LBCC Early Retirement Sample Clauses

LBCC Early Retirement. All employees who retire follow the provisions of the Oregon Public Employees Retirement System state and federal laws, and any applicable collective bargaining provisions with the College. Contracted classified shall participate in all retirement programs that are provided for in state law. The retirement age for College employees is established by Oregon law and is consistent with applicable state and federal laws and Board policy. a. An employee who began employment on or before June 30, 1998, and who has been employed by Xxxx-Xxxxxx Community College as a contracted half-time, or more, employee continuously, and who desires to early retire prior to age 65, but not before age 55 or who has completed 30 years in the PERS system shall at his or her request, be granted an additional retirement benefit for five (5) years or until age 65, or death, whichever is less. b. An employee who began employment on or after July 1, 1998, and on or before June 30, 2000, and who has been with Xxxx-Xxxxxx Community College as a contracted half time, or more, employee continuously for a total of 15 years and who desires to early retire prior to age 65, but not before age 55 or who has completed 30 years in the PERS system shall at his or her request, be granted an additional retirement benefit for five (5) years or until age 65, or death, whichever is less. c. An employee whose first day as a contracted employee is on or after July 1, 2000 is not eligible for an early retirement benefit. The benefit will consist of a monthly retirement stipend equivalent to 1.25 percent retirement calculation based upon the employee's highest twelve (12) months of salary within the thirty-six (36) months immediately prior to the effective date of retirement. In addition, group medical, vision, and dental insurance coverage for the retiree only will be provided. Insurance benefits provided to early retirees shall be subject to the same terms and conditions as in effect for current employees (e.g., carriers, deductibles, co-pays, etc. are subject to change). At their expense, the retiree may continue to purchase existing dependent medical, dental, and vision coverage on the College insurance plans. The premium amount for their dependent’s participation will be deducted from the early retiree’s monthly stipend amount prior to their payment. Any additional premium cost not covered by the stipend amount will be paid by the early retiree directly to the College. For the purpose of calculating e...
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Related to LBCC Early Retirement

  • 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 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 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 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 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.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

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

  • 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.