Common use of Incentive Payment Clause in Contracts

Incentive Payment. The University may offer and an Employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts: % of regular gross earnings Age at Retirement earned in the calendar year immediately prior to date of retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% The University may opt to pay the early retirement incentive in three (3) equal payments over a thirty- six (36) month period.

Incentive Payment. The University may offer and an Employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts: Age at Retirement % of regular gross earnings Age at Retirement earned in the calendar year immediately prior to date of retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% The University may opt to pay the early retirement incentive in three (3) equal payments over a thirty- thirty-six (36) month period.