Progressive Retirement Sample Clauses
A Progressive Retirement clause outlines a structured process by which an employee transitions from full-time to part-time work as they approach retirement. Typically, this clause specifies eligibility criteria, the schedule for reducing work hours, and any adjustments to salary, benefits, or responsibilities during the transition period. By providing a clear framework for gradual retirement, the clause helps both employers and employees plan for workforce changes and ensures continuity of operations while supporting employees in managing their work-life balance as they near retirement.
Progressive Retirement. Progressive Retirement is a leave arrangement which permits bargaining unit members who are approaching retirement age to reduce their workload and hours of work progressively by using leave without pay. Members who wish to utilize the program should complete the application form PRLA 0041-00 Rev. 2.
Progressive Retirement. Employees with at least 20 years of full-time service may request progressive retirement, with a conditional letter of retirement. The appropriate cabinet level administrator will review the staffing needs of the employee’s department and decide whether or not to approve the request. This decision must be rendered within 15 business days of receipt of conditional letter of retirement. If approved, the employee will meet with the cabinet level administrator to determine the work load and/or teaching semesters for the next two years: 2/3 of full load (20 I.U.’s or pro-rated hours of service) year one, 1/3 of full load (10 I.U.’s or prorated hours of service) year two. Full retirement will be required at the end of year two. The college will adjust its retirement contributions according to the figures cited above. However, the College will continue to provide full benefits to employees on the Progressive retirement track. Additional and/or ancillary professional responsibilities will be permitted at the discretion of the administrator. In the event the College offers a retirement buyout that impacts that participating employee’s group, during an employee’s Progressive Retirement term, the employee will receive the buyout amount after having completed the second year of Progressive Retirement.
Progressive Retirement. Progressive retirement plan as follows: - Maximum duration of employee’s participation in this arrangement: three
Progressive Retirement. The parties agree to implement the principle of progressive retirement in order to adapt to the new provincial legislation in this regard. The parties agree that each situation which arises in future shall be analyzed in order to acc ommodate the employee, while considering the operational requirements of the Employer. However, the following conditions shall apply in every case: • Paid holidays outlined in article 8.01 are paid on a prorated basis according to the employee ’ s hourly rate as well as the seven (7) paid holidays during the Christmas shutdown, according to the number of days worked each week. If a paid holiday falls on a day when the employee would normally have worked, the holiday is paid at 100%. • The employee concerned is not eligible to work overtime. • The employee concerned is entitled to his vacation time as stipulated in the collective agreement, based on the applicable percentage (%) of his earnings. • The employee concerned is eligible for income insurance as outl ined in article
Progressive Retirement