Common use of Early Retirement Incentives Clause in Contracts

Early Retirement Incentives. (ERI) - In order to minimize the potential for lay offs should a reduction in the workforce be contemplated by the Employer prior to issuing any layoff notice(s), the Employer will first offer an ERI to a sufficient number of employees who are eligible for early retirement under OMERS within the classification(s) affected. Such offers will be made to all eligible employees in the affected classification(s) and awarded on the basis of seniority to the extent that the maximum number of employees within the classification(s) who would otherwise have received lay off notices. Any employee accepting an early retirement incentive shall receive (following completion of their last day of work) a retirement allowance equal to two (2) weeks normal gross weekly earnings for each year of continuous service plus a pro rated amount for any additional partial year of service to a maximum of twenty six (26) weeks normal gross weekly earnings.

Early Retirement Incentives. (ERI) - In order to minimize the potential for lay offs layoffs - should a reduction in the workforce be contemplated by the Employer - prior to issuing any layoff notice(s), the Employer will first offer an ERI to a sufficient number of employees who are eligible for early retirement under OMERS within the classification(s) affected. Such offers will be made to all eligible employees in the affected classification(s) and awarded on the basis of seniority to the extent that the maximum number of employees within the classification(s) who would otherwise have received lay off layoff notices. Any employee accepting an early retirement incentive shall receive (following completion of their last day of work) - a retirement allowance equal to two (2) weeks normal gross weekly earnings for each year of continuous service plus a pro pro-rated amount for any additional partial year of service to a maximum of twenty twenty-six (26) weeks normal gross weekly earnings.

Early Retirement Incentives. (ERI) - In order to minimize the potential for lay offs should a reduction in the workforce be contemplated by the Employer prior to issuing any layoff notice(s), the Employer will first offer an ERI to a sufficient number of employees who are eligible for early retirement under OMERS XXXXX within the classification(s) affected. Such offers will be made to all eligible employees in the affected classification(s) and awarded on the basis of seniority to the extent that the maximum number of employees within the classification(s) who would otherwise have received lay off notices. Any employee accepting an early retirement incentive shall receive (following completion of their last day of work) a retirement allowance equal to two (2) weeks normal gross weekly earnings for each year of continuous service plus a pro rated amount for any additional partial year of service to a maximum of twenty six (26) weeks normal gross weekly earnings.