Optional Phased Retirement Program Sample Clauses
The Optional Phased Retirement Program clause establishes a framework that allows eligible employees to gradually reduce their working hours or responsibilities as they transition toward full retirement. Typically, this clause outlines the criteria for participation, the process for applying, and how benefits and compensation are adjusted during the phased period. By providing a structured and flexible pathway to retirement, the clause helps both employers and employees plan for workforce changes while supporting employees' personal and financial needs during the transition.
Optional Phased Retirement Program. The College may, at its option, provide each faculty member who retires under the rules and provisions of the Florida Retirement System or the Teachers’ Retirement System with thirty
Optional Phased Retirement Program. The College may, at its option, provide each faculty member who retires under the rules and provisions of the Florida Retirement System or the Teachers’ Retirement System with thirty (30) or more years of creditable service, or at age sixty-two (62) with ten (10) or more years of creditable service, an Optional Phased Retirement Program (OPRP). To be eligible for the OPRP, the faculty member must have ten (10) or more years of creditable service at Pensacola State College. The parties agree to develop jointly written information describing the provisions of the retirement program in this article. The College shall distribute the information to all full-time faculty members. Faculty members considering retirement should consult with the Human Resources Department. Recent actions of the Florida Legislature (such as the DROP program) may impact upon the faculty member’s retirement plans.