Post-Fifty-Five Early Retirement Incentive Sample Clauses

Post-Fifty-Five Early Retirement Incentive. Any supervisor who reaches the age of fifty-five (55) after the effective date and before the expiration date of the contract and who is appointed to a classification covered by the State Patrol Retirement Fund (M.S. §352B) may opt during the pay period in which his/her fifty-fifth (55th) birthday occurs or any time thereafter until the supervisor reaches the age of sixty-five (65) to participate in the Post-Fifty-Five Early Retirement Incentive in accordance with the provisions set forth below. The Employer contribution for health and dental insurance coverage shall be equal to the amount of the monthly Employer contribution applicable to the supervisor at the time of his/her retirement.
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Post-Fifty-Five Early Retirement Incentive. A. Incentive for Employees Hired On or Before August 26, 2002 and Employees Hired After August 26, 2002 Who Have Attained 100% Credit for Years of Service. An employee who satisfies all of the eligibility requirements of Section 1 and was hired on or before August 26, 2002 or was hired after that date and has attained 100% credit for years of service; may elect, either during the pay period in which his/her fifty-fifth (55th) birthday occurs or any time thereafter, to retire and take advantage of the Early Retirement Incentive specified herein. As and for such incentive, each month the Employer shall pay the full Employer contribution, in the amount specified in Article 27, toward health and dental insurance coverage for the employee and his/her dependents until the employee reaches age 65; provided that the employee is in payroll status and the Employer is paying the full Employer contribution for health and dental coverage on the employee’s fifty-fifth (55th) birthday, or that the employee is on an unpaid leave of absence which began not more than six (6) months prior to his/her fifty-fifth (55th) birthday and during which the employee continued to be covered by the group insurance program under Article 27 by paying the premiums for such coverage. The eligible employee shall pay the remaining monthly portion of such insurance premium.
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Post-Fifty-Five Early Retirement Incentive 
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Related to Post-Fifty-Five Early Retirement Incentive

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.

  • Employer Compensation Upon Separation An Employee, upon their separation from employment, shall compensate the Employer for vacation which was taken but to which they were not entitled.

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