Common use of Incentive for Employees Clause in Contracts

Incentive for Employees. Hired After August 26, 2002 Who Have Not Attained 100% Credit for Years of Service. An employee who satisfies all of the eligibility requirements of Section 1, was hired after August 26, 2002 and has not attained 100% credit for years of service; may elect, either during the pay period in which his/her fifty-fifth (55th) birthday occurs or any time thereafter, to retire and take advantage of the 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 the employee’s appropriate years of service percentage times the monthly Employer contribution for health and dental insurance in effect with regard to the employee at the time of his/her retirement; provided that on the employee’s 55th birthday the Employer is paying the full Employer contribution for health and dental coverage, or that the employee is on an unpaid leave of absence which began not more than six (6) months prior to his/her 55th birthday and during which the employee continued to be covered by the group insurance program under Article 27 by paying the premiums for such coverage. The eligible employee shall pay the remaining monthly portion of such insurance premium.

Incentive for Employees. Hired After August 26, 2002 Who Have Not Attained 100% Credit for Years of Service. An employee who satisfies all of the eligibility requirements of Section 1, was hired after August 26, 2002 and has not attained 100% credit for years of service; may elect, either during the pay period in which his/her their fifty-fifth (55th) birthday occurs or any time thereafter, to retire and take advantage of the 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 the employee’s appropriate years of service percentage times the monthly Employer contribution for health and dental insurance in effect with regard to the employee at the time of his/her their retirement; provided that on the employee’s 55th birthday the Employer is paying the full Employer contribution for health and dental coverage, or that the employee is on an unpaid leave of absence which began not more than six (6) months prior to his/her their 55th birthday and during which the employee continued to be covered by the group insurance program under Article 27 by paying the premiums for such coverage. The eligible employee shall pay the remaining monthly portion of such insurance premium.