LOCAL RETIREMENT INCENTIVE Sample Clauses

LOCAL RETIREMENT INCENTIVE. (<4%) If the state TRS threshold for an accelerated payment (“penalty”) is less than 4% on January 15 of the notice year, then the following language is in effect: Educators are eligible for this retirement incentive under the following conditions: • The educator has been employed by the District for the equivalent of fifteen (15) years or more as a full-time licensed educator at the time of retirement. • The educator is eligible for a TRS annuity. • The educator provides irrevocable notice of retirement with the District by March 1 prior to receiving benefits under this section (referred to as the base year). Educators who select this local retirement incentive: • commit to working for the District four (4) additional years. • will have their compensation in their base year (the year that notice is provided) increased by $2,000 plus the longevity step associated with the educator’s current lane (see section 16.1.1), which will be paid to the educator on June 15 immediately following the notice of retirement. • will have their total compensation, which would include the total of all creditable earnings, increased by three percent (3.0%) in each of their final four years of service prior to retirement. The irrevocable notice may be revoked subject to the following:
Sample 1
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LOCAL RETIREMENT INCENTIVE. Educators who have been employed by the District for the equivalent of fifteen (15) years or more as a full time certified educator at the time of retirement, who are eligible for a TRS annuity and choose to use the local retirement incentive, shall have their compensation, which would include the total of all creditable earnings, increased by four percent (4.0%) in each of their final years of service prior to retirement, up to a maximum of four years, provided they file an irrevocable notice of retirement with the District, in writing, by March 1 of the year prior to the year in which they are to begin receiving benefits under this section. This shall be referred to as the base year (the year prior to their initial receipt of benefits under this program). The irrevocable notice may be revoked subject to the following:
Sample 1
LOCAL RETIREMENT INCENTIVE. (>=4%) If the State TRS threshold for an accelerated payment (“penalty”) is greater than or equal to 4% on January 15 of the notice year, then the following language is in effect: Educators who have been employed by the District for the equivalent of fifteen (15) years or more as a full time certified educator at the time of retirement, who are eligible for a TRS annuity and choose to use the local retirement incentive, shall have their compensation, which would include the total of all creditable earnings, increased by four percent (4.0%) in each of their final years of service prior to retirement, up to a maximum of four years, provided they file an irrevocable notice of retirement with the District, in writing, by March 1 of the year prior to the year in which they are to begin receiving benefits under this section. This shall be referred to as the base year (the year prior to their initial receipt of benefits under this program). The irrevocable notice may be revoked subject to the following:
Sample 1
LOCAL RETIREMENT INCENTIVE 
Sample 1

Related to LOCAL RETIREMENT INCENTIVE

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.

  • 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.

  • EARLY RETIREMENT INCENTIVE PLAN 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:

  • RETIREMENT INCENTIVE PROGRAM A. A Retirement Incentive Program will be provided by the District based upon the conditions stipulated below:

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • 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.

  • RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan In this Article, the terms used shall have the meanings as described:

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

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