Retirement Allowance Sample Clauses
Retirement Allowance. Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of 26 weeks' salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement."
Retirement Allowance. Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two (2) weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of fifty-two (52) weeks' salary.
Retirement Allowance. Effective date of signing, a Nurse with a minimum of ten (10) years of service with the Employer who retires in accordance with the provisions of the Employer’s Pension Plan or the Canada Pension Plan shall be entitled to the payment of the sum of six hundred dollars ($600) per year of service to a maximum of fifteen thousand ($15,000).
Retirement Allowance. The Chief Executive Officer shall pay a retiring allowance to employees who, on the 15 December 1993, had no less than ten years' continuous service with the Health Service and were an employee of MCH on that date.
Retirement Allowance. Prior to issuing notice of layoff pursuant to Article
Retirement Allowance. (a) When an employee having five (5) years of continuous permanent service or more retires due to illness, accident, death or age, or is laid off, the Employer shall pay such employee or her beneficiary a retirement allowance in a lump sum. The calculation of retirement allowance shall be equal to five (5) days times the employee’s total service prorated based on a thirty-six and one quarter (36¼) hour workweek, to a maximum of one hundred and twenty-five days (125), paid at seven and one quarter (7¼) hours times the employee’s hourly rate of pay at the time of her retirement or death.
(b) If an employee applies for retirement allowance due to illness or accident, the Employer may require the employee to appear for a medical examination by a doctor chosen by the Employer.
(c) Notwithstanding that an employee is found eligible for retirement as specified in (a) or (b) above in a specific classification, she may apply for and be employed in any other classification for which she may be qualified by reason of health, training and experience.
(d) When an employee is laid off, the retirement allowance shall be paid in a lump sum eighteen (18) months after the date she was laid off.
(e) At the employee's request, the payment of the allowance shall be:
(1) A lump sum payment at the time of entitlement, or
(2) Held over to the next taxation year, or any other year following entitlement, or
(3) Converted by the employee to an individual income averaging annuity payable at normal retirement age.
(f) Notwithstanding any of the provisions of this Article, an employee who normally would be entitled to retirement allowance may, within five (5) years of retirement, subject to satisfactory notice to the Employer, and when replacement is available, take up to three (3) paid pre-retirement vacations, with no more than one vacation in any school-year, to be charged against her retirement allowance. Vacation leave shall not accumulate during the time of such pre-retirement vacation leave.
(g) In order to allow for orderly work scheduling a request for conversion to a pre-retirement vacation equivalent must be submitted at least sixty (60) days in advance.
(h) When calculating retirement allowance entitlement for an employee who has at least five (5) years seniority, retirement allowance for less than a full year shall be on a pro-rata basis (ex: 1/2 year equals 2 1/2 days' pay).
Retirement Allowance. Prior to issuing notice of layoff pursuant to article in any the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under within the in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the who would otherwise receive notice of layoff under article An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of weeks' salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to for each year less than age to a maximum of upon retirement."
Retirement Allowance. Upon retirement from service, an employee who has completed twenty (20) years of continuous service and who, under the provisions of the applicable Superannuation Act(s) is entitled to receive a superannuation allowance on retirement is entitled to an amount equal to his/her salary for one (1) month, and for each full year of service exceeding twenty (20) years but not exceeding thirty (30) years, is entitled to an additional amount equal to one-fifth (1/5) of his/her monthly salary.
Retirement Allowance. (a) An Employee who resigns or who retires from employment and is immediately eligible for and commences receipt of pension under the NSHEPP, the Provincial or Federal Superannuation Pension Plan or the Canada Pension Plan immediately following their resignation / retirement shall be granted a Retirement Allowance equal to one (1) week’s pay for each year of service to a maximum of twenty-six (26) years. The Retirement Allowance will include a prorated payment for a partial year of service.
(b) The amount of Retirement Allowance provided under (a) shall be calculated by the formula:
(c) The entitlement of an Employee to a Retirement Allowance shall be based on an Employee’s total service as defined in Article 1.02. A person can only receive a retirement allowance once, based on the same year(s) of service.
(d) In addition to the months of service upon which an Employee’s Retirement Allowance entitlement is calculated pursuant to (c), the months of prior War Service purchased by an Employee in accordance with the amendment to Section 11 of the Public Service Superannuation Act, shall be included as months of service for the purpose of Retirement Allowance entitlement calculation.
(e) Where an Employee dies and they would have been entitled to receive a Retirement Allowance if they had retired immediately before their death, the Retirement Allowance to which they would have been entitled shall be paid:
(i) to their beneficiary under the Group Life Insurance Policy; or
(ii) to their estate if there is no such beneficiary.
(f) Where the person to whom a Retirement Allowance is payable has not attained the age of nineteen (19) years or, in the opinion of the Governor in Council, is not capable of managing their affairs by reason of infirmity, illness or other cause, the Retirement Allowance shall be paid to such person as the Governor in Council directs as trustee for the benefit of the person entitled to receive the Retirement Allowance.
(g) The salary which shall be used to calculate the amount of the Retirement Allowance in accordance with this Article shall be the highest salary the Employee was paid during their employment with the Employer.
Retirement Allowance. Upon retirement from service, an Employee who has completed twenty (20) years of continuous service, and who under the provisions of the applicable Pension Acts is entitled to receive a superannuation allowance on retirement, is entitled to an amount to be paid by the Employer equal to his/her salary for one (1) month and, for each full year of service exceeding twenty (20) years, but not exceeding thirty (30) years, is entitled to an additional amount equal to one-fifth (1/5) of his/her monthly salary. It is understood that this benefit is not payable in addition to that provided by Section 49 of the Public Service Act.