RETIREMENT AND SEPARATION Clause Samples

RETIREMENT AND SEPARATION. A. The Township shall abide by all applicable pension statutes and regulations. B. Upon service retirement or early retirement, an employee who is immediately eligible for retirement benefits will receive, in one (1) lump sum, one (1) day’s base salary, computed on the basis of the employee’s salary at the time of retirement, for each two (2) days of unused accumulated sick leave. For employees hired after December 31, 1995, total payment shall not exceed $12,000 per employee, regardless of the number of days accumulated. C. Upon permanent separation from employment for any reason except termination for cause, unused vacation days for the prior calendar year, as well as earned vacation days for the current year, shall be paid to the employee, computed on the basis of the employee’s salary at the time of separation. In lieu of the foregoing, the employee may elect to utilize all earned vacation days immediately preceding his or her separation, except termination for cause. D. The Township agrees to pay Employee Health Plan premiums for a managed care plan for all employees and their spouse and eligible dependents who, upon retirement, are immediately eligible for retirement benefits with twenty-five (25) years of service with the Township until the employee attains the age of sixty-five (65). E. If an active employee or eligible retiree dies, the spouse and dependents would continue to be covered by the Employee Health Plan for one (1) year at no cost subject to the Township contribution provisions of the agreement. It is understood that the one (1) year survivor provision is incorporated into the COBRA benefit period.

RETIREMENT AND SEPARATION. Section 1. TRANSCO Provident Fund shall continue to operate for the residual employees (TRANSCO GOVERNMENT) upon the entry of the concessionaire. For separated employees, the balance of the credit of each member and the General Reserve for Employee Benefits shall be distributed Section 2. Restoration of Retirement Holiday Package/Incentive;

RETIREMENT AND SEPARATION. 15.1 To the extent required by law, the District shall make all pension contributions to the appropriate New York State Retirement System on behalf of each employee. 15.2 Employees upon separation from the District after ten years of service, shall receive payment for all unused sick days based upon the following: 25% of the daily value for the first 25 days; then 50% of the daily value for the next 25 days; then 75% of the daily value for the next 25 days; then 100% of the daily value for the next 25 days. Employees who are terminated from their position will not be eligible to receive this benefit.

RETIREMENT AND SEPARATION. The provisions of the existing Private Pension Plan remain in effect. Employees will be provided with an annual statement of pension status as required by the Pension Benefits Standards Act, subject to the Letter of Agreement between the parties attached as APPENDIX The features of the Post Retirement Health Benefit Program, introduced with the Private Pension Plan shall remain in effect and continue to cover those future retirees of the Private Pension Plan who have not left pensionable service within the An employee who is being separated for any reason other than "lay off with recall rights" may be paid a Separation Gratuity equal to payment at his regular rate of pay of three-quarters of the total of his accumulated sick leave credits, and this provision will apply to a deceased employee and the benefit may be paid to his estate.

RETIREMENT AND SEPARATION. A. The Township shall abide by all applicable pension statutes and regulations. B. Upon service retirement or early retirement, an employee who is immediately eligible for retirement benefits will receive, in one (1) lump sum, one (1) day’s base salary, computed on the basis of the employee’s salary at the time of retirement, for each two (2) days of unused accumulated sick leave. For employees hired after December 31, 1995, total payment shall not exceed $12,000 per employee, regardless of the number of days accumulated. C. Upon permanent separation from employment for any reason except termination for cause, unused vacation days for the prior calendar year, as well as earned vacation days for the current year, shall be paid to the employee, computed on the basis of the employee’s salary at the time of separation. In lieu of the foregoing, the employee may elect to utilize all earned vacation days immediately preceding his or her separation, except termination for cause. D. The Township agrees to pay Employee Health Plan premiums for a managed care plan for all employees who, upon retirement, are immediately eligible for retirement benefits with twenty-five (25) years of service with the Township until they attain the age of sixty-five (65). E. If an active employee or eligible retiree dies, the spouse and dependents would continue to be covered by the Employee Health Plan for one (1) year at no cost subject to the Township contribution provisions of the agreement. It is understood that the one (1) year survivor provision is incorporated into the COBRA benefit period.

RETIREMENT AND SEPARATION. Section 1. An employee, at any time, is entitled to request and receive an annuity estimate from a Benefits Specialist, which may include informational material regarding Thrift Savings Plan, Health Benefits and Life Insurance. Section 2. Each employee who contemplates separation or retirement, or who has retired or separated, whether voluntarily or involuntarily, will receive written notification that they may contact a Benefits Specialist in the Benefits office, including phone number, address, and webpage, the be informed about their eligibility for disability retirement, applying for discontinued service annuity, eligibility for deferred annuity, and all options regarding retirement, TSP, life insurance, and health insurance. Section 3. An employee may withdraw a resignation or retirement application at any time prior to its effective date, provided the withdraw is communicated to the Employer in writing and received by the Employer. Employees who have resigned or retired may request that they be considered for re- employment to their recently vacated position in accordance with Government-wide rules and regulations. Section 4. The parties recognize that final decisions concerning retirement applications and issuance of retirement checks are the responsibility of the Office of Personnel Management. The Employer agrees to process and transmit all necessary paperwork in connection with retirement applications in a timely fashion. Section 5. Upon receipt of a written request from an employee who is eligible to retire, or who is within 120 days of such eligibility, the Employer agrees to provide a statement setting forth an estimate of the employee's monthly compensation upon retirement, types of retirement options available, and the procedures for continuing any health or life insurance policies. This information will be updated at the employee's request, but not more frequently than once a year.

RETIREMENT AND SEPARATION. Executive agrees to continue his employment until August 31, 2018 (the “Retirement Date”) at which time he agrees to retire and terminate his employment with the Company. The Company agrees to continue Executive’s employment through the Retirement Date, unless it has reason to terminate his employment for Cause (as defined below), in which case the Company may terminate his employment prior to the Retirement Date. The date that the Executive’s employment terminates, either on the Retirement Date or the date it is terminated earlier for Cause is referred to in this Agreement as the “Separation Date.”

RETIREMENT AND SEPARATION