Retirement Incentive Programs Sample Clauses

Retirement Incentive Programs. Unit members may choose to participate in one of the following programs:
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Retirement Incentive Programs. Faculty members may participate in retirement incentive programs established by the Board of Trustees in compliance with the California Education Code.
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Retirement Incentive Programs. In accordance with state law, an employee who is interested in retiring may consider one of three programs offered by the College: (a) Phased Retirement, (b) Retirement Transition, and (c) Early Retirement, and (d) other plan mutually agreed to by the academic employee, Union, and the college. First consideration will be given to retirement incentive applications that are submitted in writing to the College President no later than the fifteenth (15) day of October, each academic year. Applications received later than the fifteenth day of October shall be considered after processing those received by the fifteenth of October. Applications for retirement incentive programs must be for retirements occurring on June 30 of the academic year for which the application is filed. An eligible tenured academic employee who submits a request for a retirement incentive option by the due date shall be notified prior to winter quarter of the status of his/her request. Tenured academic employee application requests will be considered and approved on the basis of seniority and consistent with the terms of the agreement. In the case of exceptional circumstances, management, in consultation with the Union President, may consider other factors. In instances where tenured academic employees who have applied for the retirement incentive option have the same seniority date, and availability of retirement incentive options is limited, management in consultation with the Union President may consider other factors. Early Retirement incentive program requests will be approved up to two per academic year. Any unused early retirement allocations during a year will be accumulated for future use and will not expire. The maximum early retirement incentives that may be awarded in one year are two (2) for the current year and four (4) accumulated early retirement for a total of six (6). By September 15 of each academic year, management shall provide the Union with an accounting of prior year retirement(s) approved and the number of slots available for the year. Any retirement option entered into must be established in writing and agreed to by the employee and the College. Conditions of the agreement will be that the employee exercise an intentional, voluntary and intelligent waiver of his or her rights as a tenured academic employee in exchange for participation in a retirement program option and that the Board of Trustees give written assurances for fulfillment of the retirement contract.
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Retirement Incentive Programs. In accordance with state law, an employee who is interested in retiring may consider one of three programs offered by the College: (a) Phased Retirement, (b) Retirement Transition, and
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Retirement Incentive Programs. 1. For retirees not participating in the Early Retirement Incentive Program, the District will provide $150 fringe benefits contribution per month until the member reaches age sixty-five (65). A retiree may continue in the District health benefit programs at the retiree’s expense after termination of this program upon insurance carrier approval. This amount will be prorated commensurate to the percentage of full-time employment prior to retirement. 2. Certificated personnel in the bargaining unit desiring to participate in the Early Retirement Incentive Program may do so under the following conditions: A. Participation shall be on a voluntary basis and available to all bargaining unit members eligible under C. below. Certificated personnel currently participating in the program at the date of this Agreement will receive the compensation, fringe benefits, and other applicable provisions of this Article agreed to at the time of their retirement. B. Any employee who wishes to participate in the ERIP must submit a letter of intent to the Personnel Office not later than the March 1 prior to his/her intended retirement in order to retain his/her priority status on the Priority List). Any unclaimed ERIP positions will then be opened on a first-come, first- served basis during the month of March, after which the Priority List will be reinstated. C. To be eligible for this program, the employee must have served in the Walnut Creek School District a minimum of ten (10) full years and be at least fifty-five (55) years of age.
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Retirement Incentive Programs. 62 (a) Phased Retirement 62 (b) Retirement Transition Option 63 (c) Early Retirement Option 63 (d) Other Retirement Options 63 (e) Death of Retiree 63 (f) Benefits 63 (g) Payment Schedule 63
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Retirement Incentive Programs. Faculty members may participate in retirement incentive programs established by the Board of Trustees in compliance with the California Education Code. I. Reduced Workload with Full Retirement Credit (Calif. Ed. Code, Section, 87483) A. The Board of Trustees will permit full-time faculty members to reduce their workload from full-time to part-time and have their retirement benefits based upon full-time employment. 1. The option of reduced load may be exercised upon mutual agreement of both the District and the faculty member. Once the option is exercised, it is not revocable, and the faculty member may not return to a full-load, full-time status, unless agreed to by the Board of Trustees. 2. To be eligible to start the optional reduced load program, the faculty member must be fifty-five (55) years of age before the beginning of the academic semester in which the reduction in workload starts. 3. The faculty member must have been employed full-time as an academic employee of the District for at least ten (10) years prior to the request for reduced load. 4. Except for the reduction in salary, corresponding to the reduced load, the District will provide the part-time faculty member the same benefits provided a regular full-time (100%) faculty member. 5. The District and the faculty member shall agree to make contributions to the STRS equal to the amount required of a full-time (100%) faculty member. 6. The minimum reduced load shall be the equivalent of one-half (½) of the number of days of service required by the faculty member's contract of employment during the final year of service as a full-time (100%) position. 7. A faculty member on the optional reduced load program shall work for the duration of the reduction, as mutually agreed by the faculty member and the District, at a minimum: a. 100% of one semester and 0% of the other semester, or b. 50% each semester, or
Sample 1
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Retirement Incentive Programs. Faculty members may participate in retirement incentive programs established by the Board of Trustees in compliance with the California Education Code. I. Reduced Workload with Full Retirement Credit (Calif. Ed. Code, Section, 87483) A. The Board of Trustees will permit full-time faculty members to reduce their workload from full-time to part-time and have their retirement benefits based upon full-time employment. 1. The option of reduced load may be exercised upon mutual agreement of both the District and the faculty member. Once the option is exercised, it is not revocable, and the faculty member may not return to a full-load, full-time status, unless agreed to by the Board of Trustees. 2. To be eligible to start the optional reduced load program, the faculty member must be fifty-five (55) years of age before the beginning of the academic semester in which the reduction in workload starts. 3. The faculty member must have been employed full-time as an academic employee of the District for at least ten (10) years prior to the request for reduced load. 4. Except for the reduction in salary, corresponding to the reduced load, the District will provide the part-time faculty member the same benefits provided a regular full-time (100%) faculty member.
Sample 1
Retirement Incentive Programs. 1 Unit members who choose to retire early may elect to participate in one of the following 2 retirement incentive programs: 3 16.4.1 Upon request, the District will allow a unit member to reduce his/her workload 4 from full-time to part-time duties subject to review and approval by the Board 5 pursuant to the following regulations: (a) The unit member must have reached the age of 55 prior to reduction in 7 workload.
Sample 1

