Retirement Provisions. Retirement benefit formulas and contribution rates for State employees are specified in the Government Code as summarized below. No provision of this article shall be deemed grievable or arbitrable under the grievance and arbitration procedure, except any claim of clerical error concerning an employee’s retirement benefit shall be grievable up to CalHR’s level.
Retirement Provisions. The provisions of this Section 2(h) shall apply to any Employee who satisfies the following requirements on the Grant Date: (I) the Employee has reached sixty (60) years of age, and (II) the Employee has completed at least ten (10) years of service as an employee of the Company. If an Employee does not satisfy the requirements in the preceding sentence on the Grant Date but subsequently satisfies those requirements during the term of this Agreement, then the provisions of this Section 2(h) shall apply to such Employee on a prospective basis:
(i) if the Employee’s employment with the Company terminates by reason of retirement by the Employee, then the Employee shall become vested in all of his or her then outstanding Phantom Stock Units as of the date of such termination and the Employee shall receive payment for such Phantom Stock Units within thirty days following that date; and
(ii) notwithstanding any provision of this Agreement or the Plan, if a “Change in Control,” as defined in Section 2(e)(ii) above, or a “Corporate Change”, as defined in Section II of the Plan, occurs, then the Employee shall not receive an accelerated payment of the value of his or her Phantom Stock Units unless such Change in Control or Corporate Change, as applicable, is determined by the Company to qualify as a change in control event under Code Section 409A(a)(2)(A)(v). If such event does not so qualify, then (I) the Employee shall be fully vested in his or her rights under the Phantom Stock Units, (II) the value of the Phantom Stock Units shall be fixed as of the date the Change in Control or Corporate Change occurred, and (III) payment of such amount shall be made to the Employee on the earliest date permitted under Sections 2(a) or 2(c) above.
Retirement Provisions. 24.1. The OMERS plan shall be administered in accordance with OMERS Regulations. (1999)
24.2. Members shall retire from the employment of the Board at the end of the month following the month in which their sixty-fifth birthday occurs. Members may apply to the Board for an extension of their retirement date each year to a maximum of three (3) years, subject to the provision of a satisfactory medical certificate.
24.3. All members who, while in the service of the Board, become incapable, through illness, age, or disability, of efficiently discharging their duties shall retire from the service of the Board, unless the Board is able to find other lighter duties for them. (1976)
Retirement Provisions. 1. 401 (a) The Board shall make a single contribution of $1650 to a 401 (a) plan for any unit member hired after June 30, 2004 at the end of the eligible teacher’s third year of service to RCSC. The contribution and interest will vest upon completing ten (10) years of service to RCSC and meeting the requirements for unreduced retirement with the Indiana Teacher Retirement Fund. Unvested funds and accumulated interest from those unvested funds shall be appropriately reserved to fund newly eligible unit members upon entry into the plan.
Retirement Provisions.
42.1 The BOARD agrees to pay 85% of all short term leave of absence days, not to exceed one hundred and ninety (190) days for employees hired on or before June 30, 1996, in a cash payment at the per diem rate which the teacher last earned, to any teacher who retires from the system under
Retirement Provisions. (a) You will be a participant in the GPU Companies Employee Pension Plan and the GPUS Supplemental and Excess Benefits Plan (the "Retirement Plans") and, by reason of the services rendered by you in accordance with this Agreement, you will accrue benefits, commencing as of January 1, 1990, in accordance with the terms of such Retirement Plans, as the Retirement Plans may be in effect from time to time.
(b) Under the terms of the present Retirement Plans, your Normal Retirement Date under those plans is the last day of the month in which you reach your sixty-fifth birthday (December 12, 2003). It is anticipated that you will retire on your Normal Retirement Date. If you do retire on or after that date, you will receive an additional retirement pension from the GPU Companies equal to the additional pension which would have been paid under the Retirement Plans if, in addition to your actual years of creditable service, you had an additional 20 years of past creditable service. Payment of the additional retirement pension will commence on the first day of the month following the month in which you so retire.
(c) GPUS has in effect Short-Term and Long-Term Disability Income Plans that provide coverage, up to your Normal Retirement Date, for employees meeting the requirements of such Plans. If you are receiving Disability Income under either such Plan at the time you reach your Normal Retirement Date, you will thereafter receive an additional retirement pension from the GPU Companies equal to the additional pension which would have been paid under the Retirement Plans if, in addition to your actual years of creditable service, you had an additional 20 years of past creditable service.
