Common use of Retirement from Employment Clause in Contracts

Retirement from Employment. PEL has no cash-out value upon termination except at retirement, layoff as under Article 15.4, permanent and total disability as a result of a work-related injury, death of the employee, or as provided in Section 9.4, “Sell-Back of PEL Prior to Retirement.” In the event of retirement, and where the employee has not elected to exercise rights under Section 9.4, the value of the PEL will be placed in a Retirement Health Savings Plan for the benefit of the employee. Maximum pay- out will be 880 hours of PEL. Pay-out at death will be to the employee’s estate. Pay-out of PEL to the Retirement Health Savings Plan at retirement will be allowed providing the following conditions are satisfied: (a) The employee is at least 55 years old; and (b) The employee has served as a County employee at least 7 years continuous service immediately prior to retirement; and (c) The employee is eligible for the County provided retirement program and does not intend to take a full-time job elsewhere.

Retirement from Employment. PEL has no cash-out value upon termination except at retirement, layoff as under Article 15.4, permanent and total disability as a result of a work-related injury, death of the employee, or as provided in Section 9.4, “Sell-Back of PEL Prior to Retirement.” In the event of retirement, and where the employee has not elected to exercise rights under Section 9.4, the value of the PEL will be placed in a Retirement Health Savings Plan for the benefit of the employee. Maximum pay- pay-out will be 880 hours of PEL. Pay-out at death will be to the employee’s estate. Pay-out of PEL to the Retirement Health Savings Plan at retirement will be allowed providing the following conditions are satisfied: (a) The employee is at least 55 years old; and (b) The employee has served as a County employee at least 7 5 years continuous service immediately prior to retirement; and (c) The employee is eligible for the County provided retirement program and does not intend to take a full-time job elsewhere.

Retirement from Employment. PEL has no cash-out value upon termination except at retirement, layoff as under Article 15.4, permanent and total disability as a result of a work-related injury, death of the employee, or as provided in Section 9.49.4 , “Sell-Back of PEL Prior to Retirement.” In the event of retirement, and where the employee has not elected to exercise rights under Section 9.4, the value of the PEL will be placed in a Retirement Health Savings Plan for the benefit of the employee. Maximum pay- pay-out will be 880 hours of PEL. Pay-out at death will be to the employee’s estate. Pay-out of PEL to the Retirement Health Savings Plan at retirement will be allowed providing the following conditions are satisfied: (a) The employee is at least 55 years old; and (b) The employee has served as a County employee at least 7 5 years continuous service immediately prior to retirement; and (c) The employee is eligible for the County provided retirement program and does not intend to take a full-time job elsewhere.