Early Retirement Scheme (ERS Sample Clauses

Early Retirement Scheme (ERS. If an employee reaches the state pension age within three years, the employee can make use of the ERS (Early Retirement Scheme) based on a temporary amendment in the Wage Tax Act (Wet op de loonbelasting). The ERS has been temporarily eased as part of the Pension Agreement. Aegon wants to take advantage of this easing and will offer the ERS for the period from January 1, 2023 through December 31, 2025 under the following conditions: • The employee must submit a written request for the ERS to his/her manager at least four months in advance. • The employee can take advantage of the ERS if he/she has been in service for at least 10 years. • Taking advantage of the ERS is only possible in consultation with and after approval from the manager. • If the manager receives multiple requests at the same time, he/she has the option of moving the start date of the request in consultation with the employee or rejecting the request. • The employee terminates his/her employment at his/her own request. • The amount of the benefit is € 22,488 gross per year (2022) and will be indexed annually. • The benefit received by the employee will be calculated based on the number of months between the employment termination date and the state pension age and will be adjusted pro rata according to the work scope. The benefit will be paid out within one month of the employment termination date. • If desired, the employee may supplement the benefit with his/ her own resources or can have the pension take effect sooner. • The employee cannot take advantage of another severance scheme (e.g. based on the social plan) in addition to the ERS. Working at Aegon Training and development Income Time and place
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs

Related to Early Retirement Scheme (ERS

  • 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 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.

  • Early Retirement Option The District may offer an early retirement incentive for unit members.

  • 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 INCENTIVE PLAN 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:

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

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Benefits on Early Retirement The Hospital will provide equivalent coverage to all employees who retire early and have not yet reached age 65 and who are in receipt of the Hospital’s pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Hospital will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Hospital to the billed premiums of active employees.

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

Time is Money Join Law Insider Premium to draft better contracts faster.