Related to Retirement Incentive Programs

  • Retirement Incentive 1. For a Bargaining Unit Member to qualify for this program, he/she must be a full time (30 or more hours per week) employee in the Hononegah Community High School District #207 for a period of not less than twenty (20) years prior to the date of retirement. Any Bargaining Unit Member for whom the district must pay any additional amount as a penalty to IMRF so that such an employee may benefit from the “IMRF” Early Retirement Incentive Program” will not be eligible to receive any payment as part of this retirement incentive program. No later than thirty (30) days prior to the intended date of retirement from the school district, the Bargaining Unit Member must submit a formal letter of retirement indicating his/her intent to retire from the public school systems of Illinois under the provisions of the Illinois Municipal Retirement Fund. Upon meeting the above eligibility requirements, any Bargaining Unit Member who qualifies for this Retirement Incentive Program shall be paid a monetary incentive calculated as follows: The total amount of the incentive shall be equal to Twenty-Five Percent (25%) of the base wages plus overtime for each of the “base years.” The base years shall be the most recent complete fiscal year worked by the Bargaining Unit Member prior to providing an irrevocable letter of retirement, as described below. [Example: Employee A provides an irrevocable letter of retirement on March 1, 2014. Employee A’s incentive shall be 25% of total base wages for the 2012-2013 fiscal year including overtime because the 2012-2013 fiscal is the latest complete year worked.] The incentive will be paid in increments described below, based upon the timing of the notice. If a Bargaining Unit Member gives 30-days’ notice of retirement, the Bargaining Unit Member may receive a post-retirement bonus of 25% of his salary of the latest complete year worked. This bonus will be paid 30 days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. A Bargaining Unit Member may provide notice up to four (4) years prior to retiring. If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final work year, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in the final year of employment and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post-retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. The total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2015. During the 2014-2015 fiscal year, the employee receives a normal pay increase equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post- retirement payment of $4,200.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final two (2) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final two (2) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s Base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2016. During the 2014-2015 and 2015-2016 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $3,400.00] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final three (3) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final three (3) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2017. During the 2014-2015, 2015-2016, and 2016- 2017 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $2,600.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final four (4) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final four (4) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. The total incentive is $5000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2018. During the 2014-2015, 2015-2016, 2016-2017 and 2017-2018 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2017-2018 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $1,800.00.]

  • Management Incentive Plan “Management Incentive Plan” shall mean the Company’s bonus program, as implemented by the Company’s board of directors from time to time and pursuant to which the Executive may receive incentive-based compensation at fiscal year end.

  • Incentive Programs During the Term of Employment, the ------------------ Executive shall be entitled to participate in any annual and long-term incentive programs adopted by the Company and which cover employees in positions comparable to that of the Executive.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan

  • Incentive Compensation Program In order to enhance consistency in sales efforts for products offered inside and outside of Covered California, Contractor shall consider information provided by Covered California regarding sales commissions in order to credit the Agent’s sale of QDPs through Covered California for Small Business to the Agent’s sale of Contractor’s policies outside Covered California for purposes of determining Agent’s aggregate sales that shall be used by Contractor to determine incentive or other compensation payable by Contractor to Agent. Contractor shall provide information as may reasonably be required by Covered California from time to time to monitor Contractor’s compliance with the requirements set forth in this section.

  • Physician Incentive Plans In the event Provider participates in a physician incentive plan (“PIP”) under the Agreement, Provider agrees that such PIPs must comply with 42 CFR 417.479, 42 CFR 438.3, 42 CFR 422.208, and 42 CFR 422.210, as may be amended from time to time. Neither United nor Provider may make a specific payment directly or indirectly under a PIP to a physician or physician group as an inducement to reduce or limit Medically Necessary services furnished to an individual Covered Person. PIPs must not contain provisions that provide incentives, monetary or otherwise, for the withholding of services that meet the definition of Medical Necessity.

  • Incentive Program Members who are rated as either Level I, Level II or Level III in every phase of the Physical Fitness Test are eligible to participate in the Incentive Program.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Incentive Compensation Plan In addition to receipt of Basic Compensation under the Employment Agreement, you shall participate in the Incentive Compensation Plan for Executive Officers of the Company (the “Compensation Plan”) and shall be eligible to receive incentive compensation under the Compensation Plan as may be awarded in accordance with its terms.

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