Retirement for Employees Hired Prior to Sample Clauses

Retirement for Employees Hired Prior to. January 1, 1973 -251 Effective January 1, 1973, the University Retirement Program ceased to exist. However, to insure that no employee lost credit for prior years of service, the following guidelines were established to provide that an employee will receive no less than what an improved plan formula would give him or her upon retirement. -252 Those persons employed prior to January 1, 1973, who were 55 years of age or older and/or had 25 years of service on January 1, 1973, could elect to remain subject to the improved University Plan formula described below. -253 The formula governing the old Retirement Plan was improved by basing pensions on an amount equal to the highest three (3) year average earnings, multiplied by two (2%) percent for each year of service, with a $3,600 ceiling. -254 For employees participating in TIAA-CREF and/or other retirement programs made available through the University, and selected by the employee, with a University contribution, this new formula will be applied for each employee at retirement and will become the minimum received by the employee. -255 The annuity value, at the time of retirement, purchased by MSU's contributions to TIAA-CREF and/or other retirement programs made available through the University, and selected by the employee, will be compared to the pension amount as computed in Paragraph 249 above, and the employee will receive the larger of the two figures. Employee contributions to TIAA-CREF and/or other retirement programs made available through the University, and selected by the employee, (retroactive to 1-1-73) will provide additional annuity income. -256 Those employees not participating in TIAA-CREF or other retirement programs made available through the University, and selected by the employee, will have their retirement income figured solely on the improved formula plus a ten (10%) percent addition added to the base pension prior to actuarial reduction or the selection of a survivor option. -257 Employees who terminate without meeting the minimum requirements for retirement will receive a retirement pension from the contributions made to the individual TIAA-CREF annuity contract or other retirement programs made available through the University, and selected by the employee, consistent with provisions of those contracts.
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Related to Retirement for Employees Hired Prior to

  • Compensation for Employees Employees shall receive compensation at the biweekly or hourly rate for the range and step or flat rate assigned to the class in which they are employed.

  • Holiday Pay for Employees Laid Off An employee who is laid off at the close of business the day before a holiday who has worked not less than five (5) previous consecutive work days shall be paid for the holiday.

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION PCA Article B.3 does not apply in School District No. 34 (Abbotsford).

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Non-Vested Retirement Gratuity for Teachers 1. The minimum years of service for retirement gratuity shall be defined as the lesser of the contractual minimal service requirement in the 2008-2012 collective agreement, or ten (10) years.

  • Probation for Newly Hired Employees (a) The Employer may reject a probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Article 11.2

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