Retirement Benefits Based on Years of Service and Non-ERO Retirement Sample Clauses

Retirement Benefits Based on Years of Service and Non-ERO Retirement. Eligible teachers applying for this benefit must submit a written request to the Superintendent and his/her ITRS Personal Statement of Benefits on or before the February 1 of the school year in which the teacher expects to receive his/her first salary retirement benefit but not earlier than the preceding October 1st of that same school year. Teachers submitting a written request under this section shall not be eligible for horizontal movement on the salary schedule subsequent to submitting such request. Such retirement benefits shall not be payable in any respect if the Board is or shall be obligated to make any payments pursuant to the Early Retirement Option (ERO) of the Illinois Pension Code or any other retirement or pension benefit which may be hereinafter established or created. No more than three (3) teachers shall be eligible to retire under this benefit in any single year. Immediately following the deadline date each year, teachers making application shall be notified as to their acceptance for the benefit. Should more than three (3) teachers apply in a single year, the three (3) teachers with the greatest District seniority shall be selected. A teacher who gives notice of retirement prior to having completed thirty-five (35) years of creditable service with ITRS at the time of such notice shall, concurrent with such notice, execute a promissory note payable to the Board for the amount of retirement benefits to be paid hereunder by the Board, provided nothing herein shall preclude the teacher and the Board form adjusting the original proffered date of retirement to a later date which would qualify the teacher to full retirement benefits without discount and without giving rise to any required Board payment to ITRS as a consequence of such retirement. In the absence of a contrary agreement between the teacher and the Board, such later date shall occur at the end of an academic semester or at such time as the Board shall secure what it deems to be a qualified replacement. PROMISSORY NOTE I, , assert and promise as follows: On the date of my retirement as a full-time teacher at Grant Community High School District No. 124, I will have attained at least age sixty (60) or have attained at least thirty-five (35) years of service credit with the Illinois Teachers’ Retirement System (ITRS), OR I will have attained whatever requirements may be necessary under Illinois Pension Code to eliminate any employer paid retirement penalty on my behalf. In the event...
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Related to Retirement Benefits Based on Years of Service and Non-ERO Retirement

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Vacation Pay on Retirement Termination is as follows:

  • Years of Service (i) A Participant’s Years of Service shall include all service performed for the Employer and ¨ Shall ¨ Shall Not include service performed for the Related Employer.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

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