Early Retirement Options. Prior to issuing notice of layoff pursuant to the notice of layoff provision in this collective agreement, in any classification(s), the Employer 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 lay-off provision in this collective agreement. An employee who elects an early retirement option shall receive, following the completion of the last day of work, a retirement allowance of two (2) week’s pay for each year of service, to a maximum of fifty-two (52) weeks on the basis of the employee’s normal weekly earnings. A Full Time employee who elects this early retirement option and have not yet reached age 65 and who are in receipt of the Employer’s pension plan benefits and who at the time of electing this early retirement option are enrolled in the Employers benefit plan shall be provided equivalent coverage to that provided to other full time employees on the same basis as is provided to active employees for semi-private, extended health and dental benefits as defined in the collective agreement. The Employer will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Employer to the billed premiums of active employees. The employee will arrange with and provide the Employer either preauthorized payments or other arrangement suitable to the Employer and employee Note: The Employer may offer any employee a retirement option as provided above, in order to avoid potential layoffs in the unit.
Early Retirement Options. The retirement may take the form of one of or a combination of the following systems or of other systems agreeable to both parties:
Early Retirement Options. This letter confirms our discussions should the company implement an early retirement provision without penalty at age 62 for other Metroland (non-union) staff during the term of this agreement, then that improvement will be extended to the bargaining unit(s). Yours truly, Xxxxxx X. Xxxxxx Vice President, Human Resources Metroland Printing, Publishing & Distributing Ltd. BB/cd 01-018 April 21, 2004 Xx. Xxxxxx Law Local Representative CEP Local 87-M SONG 0000 Xxxxx Xx., Xxxx Xxxxxxx, XX X0X 0X0 Dear Mr. Law:
Early Retirement Options. All STRS early retirement options available in Board policy will be applicable to faculty members in the same manner as management personnel.
Early Retirement Options. During the life of this agreement the District board may, at its sole discretion, design and offer an early retirement program to ESP employed by the Board who have worked a minimum of fifteen (15) years within the School District. The early retirement program will only be available to the ESP if the School Board affirmatively votes to adopt an early retirement program to be applicable for any given school year.
Early Retirement Options. At the time of early retirement, qualified unit members may elect one of the three following retirement options if applicable.
Early Retirement Options. The District shall provide a voluntary Early Retirement Plan for teachers between the ages of 55 and 65 70.
10.2.1 To be eligible for consideration for the Early Retirement Plan, the teacher must:
a. have a minimum of ten (10) years of continuous service in the District in a position requiring certification (see Ed Code 44922);
b. be between the ages of 55 and 65 70;
c. have proposed the contract retirement voluntarily.
10.2.2 The retiree shall be provided opportunity to serve forty-five (45) days for no more than 270 hours per school year as a Retired Consultant, compensated per the Retired Consultant’s hourly rate indicated in Article 18 (Wages) and receive receiving the same salary percentage increase as regular teachers. Retirees serving the full 45 days shall receive $13,495 with prorated increments for total time less than 45 days. This figure number of hours might have to be reduced to ensure the retiree’s income shall not exceed the STRS (State Teachers’ Retirement System) maximum allowable earnings. The schedule of payment shall be as requested by the retiree within the constraints of the law. Payment shall be made upon completion of services, as indicated on the appropriate time sheet and submitted to payroll. This position is only considered “seasonal” in the sense that it is characterized by full- time shifts/days and sometimes full-time weeks, but only for limited portions of the year rather than the full year. Subject to the sole initiative of the District, the District and Association may at any time mutually approve any Retired Consultant for additional hours beyond the annual limit above. Hours approved must still be limited such that the Retired Consultant’s income would not exceed the STRS maximum allowable earnings, and it remains the member’s responsibility to verify their earnings and limits with CalSTRS beforehand and throughout the process. Neither party is under obligation to approve or to initiate.
10.2.3 The retiree shall perform such services which shall be mutually agreed upon by the parties and which meet the needs of the District.
10.2.4 The District shall provide not fewer than forty-two (42) slots (positions). Teachers entering this program will be provided the option of serving for two (2) years. When slots are vacant, the Education Code and STRS allow, and there is District approval, retirees who have served a minimum of two (2) years may be granted additional yearly contracts.
Early Retirement Options. A. Program Number One:
Early Retirement Options. Effective January 1, 2007, the Pension Plan shall be modified to provide for a vested benefit of 50% of final salary after 20.5 years of service, to be received upon reaching normal retirement age without pro-ration of the benefit under certain conditions. The retiring officer shall have the option to continue to make contributions to the Retirement Plan until reaching age 50 and have the pension benefit based upon the final average salary the officer would have attained at the age 50, or to cease contributions and to receive a pension at age 50 calculated using the salary earned at the time of leaving employment. Officers hired after January 1, 2015, shall be eligible for this option, except that they must continue to make contributions to the Retirement Plan until reaching the age of 55 and have the pension benefit based upon the final average salary the officer would have attained at the age of 55, or cease contributions and to receive a pension at age 55 calculated using the salary earned at the time of leaving employment.
Early Retirement Options. Attainment of age with at least years of Credited Service. Attainment of age with years of Credited Service,(to be modified to age at the start of the last year of the agreement). Attainment of age with age plus service equal to or more. In the event of a partial or complete plant closure, employeeswho attain age with or more years of credited service, shall be entitled to retire with their normal and supplementarybenefits unreduced on accountof age.
