LTD Plan Early Retirement Incentive Provision Sample Clauses

LTD Plan Early Retirement Incentive Provision. The LTD Plan Early Retirement Incentive Benefit is to ensure that the eligible employee will not realize a pension benefit that is less than the pension benefit that she/he would have been entitled to receive at the normal retirement date, had she/he not applied for early retirement, regardless of when the early retirement incentive provision is activated. (A) An employee under this Agreement who is: (1) eligible for, or who is receiving LTD benefits, or in the case of claimants under Section 2(A), eligible for, or who has been in receipt of LTD for four (4) years or more, and (2) eligible for early retirement pension benefits (3) not eligible for the LTD Plan Rehabilitation Provisions shall apply for early retirement. The employee’s entitlement to benefits under the LTD Plan shall, provided the employee remains eligible as per the definition of Total Disability, continue during the period of time that her/his application for early retirement is being processed with her/his pension plan administrator. In the event that the employee is not eligible for an unreduced pension benefit, she/he may still be eligible for the LTD Plan Early Retirement Incentive Benefit. (B) Entitlement to and the amount of the LTD Plan Early Retirement Incentive Benefit shall be determined by considering the following factors: (1) the amount of the monthly pension benefit that the employee would have been entitled to receive if early retirement was not elected; (2) the amount of the monthly early retirement benefit that the employee will receive; (3) the amount of the gross monthly LTD benefit that the employee is entitled to receive; (4) the amount of the net-of-offsets monthly LTD benefit that the employee is entitled to receive; and, (5) the maximum LTD benefit duration period applicable to the employee. If the combination of Municipal Pension Plan benefit, Canada Pension Plan retirement benefit and any other disability income referred to in Part B - Section 5 of the LTD Addendum results in monthly income of less than the LTD monthly income benefit, then the eligible employee shall be entitled to remain on LTD benefits. (C) An employee who is eligible for the LTD Plan Early Retirement Incentive Benefit shall be entitled to receive the benefit in a lump sum, or direct the Healthcare Benefit Trust to any other designate. The employee shall complete an LTD Plan Early Retirement Incentive Benefit Application. Upon approval of the employee’s application, the employee and the Healthca...
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LTD Plan Early Retirement Incentive Provision. The LTD Plan Early Retirement Incentive Benefit is to ensure that the eligible employee will not realize a pension benefit that is less than the pension benefit that she would have been entitled to receive at the normal retirement date, had she not applied for early retirement, regardless of when the early retirement incentive provision is activated.
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Related to LTD Plan Early Retirement Incentive Provision

  • 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.

  • Retirement Incentive An employee tendering an irrevocable letter of resignation to a Teacher Retirement System (TRS) Retirement program on a date certain in the future in conformance with the following conditions shall be eligible for a retirement incentive in up to each of his or her final three years of teaching service subject to the following conditions: 1) The teacher shall have a minimum of twenty (20) years of continuous full- time service in the Harrisburg CUSD #3 on the intended date of retirement. Teachers with at least eighteen (18) years may petition the Board on a case by case basis to receive incentive. Decisions on these specific cases will not be precedent setting. 2) The teacher shall be at least sixty (60) years of age on or before December 31 of the year of retirement or will be at least fifty-five (55) years of age and will have at least thirty-five (35) years of creditable service an will not retire under the statutory Early Retirement Option. 3) The teacher shall have tendered to the Board a binding, irrevocable resignation for a date certain in the future. The teacher’s notice may be given up to three (3) years prior to retirement or by September 1st during the year up to and including the school year of retirement. The pre-retirement period may be from one (1) to three (3) years in length depending upon the date the letter of resignation is received by the Board and the specified date of retirement. 4) Those hired after July 1, 2013 are not eligible. For those hired after July 1, 2009 with no previous full time teaching experience, the benefit is 3%/3%/3%. “TRS Creditable earnings,” wherever that phrase is used in the entirety of this provision (Retirement Incentive Award Payment), shall mean total TRS creditable earnings including pension payment. This agreement presumes the teacher will fully perform all his or her duties during the term of this agreement. Any reduction in teaching performance (dock days or leave of absence without pay, for example) during the term of this agreement shall result in a corresponding reduction in salary and benefit amount. In exchange for the teacher’s binding, irrevocable resignation on a date certain, the District agrees to remove the teacher from the salary schedule and for each year of eligibility, the teacher’s TRS creditable earnings will be increased by six percent (6%) over the teacher’s TRS creditable earnings for the prior year of employment except as otherwise provided herein.

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

  • Long Term Disability Benefit The Long Term Disability insurance provides income security should you become totally disabled prior to age 65 due to a sickness or injury which totally disables you over a long period of time. The Plan provides you with coverage on and off the job.

  • Long Term Disability Benefits A benefit level of seventy percent (70%) of monthly earnings shall apply. Benefits would commence after a waiting period of seventeen (17) weeks, when Short Term Disability Benefits terminate. Terms of the Master Policy with the Insurance Company shall apply. In order to go on LTD, the person must: (a) Be off work for seventeen (17) consecutive weeks with the same or unrelated illness or injury. (b) Be off work for a total of seventeen (17) weeks with the same illness or injury providing that the return to work was less than twenty (20) consecutive days.