Early Retirement Incentive Program Erip Sample Clauses

Early Retirement Incentive Program Erip. The parties hereto agree to the following terms and conditions regarding an Early Retirement Incentive Program (ERIP).
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Early Retirement Incentive Program Erip. Options: Bargaining unit member may select from three (3) retirement options. Approval of Option #1 is automatic, assuming the unit member meets the eligibility requirements and applies in a timely fashion. Approval and denial of applications for Options #2, and #3, are purely within the discretion of the County Superintendent of Schools. Approval of Options #2 and #3does not preclude an employee from qualifying for and receiving Option #1, unless Option #1 is waived by the employee in writing. Option #1: Upon regular or disability retirement under PERS after fifteen (15) years of service with the County Office, and attaining fifty-five (55) years of age if regular retirement, the County Office agrees to pay up to the same amount contributed for health benefit premiums for an active full time employee for the employee and one dependent, until the employee reaches sixty-five (65) years of age or otherwise qualifies for Medicare. For employees with 15 years of service to SCOE or more, who retire after September 1, 2007, the County Office will pay the same percentage towards retiree health premiums as is paid towards active employees for Kaiser coverage at the employee only or employee plus one dependent rate, but not more than the maximum amount specified in Superintendent policy 4540 1. c. (currently $960 per month).
Early Retirement Incentive Program Erip. Effective upon implementation, and for a period of 90 days, active participants will be allowed to retire one, two or three years earlier (including actuarily reduced retirements) based on the amount of banked time in exchange for forfeiture of all banked time. More specifically:
Early Retirement Incentive Program Erip 

Related to Early Retirement Incentive Program Erip

  • 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:

  • 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.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Retirement Plans 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 (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, JHSS shall provide the following administrative services:

  • Deferred Compensation Program ‌ Unit members shall continue to be eligible to join the County’s Deferred Compensation Plan. Said employees will be bound by the same Plan, rules and participation agreements as are generally applicable to other County employees. DSA acknowledges that County retains the right to alter, amend, or repeal the current plan, rules, and participation agreements, at any time. The County shall not charge an administrative fee to participating employees.

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