Early Retirement/Separation Incentive Sample Clauses

Early Retirement/Separation Incentive. ‌ When a surplus of employees has been identified or is anticipated, the Corporation will post from time to time a notice inviting applications from interested employees who would like to be considered for any potential early retirement opportunities or potential separation incentives. Such applications will be considered valid for six (6) months.
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Early Retirement/Separation Incentive. 14.3.1 The District will offer an early retirement/separation incentive provided all early retirement/separation incentive plan requirements set forth by the District have been met. Should the constraints of the plan requirements be met, full-time unit members, who have been employed by the District in full-time capacity for at least 10 years, who retire/separate from District employment no later than August 1, 2018, and who meet all of the eligibility requirements of the plan, will be eligible to receive a one- time voluntary early retirement/separation incentive taxable payment in cash. The early retirement/separation incentive amount shall include the following, which in total shall not exceed $40,000: (1) a cash payment of $15,000; and (2) a cash payment based upon years of service, which shall consist of $1,000 for every one full year of full-time teaching service with the District. Should a unit member retire/separate pursuant to receipt of the early retirement/separation incentive, the member shall not be eligible to apply for non-full-time faculty District re-employment within six months of separation from District employment; and shall not be eligible to apply for full-time faculty District re-employment.
Sample 1
Early Retirement/Separation Incentive. 3601 This retirement/separation incentive is available to a unit member who separates from his or her employment prior to his or her first date of eligibility for service retirement benefits without reduction and without penalty from the New York State Teachers’ Retirement System (TRS)/Employee Retirement System (ERS) under the terms and conditions of their respective tier.
Sample 1
Early Retirement/Separation Incentive. 14.3.1 The District will offer an early retirement/separation incentive provided all early retirement/separation incentive plan requirements set forth by the District have been met. Should the constraints of the plan requirements be met, full-time unit members, who have been employed by the District in full-time capacity for at least 10 years, who retire/separate from District employment no later than August 1, 2018, and who meet all of the eligibility requirements of the plan, will be eligible to receive a one- time voluntary early retirement/separation incentive taxable payment in cash. The early retirement/separation incentive amount shall include the following, which in total shall not exceed $40,000: (1) a cash payment of $15,000; and (2) a cash payment based upon years of service, which shall consist of $1,000 for every one full year of full-time teaching service with the District.
Sample 1

Related to Early Retirement/Separation Incentive

  • 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.

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

  • 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:

  • Retirement Severance (a) Upon qualification for benefits in accordance with the rules and regulations of the Michigan Public School Employees Retirement System the retiring bus driver shall be paid for all unused sick leave days at a rate that is 50% of the current rate based on the current bid route time. The retiree after 10 or more consecutive years of service will receive 75% of the above amount. Bus monitors who meet the MPSERS qualification shall be paid for all unused equivalent sick leave days at a rate of $15 per day. This will not apply to discharged employees.

  • 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.

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Employee Compensation Upon Separation An Employee, upon her separation from employment, shall be compensated for vacation leave to which she is entitled.

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