RETIREMENT PROVISIONS Clause Samples

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 as of the date of such termination, with respect to a number of Phantom Stock Units (rounded down to the nearest whole number) equal to (I) the number of then outstanding Phantom Stock Units subject to this Agreement multiplied by (II) a fraction, the numerator of which shall be the number of calendar days which have lapsed since the later of the Grant Date or most recent anniversary thereof and the denominator of which shall be the number of calendar days from the later of the Grant Date or the most recent anniversary thereof until the second anniversary of the Grant Date, and the Employee shall receive payment for such Phantom Stock Units within thirty (30) 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), 2(c)(ii) or 2(c)(iii) 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 GPUSC Employee Pension Plan and the GPUSC 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 GPU System sources, 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) GPUSC 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 GPU System sources 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 within the GPU System shall be terminated (i) as a result of an "involuntary termination" (as defined below) at any time within 2 years following the occurrence of a "change in control" of GPU, as defined in paragraph 7(c) of the 1990 Stock Plan for Employees of General Public Utilities Corporation and Subsidiaries, or (ii) by GPU or GPUSC without cause, then you will receive from GPU System sources 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 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 employm...

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. Full-time employees with ten (10) years or more of service, or full-time employees and full-time/short-year employees who have worked the equivalent of ten (10) years or more of full-time service, and who are eligible to retire under SURS between January 1, 2017, and December 31, 2020, will receive a retirement payment based upon the following formula: (base pay at time of notice x .00375 x years of service at Oakton Community College). In addition, an eligible retiree may receive payment for retirement vacation days. Retirement vacation days are added to the total accumulated vacation hours on the employee’s last day at work and paid out as part of the vacation day pay out. Retirement vacation days are calculated by the following formula: (total accumulated sick time divided by 8 divided by 10). The lump sum payment will be made within 60 days following the effective date of retirement. A break in service or unpaid leave of three