Common use of Option B Clause in Contracts

Option B. An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two (2) weeks’ salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of twenty-six (26) weeks’ salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement. An employee who elects an early retirement option shall continue to be covered by insurance benefits in accordance with Article 18.01(e).

Option B. An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two (2) weeks’ salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of twenty-six (26) 26 weeks’ salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement. An employee who elects an early retirement option shall continue to be covered by insurance benefits in accordance with Article 18.01(e).