Retirement Prior to Normal Retirement Date. As outlined in Section 17.5, a retired bargaining unit employee who has not reached his/her birthday which entitles him/her to be eligible for full Social Security benefits shall be allowed to participate in the group insurance programs specified in paragraphs (a) and (b) above until July 1, 2017, and is required on July 1, 2017 to participate in the group insurance program specified in (f), or as modified in this contract or any successor contracts, provided he/she monthly pays the COBRA rate thereof, in advance of the Town's premium payment coming due for the applicable month. The group insurance program ceases upon the date that the retiree becomes eligible for Medicare or some other national health insurance program, provided coverage will not be extended to retirees who receive health insurance from or through another employer, and each retiree to be eligible for benefits hereunder shall declare whether he/she has duplicate coverage. When an employee’s spouse becomes eligible for Medicare, the spouse will no longer be eligible for the Town’s insurance program.
Retirement Prior to Normal Retirement Date. A Participant who on or after the Effective Date is within eight years of his/her 63rd birthday and who has 5 years of Continuous Service or 15 years of Aggregate Service may elect to retire prior to his/her Normal Retirement Date, in which event his/her Retirement Xxxxxxx will commence as of the first day of the month subsequent to filing written application therefor. A Participant who is retiring early shall be entitled to receive an annual Retirement Annuity from and after the date of such early retirement. The amount of such annual Retirement Annuity will be computed in accordance with Section 17.4 based on the Retirement Annuity accrued to his/her Early Retirement Date. Retirement Annuity payments will be reduced actuarially if payments are to commence prior to a Participant's 58th birthday, in accordance with the terms of the Plan.
Retirement Prior to Normal Retirement Date. A Participant may elect to retire prior to his/her Normal Retirement Date provided he/she has 10 years of Service and is within 5 years of his/her 50th birthday. In such an event, his/her Retirement Xxxxxxx will commence as of the first day of the month subsequent to filing written application therefor. A Participant who is retiring early shall be entitled to receive an annual Retirement Annuity from and after the date of such early retirement. The amount of such annual Retirement Annuity will be computed in accordance with Section 25.27 of this Article based on the Retirement Annuity accrued to his/her Early Retirement Date reduced actuarially if the Retirement Annuity is to commence prior to his/her Normal Retirement Date in accordance with the terms of GR-3019. For purposes of this section, Normal Retirement Date shall be determined as if the Participant had continued working until such date.
(a) Employees hired after January 1, 2007 may retire after the later of the Participant’s 45th birthday and the completion of twenty (20) years of service without any actuarial reduction, however by doing so they will not be eligible for either the Town paid retiree insurance benefits outlined in Section 11.1(A) - (D) or for the annual retiree pension COLA outlined in Section 27.0.
(b) Employees hired after October 1, 2013 may retire after the later of the Participant’s 45th birthday and the completion of twenty (20) years of service without any actuarial reduction, however by doing so they will not be eligible for the Town paid retiree insurance benefits outlined in Section 11.1(A) - (D).
Retirement Prior to Normal Retirement Date. A Participant may retire earlier than his or her Normal Retirement Date. Such a Participant will be entitled to retirement benefits as of his or her actual Retirement Date in accordance with the vesting provisions of Section 7.01.
