Retirement Options Sample Clauses
The "Retirement Options" clause outlines the choices available to an employee regarding their retirement from the organization. It typically specifies the eligibility criteria for retirement, the types of retirement plans or benefits offered, and the procedures for electing a retirement option, such as early, normal, or deferred retirement. By clearly defining these options and the associated processes, the clause helps both the employer and employee understand their rights and obligations, ensuring a smooth transition and reducing the risk of misunderstandings or disputes related to retirement.
Retirement Options. Full-time faculty are required to contribute to a retirement plan effective with the date of hire, as provided by statute and state regulations. Part-time faculty who are contracted for at least fifty percent (50%) of a full- time load at the College or work a combined load of at least fifty percent (50%) at the College and other Washington State public institutions of higher education for two (2) consecutive academic quarters are required to contribute to a retirement plan at the start of the second (2nd) consecutive quarter.
Retirement Options. The District will offer the following programs for Unit Members to participate in at the time of retirement.
Retirement Options. The ▇▇▇▇▇▇▇ Community College Board of Trustees may at its discretion grant one of the following retirement incentive plans to eligible faculty. The unit member must elect and may participate in only one of the three following retirement plans:
Retirement Options. Phased-in Retirement Appointment, Part- time Appointment or Reduced-Scope Appointment
2.01 In addition to continuing to work full-time, requesting a reduced appointment in accordance with Part 8: Reduced Appointments or giving notice of retirement in accordance with the provisions of Article 19.04 of Part 1: Framework for Collective Bargaining, tenured or confirmed faculty, librarians, program directors and full- time lecturers who have reached the age of 55 and have 10 years of full-time continuous service may elect to participate in one of three retirement options: (1) phased-in retirement; (2) part-time appointment; or (3) reduced-scope appointment.
2.02 The purpose of the Retirement Options is to balance the desire of members to continue to be productive in more flexible employment arrangements with the University’s need for certainty in academic planning, all the while maintaining cost neutrality.
2.03 The Retirement Options have been implemented as of May 15, 2007, and are hereby renewed to June 30, 2022. Beginning January 2014, the parties agree to annually review the results in light of its purpose and reach a resolution on any future options.
2.04 Members who participate in a Retirement Option are entitled to salary, benefits and pension in the same manner as provided for in the Agreement on Reduced Appointments, as modified by this Letter of Understanding, and are eligible, in accordance with provisions of the Agreement on Salaries and Economic Benefits, to be considered for Career Progress Increments (CPI), Merit Awards and Performance Salary Adjustment (PSA), as provided for in the Agreement on Reduced Appointments.
2.05 Where a member takes a Retirement Option, eligibility for study leave is as follows:
a) There will be no further accrual of service towards study leave eligibility once notice to enter into a Retirement Option has been given;
b) Where a member may be eligible for a study leave, it must be planned before entering into a Retirement Option and completed within the time of the option;
c) There must be the equivalent of at least one year of full-time service between the end of the study leave and retirement; and
d) ▇▇▇▇▇▇ paid during the study leave will be as provided for in Article 2.01(b) of Part 3: Leaves of Absence
2.06 Option 1: Phased-in Retirement
a) A member may elect to take a phased-in retirement. The Phased-in Retirement Option is for a maximum of four years in total, at the election of the member (i.e. the notice period...
Retirement Options. 4.01 UBC Policy 49, “Reduced Workload/Responsibility Appointment – Non-Academic Staff”, remains an option available to staff. For those working beyond their Normal Retirement Date, and reducing their workload under Policy 49, applicable paragraphs under section 2.0 above supersede terms related to Benefits in Policy 49 (“Benefits”).
Retirement Options. Winding Down Scheme
Retirement Options. Eligible employees may select ONLY ONE (1) of the following retirement options:
Retirement Options. The parties have submitted legislation to the County Council that would establish a Defined Contribution Retirement Plan for non-public safety employees hired on or after July 1, 1994, and any other employee who desires to transfer to the new system from the existing retirement system. The parties shall submit legislation to the County Council that would establish a one-time irrevocable choice between the Defined Contribution Retirement Plan (RSP) and the Guaranteed Retirement Income Plan (GRIP) for non-public safety employees hired on or after July 1, 1994. See Appendix XIX for GRIP Specifications.
Retirement Options. 1. The retiree may elect to receive the monthly stipend and insurance benefits as outlined in Section B. above.
2. As an alternative, at the time of retirement, a separate calculation shall be made for each retiree. This calculation shall include the value of the stipend (stipend amount times up to 48 months) and the value of the insurance (current premium costs of medical, dental and vision plans times number of months until age 62). This total shall be the value of that individual’s retirement package.
a. Allocation of this retirement package shall be at the discretion of the retiree. The retiree may choose to receive a monthly stipend, purchase group insurance benefits, or a combination thereof. Any changes in the allocation of these funds shall be made in writing to the District.
b. At the request of the retiree, the monthly allocation may be reduced and paid out over a longer period of time than forty-eight months, so long as the total cost to the District does not exceed the value of the individual’s retirement package.
Retirement Options. Full-time Faculty