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

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. 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.