RETIREMENT SERVICE Sample Clauses
The RETIREMENT SERVICE clause defines the terms and conditions under which an employee may retire from their position within an organization. Typically, this clause outlines eligibility criteria such as minimum age or years of service, and may specify the benefits or compensation the employee is entitled to upon retirement, such as pension payments or continued health coverage. Its core practical function is to provide a clear framework for both the employer and employee regarding the process and entitlements associated with retirement, thereby ensuring predictability and reducing potential disputes.
RETIREMENT SERVICE. (Applicable only to certain employees who retired or were on COUNTY payroll prior to January 1, 2002).
▇. Each retired employee who was on COUNTY payroll prior to January 1, 2002, and was a covered employee at the time of retirement will be eligible for a flexible credit allowance under COUNTY’s Section 125 Cafeteria Plan (See Article 9), unless he or she has at any time prior to retirement opted to participate in the COUNTY’s Section 401(a) Plan (See Article 10).
RETIREMENT SERVICE. Prior to June 301h of each contract year, the Board will pay a cash stipend to the Superintendent in an amount equivalent 50 of the cost to purchase one (1) year of retirement service credit in the 2016-2017 fiscal year.