Retirement Incentive Payment Sample Clauses
A Retirement Incentive Payment clause establishes the terms under which an employee is offered a financial incentive to retire earlier than planned. Typically, this clause outlines eligibility criteria, the amount or calculation method of the incentive, and any conditions the employee must meet, such as providing notice or waiving certain claims. Its core practical function is to encourage voluntary retirement, often to help the employer manage workforce transitions or reduce costs in a structured and mutually agreeable manner.
Retirement Incentive Payment. An employee tendering an irrevocable letter of resignation, in conformance with the following conditions shall be eligible for a retirement incentive in each of his or her final four years of teaching service, subject to the following conditions:
1. A teacher shall have a minimum of twenty (20) years of full-time service in the Shiloh Community Unit School District No. 1 by the intended date of retirement
2. The teacher shall be at least sixty (60) years of age on or before December 31 of the year of retirement or will be at least fifty-five (55) years of age and will have at least thirty-five (35) years of creditable service and will not retire under the statutory Early Retirement Option (ERO) causing the District to have to pay a contribution or other monies to the Teachers’ Retirement System in respect to that teacher’s ERO retirement.
3. The teacher shall have tendered to the superintendent a final, binding, and irrevocable resignation and application for the incentive. The District may prepare a standard form for this purpose. The teacher’s notice may be given up to four (4) years prior to retirement, including the school year of retirement, but must be received by the superintendent before August 1st of a school year to be effective to increase the teacher’s salary for that school year, unless the Board waives the delay. The pre-retirement period may be from one (1) to four (4) school years in length, depending upon the date the final, binding, and irrevocable resignation and incentive application is received by the superintendent, and the date of retirement specified by the employee. In exchange for the teacher’s final, binding, and irrevocable resignation, the District agrees to remove the teacher from compensation based upon the salary schedule and for each year of eligibility the teacher’s creditable earnings will be increased by six percent (6%) over the teacher’s reportable creditable earnings for the prior year of employment. For purposes of this calculation the previous year’s creditable earnings shall not include the District’s TRS contribution made on behalf of the teacher. The District and the teacher agree to execute a Retirement Incentive Agreement that governs the payment of the retirement incentive.
Retirement Incentive Payment. Employees eligible to service retire under Article 6.62 are eligible for an additional retirement incentive payment of $10,000 to be paid with their severance pay as outlined in Article 6.61. The employee must provide an irrevocable letter of resignation, for purposes of retirement, by the date listed below: Anyone eligible to service retire at the end of the 2018-19 school year by February 1, 2019. Anyone first eligible to service retire at the end of the 2019-20 school year by December 1, 2019 Anyone first eligible to service retire at the end of the 2020-21 school year by December 1, 2020. This provision sunsets at the end of the contract, i.e., at the end of the 2020-21 contract year.
Retirement Incentive Payment. 1. Upon retirement only from public education with the Rapid River Public Schools, under the Michigan Public Schools Employee Retirement System, employees with sufficient years of active duty service within the Rapid River Public School system shall be eligible to receive a retirement incentive payment based on pay a pro-rated portion of their accumulated sick leave as of the time of retirement (each unused sick leave day paid at a percent of the employee's per diem rate, computed by dividing the employee's annual salary by the number of duty days per year multiplied by the applicable percentage rate), as set forth below: after ten (10) full school ) 25% of unused sick leave years of active service ) after fifteen (15) full ) 50% of unused sick leave years of active service ) after twenty (20) full ) 75% of unused sick leave years of active service )
2. An employee shall be eligible for such retirement incentive payment benefits only upon the express condition that said employee submits to the Office of the Superintendent a written notice of retirement six (6) months prior to the effective date of retirement. The employee must complete, sign, and personally deliver to the office of the Superintendent (on a form supplied by the Superintendent’s office) this written notice of retirement and request for the retirement incentive payment.
3. The employee may rescind in writing to the Superintendent their request for retirement incentive payment once without loss of benefits. The request to rescind "notice of retirement incentive payment" must be submitted three (3) months prior to their official date of retirement.
4. Should the employee die during the 6 month notice period the retirement incentive payment shall be paid to the designated heir as listed in the teacher’s term life insurance policy unless another beneficiary is especially designated by the employee in writing.
5. The employee may elect to receive the retirement incentive lump sum payment under this section or the employee may elect to use their unused sick leave pay as stated in Section 26; #1 to purchase years based upon the same calculations found in this section. The employee understands that Retirement Incentive Payments will participate in the Bencor National Government Employees Retirement Plan sponsored by AIG VALIC and BENCOR, Inc. Terms and conditions of the plan must be in accordance with state and federal requirements of the Internal Revenue Service.
a. An employee electing benefits cov...
Retirement Incentive Payment. 3 1. Upon retirement only from public education with the Rapid River Public Schools, under the Michigan 4 Public Schools Employee Retirement System, employees with sufficient years of active duty service within 5 the Rapid River Public School system shall be eligible to receive a retirement incentive payment based on 6 pay a pro-rated portion of their accumulated sick leave as of the time of retirement (each unused sick leave
Retirement Incentive Payment. In consideration for the Employee’s promises in this Agreement, the University agrees to pay the Employee the sum of $ (the Incentive Payment), which represents 50% (fifty percent) of the Employee’s annualized University base salary. This payment shall be made only after the Effective Date of this Agreement, as defined in paragraph 22 of this Agreement.
Retirement Incentive Payment. A. Retirement incentive is offered to any administrator who is a member of the bargaining unit as of December 15, 2008 who becomes eligible or is eligible for retirement during the term of this agreement provided notice of such intention to retire is given in writing to the Superintendent of Schools by February 1. The incentive payment shall consist of a payment of 10% of the final annual base salary upon filing for retirement, 10% upon retirement, and 10% to be paid in equal installments on each administrator payroll date between the effective date of retirement and the end of the calendar year of retirement. In an emergency and at the discretion of the Superintendent of Schools, the date of notice may be waived.
B. To be eligible to receive the retirement incentive payment, individuals who become eligible to retire must retire on June 30 of the school year in which the individual becomes eligible to retire.
Retirement Incentive Payment. For employees retiring with district-provided health insurance, the retirement incentive shall be eleven thousand dollars ($11,000) plus thirty dollars ($30) per sick day up to a maximum of two hundred (200) days. • For employees declining health coverage in retirement, the retirement incentive shall be ten thousand dollars ($10,000) plus seventy-five dollars ($75) per sick day up to 200 days.