Common use of Retirement Age and Benefit Coverage Clause in Contracts

Retirement Age and Benefit Coverage. Normal retirement is the first of the month coinciding with or following the employee’s sixty-fifth birthday. By giving three months notice, an employee may retire any time in the ten years preceding the normal retirement date. An employee may continue working and defer receiving pension payments. After age 65, continued employment will be conditional on satisfactory annual performance evaluations. Contributions to the pension plan from both employee and employer will be made for employees working after the normal retirement date until the employee retires or until pension payments begin.

Retirement Age and Benefit Coverage. Normal retirement is the first of the month coinciding with or following the employee’s sixty-fifth birthday. By giving three months notice, an employee may retire any time in the ten years preceding proceeding the normal retirement date. An employee may continue working and defer receiving pension payments. After age 65, continued employment will be conditional on satisfactory annual performance evaluations. Contributions to the pension plan from both employee and employer will be made for employees working after the normal retirement date until the employee retires or until pension payments begin.