Retirement Ages Clause Samples
The RETIREMENT AGES clause establishes the specific age or range of ages at which employees are expected or permitted to retire from their positions within an organization. Typically, this clause outlines whether retirement is mandatory at a certain age or if employees have the option to continue working beyond that age, sometimes subject to employer approval. By clearly defining retirement expectations, the clause helps both employers and employees plan for workforce transitions and ensures compliance with relevant employment laws, thereby reducing uncertainty and potential disputes regarding the end of employment due to age.
Retirement Ages. The retirement age provisions under AA §7 are effective as follows: 🞎 A-9 Vesting and forfeiture rules. The rules regarding vesting and forfeitures under AA §8 are effective as follows:
Retirement Ages. (See Sections 22.57 and 22.126 of the BPD)
Retirement Ages. 7-1 NORMAL RETIREMENT AGE: Normal Retirement Age under the Plan is: 🗹 (a) Age 65 (not to exceed 65).
Retirement Ages. The retirement age provisions under AA §7 are effective as follows:
Retirement Ages. (a) The Normal Retirement Age under the Plan is (check one):
(1) [X] age 65.
(2) [ ] age ___ (specify between 55 and 64).
(3) [ ] late of the age ___ (can not exceed 65) or the fifth anniversary of the Participant's Commencement Date.
(b) [X] The Early Retirement Age is the first day of the month after the Participant attains age 55 (specify 55 or greater) and completes 2 Years of Service for Vesting.
(c) [X] A Participant is eligible for Disability Retirement if he/she (check the appropriate box(es)):
(1) [ ] satisfies the requirements for benefits under the Employer's Long-Term Disability Plan.
(2) [X] satisfies the requirements for Social Security disability benefits.
(3) [ ] is determined to be disabled by a physician approved by the Employer.
Retirement Ages. 7-1 NORMAL RETIREMENT AGE: Normal Retirement Age under the Plan is:
(a) Age 60 (not to exceed 65).
(b) The later of (1) age (not to exceed 65) or (2) the (not to exceed 5th) anniversary of the date the Employee commenced participation in the Plan. ¨ (c) (may not be later than the maximum age permitted under subsection (b)).
Retirement Ages. If the Employer imposes a requirement that Employees retire upon reaching a specified age, the Normal Retirement Age selected below may not exceed the Employer imposed mandatory retirement age.
(a) Normal Retirement Age shall be 65 (not to exceed age 65). 5.
(b) Normal Retirement Age shall be the later of attaining age __ (not to exceed age 65) or the __ (not to exceed the 5th) anniversary of the first day of the first Plan Year in which the Participant commenced participation in the Plan. 5. (c) Early Retirement Age: [ ]
Retirement Ages. (A) The Plan provides two options for normal retirement age: (i), an age-only option or (ii), an age and plan participation option. Normal retirement age may not exceed age 65. Since a participant will become fully vested upon attainment of normal retirement age, it may be desirable to require a specified period of plan participation in addition to an age requirement. The maximum participation requirement that the Plan may impose is 5 years.
(B) An early retirement age is not available under this plan unless it was provided for in a predecessor plan.
Retirement Ages. 7-1 NORMAL RETIREMENT AGE: Normal Retirement Age under the Plan is: 🞎 (a) Age (not to exceed 65). 🞎 (b) The later of age (not to exceed 65) or the (not to exceed 5th) anniversary of:
(1) the Employee’s participation commencement date (as defined in Section 1.64 of the Plan).
(2) the Employee’s employment commencement date. 🗹 (c) Age 55 and 20 years of Service or Age 62 and 5 years of Service [Note: Effective for Plan Years beginning on or after January 1, 2015 (or such later date as permitted under Notice 2012-29), the election of a Normal Retirement Age less than age 62 must comply with the requirements of Treas. Reg. §1.401(a)-1(b)(2).]
Retirement Ages. (a) The Normal Retirement Age under the Plan is (check one):
(1) |X| age 65. (2) |_| age ____ (specify between 55 and 64). (3) |_| later of the age ___ (can not exceed 65) or the fifth anniversary of the Participant's Employment Commencement Date.
(b) |X| The Early Retirement Age is the first day of the month after the Participant attains age 59 (specify 55 or greater) and completes N/A Years of Service for Vesting.
(c) |X| A Participant is eligible for Disability Retirement if he/she (check the appropriate box(es)):
(1) |X| satisfies the requirements for benefits under the Employer's Long-Term Disability Plan.
(2) |_| satisfies the requirements for Social Security disability benefits.
(3) |_| is determined to be disabled by a physician approved by the Employer.