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

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. ‌ Any employee who satisfies all of the eligibility requirements of Section 1, may elect on or after their his/her fiftieth (50th) birthday and before their his/her 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 his/her 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.