Early Retirement Option. The District may offer an early retirement incentive for unit members.
14.6.1 The unit member must have reached the age of 54 prior to applying for early retirement. The unit member must have reached the age of 55 by the beginning date of the contract year in which they retire.
14.6.2 The unit member must have retired from the District and be participant in the State Teachers Retirement System.
14.6.3 The unit member must petition the board in writing of intent to retire no later than January 10th prior to the date of retirement. The Board will act on early retirement petition by the February board meeting. Date and time of application shall be determined by receipt at the District Office. Criteria for approval will include fiscal ability of District to fund applications, unit member’s years of service in the District and age. Board will notify unit member within 15 days of Board action on early retirement petition. Applications not acted on will automatically rollover for the next fiscal year and applicant must submit new letter of resignation by January 10th with dates specific for the next fiscal year.
14.6.4 Letter of resignation to be submitted with petition for early retirement and will be effective and irrevocable upon Board acceptance of Early Retirement petition.
14.6.5 The unit member must have taught in the District for a minimum of 10 years OR be at least at salary placement Column IV year 12.
14.6.6 This program is in effect for the term of this Agreement (contract).
Early Retirement Option. 1: The "Golden Handshake Program" shall be made available to HCOE retiree applicants who meet all eligibility and other legal requirements, provided the program is offered under the PERS retirement sys- tem. This program provides the retiree an enhanced monthly benefit annuity as a result of the Employer purchasing additional service credit at the time of the employee's retirement, per Government Code Section 20904. During each year of the Agreement, there will be two window periods during which employees may apply for the Golden Handshake Program.
Early Retirement Option. A. Beginning in July 1, 2016, Bargaining Unit members shall be eligible to participate in the District’s Early Retirement Program subject to the following:
1. The Bargaining Unit member must be eligible for STRS retirement, less than sixty (60) years of age, and drawing STRS benefits at the time of his/her employment in this program.
2. The Bargaining Unit member shall have served at least fifteen (15) years in the Montebello Unified School District as a certificated employee.
3. Services may be performed for a maximum of five (5) years or until age (60) whichever comes first. The Bargaining Unit member may elect to discontinue service under this option at the end of any year, but then he/she may not re-enter the program.
4. The Bargaining Unit member must request participation in this program for the following school year and formally resign from the District by May 1 with an effective date prior to July 1. This shall occur after the necessary contractual agreements have been signed by both parties.
5. Bargaining Unit members opting for this program shall contract for a total of twenty (20) days per year in concert with District’s needs. The early retiree’s contract shall be determined by the District on an annual basis.
B. Each year the contract for the early retiree shall be reviewed by the District with the retiree. In all cased, the District shall make the final determination as to the retiree’s assignment. The particular work days shall be mutually agreed upon in advance of a school year by the two (2) parties, subject to possible later changes, again by mutual agreement.
1. Upon acceptance of the Bargaining Unit member’s request for participation in the District’s Early Retirement Program, verification of eligibility, signed contractual obligations, and formal resignation, the District shall:
2. Employ the services of the individual Bargaining Unit for twenty (20) working days per year, for no more than five (5) consecutive years. The normal workday is based on an eight (8) hour day. Termination of the contract may be by mutual agreement. The District may terminate this contract for just cause if there is a failure to meet contractual obligations by the participant.
3. Pay the Bargaining Unit member five thousand ($5,000) dollars inclusive of all employer taxes each year for no more than five (5) years upon completion of each year’s contractual obligations. The District may employ Bargaining Unit members up to an additional ten (10) days at a commen...
Early Retirement Option. A. Any Administrator of the Jamesville-XxXxxx Central School District who meets the following eligibility requirements shall be entitled to the early retirement incentive (ERI) payment set forth below:
1. The Administrator must have completed at least ten (10) years of full-time service at Jamesville-XxXxxx.
2. The Administrator must submit a letter of request for the ERI and a letter of resignation on or before February 1st immediately prior to the date on which the Administrator will retire. In the event of disability, the February 1st date shall be waived, but all other eligibility criteria must be met.
3. On the date of retirement, the Administrator must be eligible for a service retirement without penalty from the New York State Teacher’s Retirement System, and the Administrator must retire within the first two years of meeting both state and local eligibility.
Early Retirement Option. This option provides that a tenured academic employee with 15 or more years of full- time academic employee service at TCC who retires at age 55, but prior to reaching age 60, or to those under age 55 with 30 years of service, will receive an amount equal to 126% of the employee's base salary at the time of retirement to be paid in equal installments over the 3 budget years following retirement. An employee who retires after reaching age 60, but prior to reaching age 67, who has 15 or more years of full-time academic employee service at TCC will receive an amount equal to 118% of the employee's base salary at the time of retirement, to be paid in proportional installments over the 3 budget years following retirement. For example, a full-time tenured academic employee who retires effective the end of fall quarter of the academic year is paid two- thirds of a year’s payment with the remaining one-third distributed evenly over the payments for the remaining two budget years.
Early Retirement Option. Prior to issuing notice of layoff pursuant to the notice of layoff provision in this collective agreement, in any classification(s) the Hospital will offer early retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees (within the classifications) who would otherwise receive notice of layoff under the notice of layoff provision in this collective agreement. Within thirty (30) calendar days from the date of notice of layoff an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits their right to notice, recall, and their employment is terminated. Such employee will receive severance pay on the basis of the two (2) week’s pay for each year of service with the Hospital to a maximum of twenty-six (26) weeks on the basis of the employee’s normal weekly earnings. (note: for part time employees week’s pay will be calculated by dividing by 20, the employee’s hours in the 20 week period immediately prior to date of notice of layoff and then multiplying by the employees regular base hourly rate of pay) An employee choosing this option will receive a lump sum payment (subject to deductions required by law) equal to $1,000.00 for each year that the employee is less than 65 years of age to a maximum payment of $5,000.00 (subject to deductions required by law) The Hospital, at its discretion, may offer an employee the above Retirement Allowance at any time. It is understood that accepting Retirement Allowance is voluntary on the part of the employee.
Early Retirement Option. 31.01 In the event that the Company gives the Association a notice of plant closure, any employee who is within early retirement age will be allowed to retire before the final plant closing date, subject to applicable legislation.
Early Retirement Option. When it is advantageous within the PERS system for eligible employees to retire prior to the end of the school year and the bargaining unit member and the District wish to minimize the disruption for students by employing these retirees for the remainder of the year, the following conditions will apply:
1. The retiring teacher will notify the Superintendent in writing at least thirty (30) days prior to the employee’s intended date of early retirement. The employee’s request for early retirement is subject to Board approval.
Early Retirement Option. The Association and the District shall meet by February 1 of each year and determine if an early retirement option will be offered for the current fiscal year. Permanent status employees who meet the eligibility requirements shall be able to access the retirement option.
Early Retirement Option. In the year when the Governing Board offers the Golden Handshake, the qualified bargaining unit member, who has served in the Xxxxxxx Unified School District for a period of five full years, may choose the following cash incentive retirement in lieu of the Golden Handshake.
1) From age 55-58 a one-time payment of $10,000.
2) From age 59-62 a one-time payment of $4,000.
3) From age 63 on, no payment.
