Optional Retirement Clause Samples

Optional Retirement. At his option, an employee may retire upon reaching the age of fifty-five (55) or more if he has served for at least five (5) years; provided, however, that any employee who is under fifty-five (55) years old may retire if he has rendered at least ten (10) years of continuous service. Such an employee shall be entitled to a retirement benefit of 1/2 month salary plus three (3) days multiplied by the number of years in service. For purposes of computing compulsory and optional retirement benefits and to align the current retirement plan with the minimum standards of Art. 287 of the Labor Code, as amended by R.A. 7641, and Sec. 5 (5.2) of its implementing rules, “1/2 month salary” means 22.5 days — salary, exclusive of leave conversion benefits. Article 287 of the Labor Code, as amended by R.A. 7641, provides —

Optional Retirement. Program (ORP). (a) The University will participate in the Optional Retirement Program (hereafter "ORP") to the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as follows: (1) Faculty who have been employed at the University for no less than one (1) academic year. (2) Faculty who are in the collective bargaining unit and otherwise eligi ble for membership in the Florida Retirement System. (3) Any faculty member whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the faculty member does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) days, the faculty member will be enrolled as a mem ber of the Florida Retirement System. (4) No accrued service credit or vested retirement benefits will be lost if a faculty member participates in the Optional Retirement Program ; (5) Benefits under the Optional Retirement Program will be fully and immediately vested in the participating faculty members; (6) The University will contribute to the Optional Retirement Program, on behalf of each faculty member participating in the program, an amount equal to the normal cost portion of the employer's contribution to the Florida Retirement System, as well as an amount equal to the employer's contribution to the Retiree Health Insurance Subsidy program on behalf of non-- Optional Retirement Program participants (see section 112.363(8), Florida Statutes), less a reasonable and necessary amount, as determined by the Legislature, which will be provided to the Division of Retirement for administering the program ; and (7) A participating faculty member may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the faculty member's gross compensation not to exceed the percentage amount contributed by the employer to the Optional Retirement Program, but in no case may such contribution exceed federal limitations. (b) The parties agree to inform eligible faculty regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. (c) If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board oranother State agency, the UFF hasaright to consultwiththe B...

Optional Retirement. 55 years old or 10 years of continuous service ½ month’s basic salary for every year of continuous service plus 1 day equivalent pay a. Normal Retirement – 150 % of basic salary

Optional Retirement. Voluntary Early Retirement Authority (▇▇▇▇) if available .