Retirement Option. Provided that, at the time of election, the Employee (x) is actively employed by the Company, (y) has reached the age of 55, and (z) has been employed by the Company as member of the Executive Group for at least five years the Employee may elect, by providing written notice to the Company in the form attached hereto as Exhibit B, the Retirement Option, as outlined below:
(i) Within 15 days of the Employee’s exercise of the Retirement Option, the Company and the Employee will attempt to agree upon the length a “Transition Period” of between six and 12 months. The Transition Period shall commence as of the date of Employee’s written notice to the Company of Retirement Option.
A. If the parties are unable, within the 15-day period, to agree on the length of the Transition Period, then the Transition Period shall be for six months.
B. During the Transition Period, the Employee will remain actively employed, at Employee’s then-current rate of compensation, and, in addition to Employee’s other regular functions and responsibilities, will assist the Company in identifying, recruiting, and training the Employee’s replacement. The Employee will continue to be responsible for the management, direction, and performance of his/her division, operating unit or department during the Transition Period to the full extent that Employee was so responsible prior to the Transition Period.
(ii) At the conclusion of the Transition Period, the term of employment hereunder will cease and Employee will become an advisor to the Company (the “Advisory Period”) as follows:
A. The Advisory Period will extend for 36 months. During the Advisory Period, the Employee will receive compensation as follows: (x) for the first 12 months, Employee’s then-current annual salary and bonus; (y) for the second 12 months, annual salary, plus 50% bonus; and (z) for the third 12 months, annual salary only. The bonus amount paid in (x) and (y) will be calculated as follows: The bonus amount paid will be the greater of Target Bonus or the average of the two most recent full year Annual Bonuses. All payments pursuant to this subsection shall be made in accordance with the Company’s ordinary timing and procedures for salary and bonus compensation.
B. The Employee will continue to vest in any outstanding stock options and long-term cash incentives (or any other similar plan) during the Advisory Period; however, the Employee will not be entitled to any additional awards or grants. The Employee will also conti...
Retirement Option. Teachers, who leave service prior to completion of eligibility for the “Career Service Recognition Payment,” shall receive one-half of the remaining amount paid into a “Special Pay” or 403(b) account designated by the teacher no later than November 15 following retirement. The other one-half shall be paid to the District-approved HCSP account no later than November 15 following retirement.
Retirement Option. Before issuing notice of long term layoff pursuant to Article 9.02a.ii and following notice pursuant to Article 9.02a.i, the Hospital will make offers of early retirement allowance in accordance with the following conditions:
Retirement Option. If an employee is not fully vaccinated by November 1, 2021 and has officially submitted retirement paperwork to DRS and provided a copy to HR, the employee may use accrued annual leave, personal holidays, or leave without pay until their retirement date. This provision expires on December 31, 2021. The use of accrued leave shall be subject to the definitions and provisions contained in the Collective Bargaining Agreement.
Retirement Option. If an employee is not fully vaccinated by October 29, 2021 or the date of expiration on any vaccination deadline extension granted by NJP and has officially notified HR of their intent to retire, the employee may use accrued annual leave, personal holidays, or leave without pay until their retirement date. This provision expires on December 31, 2021.
Retirement Option. The following retirement option applies to those teachers eligible for TRS retirement with 12 or more years of service to Princeton Elementary School District #115. If the state or federal government or any other governmental agency enacts, offers or mandates any other early retirement plan or statute, employees may not access or elect to receive benefits under this contract in combination with any other statutory or contractual retirement plan. This provision shall supersede those other provisions mentioned in the previous sentence. If the teacher elects to retire and so notifies the Board in writing, the election is irrevocable regardless of any changes in statute, regulation, law or contract. Nothing herein prohibits the Board (with the approval of the Union) from enhancing a teacher’s retirement option in order to save the District money and improve the teacher’s retirement benefits. Only an employee who will not cost the District an ERO penalty may initial the retirement plan herein. The teacher must submit before June 30 prior to the first year of this plan an irrevocable written notice of intent to retire, specifying the year of retirement. Employees may select a plan length between four years and one year. If the employee selects a four year plan, his/her total creditable earnings during the fourth year before the retirement shall be increased by six (6%) percent over what it was the previous year. During the remaining three years of employment, the employee’s creditable earnings shall be six (6%) percent more than it was the previous year. An employee shall be eligible to select a plan of three years or less only if the employee’s increase in creditable earnings in any year used by TRS to determine pension value was no more than 6%. After selecting a plan of less than four years, the qualifying employee’s creditable earnings in each of the years remaining until retirement shall be six (6%) percent greater than the previous year. Any supplemental duties that are included in the creditable earnings in the year prior to giving notice shall be continued during the remaining years prior to retirement, or the fixed creditable earnings shall be reduced according. Payments under the terms of the plan will be made in a manner specified under the individual member’s retirement/resignation contract, total payments being made on or before the member’s last paycheck.
A. The number of employees who may retire under these plans may be limited to the option of th...
Retirement Option. Teachers may choose one of the following options for their retirement year:
Retirement Option. The medical insurance retirement option shall be available only to employees hired prior to the date of signing of the 2001 Collective Bargaining Agreement. BCDSA employees employed prior to the date of signing will be grandfathered and eligible for the benefit as described in the collective bargaining agreement July 1, 1998 – June 30, 2001, Article 17 “Fringe Benefits”, Section 17.4 “Medical Insurance Retirement Option.”
Retirement Option. An ESP employee planning to retire should notify the Director of Human Resources at least 2 months before the retirement date (Board Policy 5:290). Employees serving twenty (20) years or more in a full-time positions in Yorkville CUSD 115 who elect to retire under IMRF will receive a benefit of three percent (3%) of their next to final 12-month average base salary (e.g., 3% shall be the complete salary increase for the retiring employee) paid as part of the regular paycheck in the final year of employment, provided that the employee electing to receive this benefit submits to the Board an irrevocable letter of retirement effective at the end of his/her retirement year. The letter of retirement must be submitted no later than fourteen (14) months preceding the employee’s retirement date.
Retirement Option. Any employee who officially retires while in the employment of the Pleasantville Public Schools from the New Jersey Teachers Pension and Annuity Fund or the New Jersey Public Employees Retirement System may purchase health insurance from the School District by prepaying the group rate for the insurance three (3) full months in advance. Should the employee thereafter fail to pay in advance on a quarterly basis, participation and/or family participation will terminate immediately from the employer’s master plan. Within thirty (30) days of such termination, the employee will be notified after which the Board of Education will have no responsibility or liability for any expenses incurred for health related reasons that are normally covered by the health insurance v program.
