Early Retirement Payment Sample Clauses

Early Retirement Payment. Upon retirement, teachers shall receive a payment equal to thirty-five percent (35%) of their final year’s salary. Notification of intent to retire and the option chosen must be submitted in writing to the superintendent’s office by March 1 of the school year preceding the employee’s final teaching year. The letter of intent to retire may be retracted by the employee before July 1 of the same year it was submitted. The letter of intent to retire cannot be retracted on or after July 1 of the same year submitted by the employee without review and consideration by a committee of the superintendent, a board member, and a gaining member. This payment is for early retirement and will be available in the twenty-fifth (25) through thirtieth (30) years only. If a teacher has fractions of teaching years, those fractions will be rounded up or down dependent upon the fraction. (Over ½ is rounded up and under ½ is rounded down.) This payment is available only to teachers who have spent five (5) years in the Manhattan School System. A. Option 1: Early Retirement Payments and Accumulated Leave Payment will be paid by June 30th of the year of retirement. B. Option 2: Early Retirement Payments and Accumulated Leave Payment will be paid after January 1, and before January 15, of the school year following the school year in which the teacher retires.
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Early Retirement Payment. Classified employees electing early retirement under the provisions of PERS shall receive a monthly payment of $200.00. This payment shall be for a period of forty- eight (48) months or until the employee is eligible to receive their own Social Security benefits, or age sixty-two (62), whichever occurs first.
Sample 1Sample 2
Early Retirement Payment. The Company shall pay to Executive, in a single lump sum on the date specified in Section 3 below, an amount equal to the sum of (i) forty (40) weeks of base salary at Executive’s rate of base salary in effect on the Retirement Date, and (ii) the excess (if any) of the annual bonus paid to Executive under the Company’s annual bonus program for the 2005 fiscal year over the annual bonus payable to Executive under the Company’s annual bonus program for the 2006 fiscal year.
Sample 1
Early Retirement Payment. In recognition of services to the school district, teachers retiring early (prior to 30 years of service) will receive payment of: 25-29 5% 20-24 4% 15-19 3% 11-14 2.5% Such one-time payment will be made at the time of retirement and paid on base salary, excluding any extra-curricular or athletic pay. A teacher who has been terminated shall not receive payment for services.
Sample 1

Related to Early Retirement Payment

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Early Retirement Age The age set by the Employer in the Adoption Agreement, not less than age fifty-five (55), at which a Participant becomes fully vested and is eligible to retire and receive his or her benefits under the Plan.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • 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.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

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