ELECTION OF RETIREMENT IN LIEU OF LAYOFF Sample Clauses

ELECTION OF RETIREMENT IN LIEU OF LAYOFF. 1. Pursuant to Education Code section 45115, any unit member who was subject to layoff for lack of work or lack of funds and who elected retirement from the California Public Employees Retirement System (PERS) shall be placed on the 39 month reemployment list.
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ELECTION OF RETIREMENT IN LIEU OF LAYOFF. An employee who qualifies for service retirement may elect to retire in lieu of layoff. If an employee retires under such circumstances, the provisions of Education Code Section 45115 shall apply.
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ELECTION OF RETIREMENT IN LIEU OF LAYOFF. 13.3.6.l A unit member who qualifies for service retirement may elect to retire in lieu of layoff.
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ELECTION OF RETIREMENT IN LIEU OF LAYOFF. Any employee who was subject to layoff for lack of work or lack of funds and who elected retirement from the Public Employees Retirement system shall be placed on an appropriate reemployment list. The District shall notify the Board of Administration of the Public Employees Retirement System of the fact that retirement was due to layoff for lack of work or lack of funds. If they are subsequently subject to reemployment and accept, in writing, the appropriate vacant position, the District shall maintain the vacancy until the Board of Administration of the Public Employees Retirement System has properly processed their request for reinstatement from retirement.
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ELECTION OF RETIREMENT IN LIEU OF LAYOFF. Any person who was subject to being, or was in fact, laid off for lack of work or lack of funds and who elected service retirement from the Public Employees’ Retirement System shall be placed on an appropriate reemployment list. The Employer shall notify the Board of Administration of the Public Employees’ Retirement System of the fact that retirement was due to layoff for lack of work or lack of funds. If he/she is subsequently subject to reemployment and accepts, in writing, the appropriate vacant position, the Employer shall maintain the vacancy until the Board of Administration of the Public Employees’ Retirement System has properly processed his/her request for reinstatement from retirement.
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Related to ELECTION OF RETIREMENT IN LIEU OF LAYOFF

  • Retirement in Lieu of Layoff 9.9.1 Any member in the bargaining unit may elect to accept a service retirement in lieu of layoff, voluntary demotion, or reduction in assigned time. Such bargaining unit member shall, within ten (10) workdays prior to the effective date of the proposed layoff, complete, and submit a form provided by the District for this purpose.

  • Notice of Retirement (a) If an Employee gives the Board an irrevocable notice of retirement by October 1st three (3) years prior to the year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining three years of service.

  • Resignation or Retirement You may terminate the Term of Employment for any reason, including, without limitation, your retirement, at any time on sixty (60) days’ prior written notice to the Company. In such event, the Company’s only obligation to you will be payment of the Termination Entitlement. In any instance in which you provide written notice of your termination of the Term of Employment to the Company, the Company may elect to terminate your employment immediately, in which case the Company’s only obligation to you will be payment of the Termination Entitlement, treating the last day of the notice period as the date of termination solely for purposes of calculating the Termination Entitlement. In no event will the Company’s early termination of your employment pursuant to the preceding sentence be considered a termination of the Term of Employment by the Company under Section 5.4 and in no event shall the Company’s early termination of you pursuant to the preceding sentence require the Company to provide the Termination Entitlement for any greater period than the period beginning on the date your written notice of termination is received by the Company and ending sixty (60) days thereafter.

  • 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.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

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

  • Termination of Participation If the Administrator determines in good faith that the Executive no longer qualifies as a member of a select group of management or highly compensated employees, as determined in accordance with ERISA, the Administrator shall have the right, in its sole discretion, to cease further benefit accruals hereunder.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

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

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