Pre-Fifty-Five Early Retirement Incentive. Any supervisor who reaches 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 State Patrol Retirement Fund (M.S. §352B) 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 (55) Early Retirement Incentive in accordance with the provisions set forth below. The Employer contribution for health and dental insurance coverage shall be equal to one hundred twenty (120) times the amount of the monthly Employer contribution applicable to the supervisor at the time of his/her retirement divided by the number of months from the date of retirement until the supervisor reaches age sixty-five (65). The supervisor shall be responsible for paying the remaining portion of the Employer contribution.
Pre-Fifty-Five Early Retirement Incentive. Any employee who satisfies all of the eligibility requirements of Section 1, may elect on or after his/her fiftieth (50th) birthday and before his/her fifty-fifth (55th) birthday to retire and take advantage of the Pre-Fifty-
Pre-Fifty-Five Early Retirement Incentive. Any employee who satisfies all of the eligibility requirements of Section 1, may elect on or after their fiftieth (50th) birthday and before their fifty-fifth (55th) birthday to retire and take advantage of the Pre-Fifty-Five Early Retirement Incentive specified herein. As and for such incentive, the Employer shall pay each month, until the employee reaches age sixty-five (65), an amount equal to: one hundred twenty (120) times the amount of the monthly Employer contribution for health and dental insurance in effect with regard to the employee at the time of their retirement; divided by the number of months from the date of retirement until the employee reaches age sixty-five (65). The monthly amount payable with regard to an employee who was hired after August 26, 2002 and who has not attained 100% credit for years of service, shall be further multiplied by the employee’s years of service percentage. The eligible employee shall pay the remaining portion of the monthly insurance premium.
Pre-Fifty-Five Early Retirement Incentive. This incentive is available to supervisors who are covered by the State Patrol Retirement Fund and retire, at or after age fifty (50) and before age fifty-five (55). The Employer contribution for the pre-fifty-five retirement incentive shall be equal to one hundred and twenty (120) times the amount of the monthly Employer contribution for health and dental insurance applicable to the supervisor at the time of retirement times the percentage calculated as follows: • Subject to the provisions in paragraph C, supervisors will accrue ten percent (10%) credit for each twelve (12) months that the supervisor is in active payroll status in a position covered by the State Patrol Retirement Fund and in which the supervisor and the Employer made the statutorily required retirement contributions.
Pre-Fifty-Five Early Retirement Incentive. Any supervisor who reaches 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 State Patrol Retirement Fund (M.S.
