Early Retirement Stipend Sample Clauses

Early Retirement Stipend. Any eligible regular contract teacher who retires under the provisions and timelines of Memorandum 56 will be given 12 percent of their final base contract salary each year for five consecutive years or until eligible for full Social Security benefits (by July 1 of that year), whichever occurs first. Early retirement stipends will cease upon the death of the retiree. The payments will be deposited into a 403(b) Special Pay Plan beginning the first September 15 following the last date of contract employment (termination date) and each September 15 thereafter until the payments are completed as described above.
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Early Retirement Stipend. Notification shall take place no later than November 1st of the final year of service. The notification to the superintendent of the intended retirement date will be final and binding upon both parties. Participation in part B precludes participation in part A.
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Early Retirement Stipend. Any full time bargaining unit member who has had at least fifteen (15) years of full-time service (a fifteen (15) year average of 80% time or greater) as a teacher in the ConVal School District on June 30th of the final teaching year may apply for early retirement stipend in accordance with the following provisions: a. On or before December 1st of the year preceding early retirement, a teacher must submit to the Superintendent’s Office a written notice of intent to retire. b. The amount of the early retirement stipend shall be: one percent (1%) of the teacher’s current salary multiplied by the number of years of consecutive full time teaching in the district immediately prior to the retirement date, but in no case shall more than twenty five years of service be used in the calculation. c. Payment of said stipend will be made over a period of two years following retirement date. d. Teachers receiving the early retirement stipend shall not be eligible for the retirement benefit in article 6-5 above. e. The final approval of an early retirement stipend is at the discretion of the Board. f. Upon the death of a teacher who is receiving payments under this plan, the payments shall thereafter be made to the designated beneficiary of the deceased teacher. g. Notice of intent may be withdrawn if written notice is received by the district on or before December 1st of the fiscal year preceding the retirement. h. If early retirement is applied for, the Board guarantees to grant at least one early retirement each year, during the term of this contract.
Sample 1
Early Retirement Stipend. The District will budget a total of fifty thousand dollars ($50,000.00) in each of the three years, for two (2) twenty five thousand dollar gross payments each year. Fixed costs associated with the teacher will be deducted from the $25,000.00. To be eligible for the stipend a teacher must have been employed by the District for a minimum of twenty
Sample 1
Early Retirement Stipend. 15 13. Vacancies, Transfers, and Promotions .... .............. 15 14. Sick and Paid Leaves ... ... .. ..... . .. .. .. . .... .. .... ... .. ..... .. 17
Sample 1

Related to Early Retirement Stipend

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

  • 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.

  • 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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