Common use of Pre-Fifty-Five Corrections Early Retirement Plan Incentive Clause in Contracts

Pre-Fifty-Five Corrections Early Retirement Plan Incentive. Any nurse who attains the age of fifty (50) after the effective date and before the expiration date of the contract and who is appointed to a classification covered by the Correctional Employees Retirement Plan (M.S. §§352.91 and 352.911) who retires at or after his/her fiftieth (50th) birthday but before his/her fifty-fifth (55th) birthday shall be entitled to participate in the Pre-Fifty-Five Corrections Early Retirement Plan Incentive in accordance with the provisions set forth in Section 3C3b or 3C3c below. Notwithstanding any changes in coverage in accordance with this or any subsequent Agreement, the Employer contribution shall be equal to one hundred twenty (120) times the amount of the monthly Employer contribution applicable to that nurse at the time of his/her retirement, divided by the number of months until the nurse attains the age of sixty-five (65).

Pre-Fifty-Five Corrections Early Retirement Plan Incentive. Any nurse who attains the age of fifty (50) after the effective date and before the expiration date of the contract and who is appointed to a classification covered by the Correctional Employees Retirement Plan (M.S. §§352.91 and 352.911) who retires at or after his/her their fiftieth (50th) birthday but before his/her their fifty-fifth (55th) birthday shall be entitled to participate in the Pre-Fifty-Five Corrections Early Retirement Plan Incentive in accordance with the provisions set forth in Section 3C3b or 3C3c below. Notwithstanding any changes in coverage in accordance with this or any subsequent Agreement, the Employer contribution shall be equal to one hundred twenty (120) times the amount of the monthly Employer contribution applicable to that nurse at the time of his/her their retirement, divided by the number of months until the nurse attains the age of sixty-five (65).