Early Retirement Provisions. The Employer is committed to investing in its people so that we have the best available in the industry. Our employees are encouraged to display the corporate values of: Leadership, Respect, Focus, Performance and Persistence in their working endeavours. In recognition of the effort that the Employer's employees have made during their careers, the Employer considers it appropriate to make available an early retirement benefit. This benefit is available providing that:
(a) there is mutual agreement between the Employer and employee concerned on the taking of early retirement and the establishment of a timeframe for this to occur;
(b) the employee is over 55 years of age and under 62 years of age; and
(c) the employee has completed more than 10 years of continuous service with the Employer. The following table describes the provisions that are available. Years of Service Service Acknowledgment
Early Retirement Provisions. A. The Retirement Plan for the employees covered by this agreement shall provide for early retirement from the age of fifty-five (55) years up to sixty (60) years. The minimum benefit for early retirement shall be reduced by 3 percent per year if the employee retires at the age of fifty-eight (58) through fifty-nine (59) years of age. The minimum benefit pension for early retirement shall be reduced by 8 percent per year if the employee retires at the age of fifty-five (55) through fifty- seven (57) years of age plus the reduction described above for age fifty-eight
Early Retirement Provisions a ☐ Plan includes early retirement provisions. i Requirements for early retirement are:
A. ☐ Attainment of a specified age: (< 65)
B. ☐ Later of specified age: (< 65) or completion of: years of Vesting Service ii Early Retirement Date is the:
A. ☐ Date the Participant satisfies the early retirement requirements above B. ☐ First day of the month coinciding with or next following the date the Participant satisfies the early retirement requirements above
C. ☐ First day of the month next following the date the Participant satisfies the early retirement requirements above
Early Retirement Provisions. 4.7.1 If an employee:
(a) is 55 years of age or older; and
(b) has been in the Company’s employ for a minimum period of 15 years; and
(c) informs the Company they wish to retire and notifying the company at least six (6) weeks’ notice in advance then they will be eligible to receive the early retirement benefits set out in sub-clause 4.7.2 below.
4.7.2 The early retirement benefits which are available to employees are:
(a) Ten (10) weeks’ pay; and
(b) One (1) week’s pay for each year of service with the Company in excess of 15 years.
4.7.3 For the purposes of sub-clause 4.7.2, the expression “weeks’ pay” will be based upon the ordinary hourly base rate of pay contained in Clause 12, Table 2.
4.7.4 The early retirement benefit in terms of sub-clause 4.7.2 above, less any applicable taxation, will be paid to the employee upon the later of:
(a) the cessation of the employee’s employment with the Company; and
(b) the employee having executed an acknowledgement in the form of that set out in sub- clause 4.7.5 below.
4.7.5 The employee’s employment with the Company will cease:
(a) on a date as may be agreed between the Company and the employee; or
(b) in the absence of an agreement, on such date as may be determined by the Company, being a date not more than three months from the date the employee informed the Company that they wished to retire.
Early Retirement Provisions. A. If an employee gives the Board an irrevocable notice of retirement by July 1 three years prior to the year of retirement, the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three years of service. If an employee gives the Board an irrevocable notice of retirement by July 1 two years prior to the year of retirement, the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two years of service. If an employee gives the Board an irrevocable notice of retirement by July 1 one year prior to the year of retirement, the Board shall pay him/her a 6% retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by July 1, that employee shall be removed from the salary schedules contained in Appendix A of this agreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement in no case will the employee's TRS creditable earnings increase exceed 6% of the previous year. If, after submitting an irrevocable notice of retirement by July 1, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation as set forth in Appendices B the previous year, the retirement incentive for that employee will be recalculated accordingly.
B. Requirements to Qualify:
a. Must be at least 60 years of age on or before the date of retirement; or
b. Must be at least 55 years of age on or before the date of retirement with 35 or more years of creditable service with the Illinois Teacher’s Retirement System; and
c. A minimum of seventeen (17) years full time service in Hartsburg-Emden CUSD #21 at the time the employee submits an irrevocable letter to retire.
C. In the event an employee fails to meet the requirements of paragraph B.2. because of illness in his/her last year of employment, the administration can work with the employee to extend his/her employment for a sufficient length of time to satisfy the requirements of paragraph B.2.
D. If, during the term of this agreement, any legislation and/or TRS rules/regulations are ena...
Early Retirement Provisions. 29.1 In recognition of the effort that Xxxxxx employees have made during their careers, the Company considers it appropriate to make available an early retirement provision.
29.2 This special reward is available providing that:
(a) there is mutual agreement on early retirement to establish a timeframe for this to occur;
(b) if there is no mutual agreement, the dispute resolution procedure shall be invoked;
i. the employee is >55 years of age and <62 years of age; and
ii. the employee has completed more than 15 years of continuous service with the Company.
29.3 The following describes the provisions that are available:
Early Retirement Provisions. As a special reward for long serving employees, we offer the following optional early retirement plan; this is subject to confirmation and agreement of Boral’s Management. Criteria:
(a) The employee has worked in excess of 25 year’s continuous service.
(b) The employee is aged 55 or above. 25 years continuous full time contribution Optional Entitlement upon Early Retirement (subject to criteria satisfaction) 20 Weeks plus one week per completed year in excess of 25 years.
Early Retirement Provisions. 8.4.1 The Company is committed to investing in its people so that we have the best available in the industry. In recognition of the effort that the Company's Employees have made during their careers, the Company considers it appropriate to make available an early retirement benefit.
8.4.2 This benefit is available providing that:
(a) there is mutual agreement between the Company and Employee concerned on the taking of early retirement and the establishment of a timeframe for this to occur;
(b) the Employee is over 55 years of age and under 62 years of age; and
(c) the Employee has completed more than 10 years of continuous service with the Company.
(d) the following table describes the provisions that are available.
Early Retirement Provisions. X No Change Establishes the earliest age for commencement of early retirement allowance payments, as follows: ____ Age 45 or ____ Age 55 Provides the following early retirement features [complete (a) and (b)]: (a) Early Retirement Factors i ____ Actuarial Equivalent ii ____ 3% iii ____ Rule of 70 iv ____ Rule of 80
Early Retirement Provisions. Effective on ratification of this Agreement, the Professional Pension Plan will be amended to eliminate the following Early Retirement provisions as applicable to UGFA Members.
