Common use of Five Early Retirement Incentive specified herein Clause in Contracts

Five Early Retirement Incentive specified herein. As and for such incentive, the Employer shall pay each month, until the employee reaches age sixty-five (65), an amount equal to: one hundred twenty (120) times the amount of the monthly Employer contribution for health and dental insurance in effect with regard to the employee at the time of his/her retirement; divided by the number of months from the date of retirement until the employee reaches age sixty-five (65). The monthly amount payable with regard to an employee who was hired after August 26, 2002 and who has not attained 100% credit for years of service, shall be further multiplied by the employee’s years of service percentage. The eligible employee shall pay the remaining portion of the monthly insurance premium.

Five Early Retirement Incentive specified herein. As and for such incentive, the Employer shall pay each month, until the employee reaches age sixty-five (65), an amount equal to: one hundred twenty (120) times the amount of the monthly Employer contribution Contribution for health and dental insurance in effect with regard to the employee at the time of his/her retirement; divided by the number of months from the date of retirement until the employee reaches age sixty-five (65). The monthly amount payable with regard to an employee who was hired after August 26, 2002 and who has not attained 100% credit for years of service, shall be further multiplied by the employee’s years of service percentage. The eligible employee shall pay the remaining portion of the monthly insurance premium.