Payment of Benefits for Early Retirees Sample Clauses

Payment of Benefits for Early Retirees. The Employer agrees that employees with twenty (20) years of service with York Region will be eligible to have Extended Health and Dental Benefits continue, paid by the Employer from the time of retirement, which shall not be earlier than age fifty- five (55) years, to the end of the month in which she/he turns sixty-five (65). The benefit coverage provided to early retirees will be equal to that coverage provided active employees. Any changes made to the benefit coverage for active employees will also be made to the coverage provided to retired employees.
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Payment of Benefits for Early Retirees. The Employer agrees that employees with twenty-five (25) years of service or more, may apply to Council to have their benefits paid between the time of retirement (which shall not be earlier than the age of fifty-five (55) to when they attain the age of sixty-five (65). Such applications shall only be through the office of the Chief Administrative Officer and with his consent, which consent shall not be unreasonably withheld.

Related to Payment of Benefits for Early Retirees

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

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