(d) If your employment with the GPU Companies shall be terminated (i) as a result of an "Involuntary Termination" (as defined below) at any time within two (2) years following the occurrence of a "Change in Control" (as defined in Appendix A hereto), or (ii) by any GPU Company without "Cause" (as defined in Appendix A hereto), then xxx xxxx xxxxxxx from the GPU Companies an additional retirement pension, equal to the additional pension which would have been paid under the Retirement Plans if, in addition to your actual years of creditable service, you had an additional twenty (20) years of past creditable service. Payment of the additional retirement pension will commence on the first day of the month following the month in which your employment is so terminated.
Retirement Provisions. 8.1 Second Tier Retirement Plan. 67 8.2 Sick Leave Credit Upon Retirement. 67 8.3 Survivors' Benefits. 68 8.4 Employer-Paid Retirement Contributions ...................................................................68 8.5 Items Excluded From Compensation for Retirement Purposes .............................70 8.6 First Tier Retirement Formula (2% @ 55) ..................................................................70 8.7 Safety Member Retirement Formula (2.5% @ 55) ...................................................71 8.8 Safety Retirement - Department of Developmental Services ................................71
8.9 First Tier Retirement Eligibility for Employees in Second Tier ................................71 8.10 Industrial Retirement. 72
Retirement Provisions. Second Tier Retirement Plan 73 8.2 Sick Leave Credit Upon Retirement 74 8.3 Survivors' Benefits 75 8.4 Tax Treatment of Employee Retirement Contributions 75 8.5 Items Excluded from Compensation for Retirement Purposes 77
Retirement Provisions.
44.1 The BOARD agrees to pay 85% of all short term leave of absence days, not to exceed one hundred and ninety (190) days for employees hired on or before June 30, 1996, in a cash payment at the per diem rate which the teacher last earned, to any teacher who retires from the system under N.H. State Retirement Laws or voluntarily resigns his or her employment if the teacher has completed ten (10) or more years in the system. It is understood that employees hired after July 1, 1996 will earn and accumulate sick leave in accordance with the other provisions set forth in this contract but shall receive no payout for accumulated short-term leave of absence days either upon retirement or voluntary resignation.
44.2 If a teacher wishes early payout of accrued leave in accordance with paragraph 44.1, the retiring or resigning teacher may notify the Superintendent by December 15th prior to the year of the first payment of accumulated sick leave. This will enable the employee at his/her discretion to receive this payment of accumulated sick leave over a one (1), two (2), or three
Retirement Provisions. 1. District has established an IRC Section 115 Trust for all end-of-career staff members in this Agreement. The Trust has been established for both employer contribution and employee compensation deferral. The employee deferral is for any compensation that would exceed the End-of-Career State Retirement Cap.
2. Post-retirement health care provision: The Board of Education shall make an employer contribution of $690 per month during each of the last four years of employment ($33,120 total) into an IRC Section 115 Trust. The Trust shall be used by the retiree for post-retirement health care expenses.
3. The retiring teacher will be paid a $40,000 retirement recognition to be dispersed as delineated below and no increase shall exceed the End-of-Career State Retirement Cap over the previous year’s total TRS creditable earnings. The remainder of the $40,000 retirement recognition will be paid in a post-retirement check by September 30 following the last full year of teaching. Intent to retire 2024 – 2032 – Those staff members who will retire in June 2024 through June 2032 are subject to End-of-Career State Retirement Cap. Therefore, any compensation that would cause the retiree to exceed the End-of-Career State Retirement Cap will have those dollars deferred to their IRC Section 115 Trust for post-retirement health care costs. $40,000 retirement recognition will be added to the total creditable earnings in the school years 2020-2021, 2021-2022, 2022-2023, and 2023-2024 in increments not to exceed the End-of-Career State Retirement Cap increase over the previous year’s total creditable earnings. $40,000 retirement recognition will be added to the total creditable earnings in the school years 2021-2022, 2022-2023, 2023-2024, and 2024-2025 in increments not to exceed the End-of-Career State Retirement Cap increase over the previous year’s total creditable earnings. later than April 1, 2022 of intent to retire June 2026, a portion of the $40,000 retirement recognition will be added to the total creditable earnings in the school years 2022-2023, 2023-2024, 2024-2025, and 2025-2026 in increments not to exceed the End-of-Career State Retirement Cap increase over the previous year’s total creditable earnings. $40,000 retirement recognition will be added to the total creditable earnings in the school years 2023-2024, 2024-2025, 2025-2026, and 2026-2027 in increments not to exceed the End-of-Career State Retirement Cap increase over the previous year’s total creditable e...
