O.R.C. Chapter 742 shall have right to participate before employees having less service credit in the system.
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EARLY RETIREMENT INCENTIVE POLICY. A. Any teacher who has been employed under contract by the Atlanta Community Schools for a total of fifteen years or more continuous service (excluding leaves), which are also credited under the Michigan Public School Employees Retirement System (MPSERS), and who elects to take early retirement must notify the Board of his retirement intentions no later than two (2) months prior to retirement to have the provisions go into effect. Provisions for early retirement benefits to any teacher notifying the Board less than two (2) months prior to retirement shall be solely at the discretion of the Board. Retirements commencing at times other than the end of a semester shall not be entitled to this benefit. Note: Service with the Atlanta Community Schools must be immediately prior to retirement.
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EARLY RETIREMENT INCENTIVE POLICY. 1. Any full-time employee who is eligible for early or normal retirement under the Public Employees' Retirement System and/or State Employment Retirement System and who has completed a minimum of ten (10) years of employment with the Luzerne Intermediate Unit 18 shall be eligible for the following retirement incentive program:
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EARLY RETIREMENT INCENTIVE POLICY. 2. Upon retirement eligible educational support employees shall receive an incentive payment based on the employee's years of service at the time of retirement and calculated as a percentage of their last full year's salary, not including any incentives or salary for co-curricular positions, according to the table below: YEARS OF SERVICE 04-05 05-06 06-07 07-08 08-09 09-10 Incentive %of Last Now 1st 2nd 3rd 4th 5th Years Salary 25-30 25-29 25-28 25-27 25-26 25 75 31 30 29 28 27 26 74 32 31 30 29 28 27 73 33 32 31 30 29 28 72 34 33 32 31 30 29 71 35 34 33 32 31 30 70 36 35 34 33 32 31 69 37 36 35 34 33 32 67 38 37 36 35 34 33 65 39 38 37 36 35 34 63 40 39 38 37 36 35-36 61 41 40 39 38 37-38 49 42 41 40 39-40 42 00 00 00-00 34 44 43-44 25 45 15 XVI - INSURANCE, HOSPITALIZATION AND RETIREMENT
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EARLY RETIREMENT INCENTIVE POLICY. 3. Retiring employees will receive their incentive payments in three (3) equal installments payable before January 31 of each year after retirement. If the retiring employee should die in the year of retirement and/or during the payment period, the incentive payment shall be paid to the employee’s designated PSERS beneficiary.
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Related to EARLY RETIREMENT INCENTIVE POLICY

  • 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 PLAN 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:

  • 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.

  • RETIREMENT INCENTIVE PROGRAM A. A Retirement Incentive Program will be provided by the District based upon the conditions stipulated below:

  • Benefits on Early Retirement The Hospital will provide equivalent coverage to all employees who retire early and have not yet reached age 65 and who are in receipt of the Hospital’s pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Hospital will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Hospital to the billed premiums of active employees.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • 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.

  • RETIREMENT PICK-UP 257. For the term of this Agreement, the CITY shall pick up the full amount of the employees’ contribution to retirement.

  • 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.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

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