Early Retirement Procedures Sample Clauses

Early Retirement Procedures. Prior to issuing notice of permanent or long-term lay-off pursuant to Article and if there are more notices of layoff than there are redeployment vacancies identified, the Health Centre will offer early retirement to a sufficient number of employees eligible under in order of seniority, to a maximum of the difference in these two numbers. For example, if there are notices of layoff and redeployment vacancies, then Early Retirement will only be offered to employees. Employees offered early retirement have calendar days to advise the Human Resources Department, in writing and delivered by hand, of their decision. An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of four weeks salary for each year of service, plus a pro-rated amount for any additional partial year of service, to a maximum ceiling of thirty (30) weeks salary, and, in addition, full-time employees shall receive a single lump sum payment equivalent to for each year less than age to a maximum of upon retirement. The Health Centre will provide equivalent coverage to all full-time employees who retire early and have not yet reached age and who are in receipt of the Health Centre's pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Health Centre will contribute the same portion towards the premiums of these benefits plans as is currently contributed by the Health Centre to the billed premiums of active employees. The early retired employee be responsible for payment of his or her portion of the billed premium on a monthly basis.
Sample 1
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Early Retirement Procedures. 1.1 Prior to issuing notice of permanent or long-term lay-off pursuant to Article 9.07 and if there are more notices of layoff than there are redeployment vacancies identified, the Health Centre will offer early retirement to a sufficient number of employees eligible under HOOPP in order of seniority, to a maximum of the difference in these two numbers. For example, if there are 8 notices of layoff and 6 redeployment vacancies, then Early Retirement will only be offered to 2 employees. 1.2 Employees offered early retirement will have 14 calendar days to advise the Human Resources Department, in writing and delivered by hand, of their decision. 1.3 An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of four week’s salary for each year of service, plus a pro-rated amount for any additional partial year of service, to a maximum ceiling of thirty (30) week's salary, and, in addition, full-time employees shall receive a single lump sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement. 1.4 The Health Centre will provide equivalent coverage to all full-time employees who retire early and have not yet reached age 65 and who are in receipt of the Health Centre's pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Health Centre will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Health Centre to the billed premiums of active employees. 1.5 The early retired employee will be responsible for payment of his or her portion of the billed premium on a monthly basis.
Sample 1

Related to Early Retirement Procedures

  • 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 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.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • 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.

  • 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.

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

  • Retirement System The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value shall computed using the interest rate used in the annual actuarial valuation and the mortality table used in the annual actuarial valuation with a 50% unisex blend.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

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