Common use of Early Retirement Options Clause in Contracts

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 Those employees who received termination payments from the Government of Ontario at the date of transfer to Employer will receive termination payments only for their actual years of service with Employer. 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. 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 Those employees who received termination payments from the Government of Ontario at the date of transfer to Employer will receive termination payments only for their actual years of service with Employer. 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. Prior to issuing notice of layoff pursuant to the notice of layoff provision in this collective agreement, in any classification(sclassification(s), the Employer will offer early-retirement allowance to a sufficient sufficient number of employees eligible for early retirement under HOOPP within the classification(sclassification(s) in order of seniority, to the extent that the maximum number of employees within a classification classification who elect early retirement is equivalent to the number of employees within the classificationsclassifications) 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 fiftyfifty-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 benefits and who at the time of electing this early retirement option are enrolled in the Employers benefit 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 benefits as defined defined in the collective agreement. The Employer will contribute the same portion towards the billed premiums of these benefits 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 Those employees who received termination payments from the Government of Ontario at the date of transfer to Employer will receive termination payments only for their actual years of service with Employer. 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. 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 thirty (5230) weeks on the basis of the employee’s normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00. 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 Those employees who received termination payments from the Government of Ontario at the date of transfer to Employer will receive termination payments only for their actual years of service with Employeremployee. 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. 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 thirty (5230) weeks on the basis of the employee’s normal weekly earnings. A Full Time In addition, full- time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00. An employee who elects this an early retirement option shall be provided equivalent coverage to all full time employees who retire early 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 Those employees who received termination payments from the Government of Ontario at the date of transfer to Employer will receive termination payments only for their actual years of service with Employer. Note: The Employer may offer any employee a retirement option as provided above, in order to avoid potential layoffs in the unitemployee.