Retiring Allowance. A tenured academic staff member eligible for early retirement with at least fifteen (15) years of service who does not receive any other special arrangements or payment from the University is eligible for a lump-sum retiring allowance upon retirement. The amount of this retiring allowance is two (2) per cent of salary at the effective date of retirement (in the case of a gradual retirement, the member’s full salary) multiplied by the number of years of continuous service to a maximum of fifty (50) per cent of the member’s actual salary.
Retiring Allowance. If you retire from the Company during the life of this agreement with at least 30 pension credits and the total (lifetime and bridge) pension payable in the normal form is less than $2,500 per month, you will receive a retiring allowance equal to $2,500 less your total early retirement pension payable under the normal form. The retiring allowance is payable monthly from your early retirement date to age 65. Note: Normal form is before any reduction for Joint & Survivor pension and taxes.
Retiring Allowance. 38.1. Each Member shall, upon retirement to pension immediately following his continuous service with the City, receive a lump-sum retiring allowance equal to the number of hours remaining in his retiring allowance account (as defined in Section 37.2 below) multiplied by the member’s average hourly rate of pay in the five year period immediately preceding retirement.
38.2. A retiring allowance account for each member shall be established as follows:
38.2.1. During the five years immediately preceding his retirement, each Member shall accrue one hundred (100) hours per year toward his retiring allowance account.
38.2.2. Absences in excess of thirty (30) hours in each year shall be deducted from the one hundred hour yearly maximum on an hour for hour basis.
38.3. In order to ensure that the Police Service can adequately address staffing needs, members shall give as much notice as reasonably possible of their intent to retire.
38.3.1. If a member provides the Police Service with notice of his intent to retire of twenty-eight (28) days or more, he shall receive one hundred per cent (100%) of the balance of his retiring allowance account.
38.3.2. If a member provides the Police Service with notice of his intent to retire of between twenty-one (21) days and twenty-seven (27) days, he shall receive seventy-five per cent (75%) of his retiring allowance account.
38.3.3. If a member provides the Police Service with notice of his intent to retire of between fourteen (14) days and twenty (20) days, he shall receive fifty per cent (50%) of the balance of his retiring allowance account.
38.3.4. If a member provides the Police Service with notice of his intent to retire of less than fourteen (14) days, he shall forfeit his retiring allowance account.
38.3.5. For the purposes of the Article, notice shall mean the period of time the member is actively at work and does not include time off taken as vacation and/or banked time.
Retiring Allowance. (also known as Severance Pay): Is an amount paid to employees for the loss of employment in accordance with Canada Revenue Agency guidelines.
Retiring Allowance. 31:01 Employees with ten (10) or more years of corporate service who retire or die shall be entitled to a retiring allowance in the amount of one (1) weeks’ pay for each year of accrued service or prorated portion thereof. In the event of the death of an employee, retiring allowance shall be paid to the employee’s beneficiary or otherwise to the employee’s estate.
31:02 Employees with ten (10) or more years of corporate service, who are terminated due to a permanent disability as deemed by Workers Compensation Board, shall be eligible to receive this allowance.
31:03 The rate of pay referred to in this section shall be that in effect at the time of retirement or death.
31:04 Employees who resign or retire shall be deemed to have terminated their employment with the Corporation for the purpose of fulfilling the requirements under the Civil Service Superannuation Act.
31:05 Effective January 1, 2012 any woman who retires and has taken maternity and/or parental leave during her career shall have that time credited to her accrued service for retiring allowances purposes only.
31:06 Effective September 18, 2016 any man who retires and has taken parental leave during his career shall have that time credited to his accrued service for retiring allowances purposes only.
Retiring Allowance. (a) The Company and Union recognize that in face of significant reduction of the workforce due to job elimination, attrition through early retirement is a preferential way to decrease the size of the workforce. For the term of this Agreement and consistent with 3. Notice above, and; the continued availability of a skilled workforce, a one month window of opportunity will be opened for eligible employees to exercise a retirement leaving option.
(b) Employees exercising the option shall terminate their employment within four (4) weeks after the implementation of the job elimination.
(c) Eligible employees are those employees who are fifty-five (55) years or older and who qualify for pension benefits under the PPWC Xxxxxxxxx Xxxx Products Plan.
(d) Employees wishing to exercise the Retirement Leaving Option shall be entitled to receive a Severance Allowance in accordance with 5 above as well as pension benefits in accordance with the applicants pension entitlement.
(e) The Retirement Leaving Allowance may be directly rolled into an R.R.S.P. or other tax shelter as may be permissible under the Income Tax Act, otherwise it will be subject to the appropriate tax deductions.
Retiring Allowance. 42.01 An employee who retires after reaching the age of 60 shall be entitled to a retiring allowance equal to $1,000 per year of service up to a maximum of $5,000 less applicable statutory deductions if the retiring employee’s combined age and length of service (calculated from his/her last hire date) add up to at least 70.
Retiring Allowance. (a) A Member in a three (3) year phased retirement will be eligible to receive a Retiring Allowance equal to seventy-five percent (75%) of the one hundred percent (100%) nominal salary in effect immediately prior to the commencement of phased retirement, less deductions required by law. The Retiring Allowance will be paid in three (3) equal installments over the phased retirement period.
(b) A Member in a two (2) year phased retirement will be eligible to receive a Retiring Allowance equal to fifty percent (50%) of the one hundred percent (100%) nominal salary in effect immediately prior to the commencement of phased retirement, less deductions required by law. The Retiring Allowance will be paid in two (2) equal installments over the phased retirement period.
(c) In the event that a Member dies prior to receiving his/her full entitlement under this section, the balance of the Retiring Allowance shall be paid to his/her estate.
(d) A Member who has opted out of the PRP in order to receive Long-Term Disability benefits shall receive a prorated share of her/his Retiring Allowance.
Retiring Allowance. 1. Effective July 14, 2005 the Retiring Allowance was converted to an annual contribution to the Horizon ln-Scope Plan, as set out in Clause 27.01. For employees with Company Service earned prior to January 1, 2005, the days accumulated up to December 31, 2004 will be retained in an individual Retiring Allowance Bank.
2. Effective January 2008, on an annual basis, permanent full-time employees will receive a payment into the Horizon ln-Scope Plan from the employee's Retiring Allowance Bank equivalent to the lesser of 2.5 days or the remainder of the employee's bank. Permanent part- time employees will receive a prorated amount calculated based on the Company Service earned during the Plan year.
3. Effective January 2008, on an annual basis, permanent full-time employees with 30 or more years Company Service will receive an additional payment into the Flexible Spending Account from the employee's Retiring Allowance Bank equivalent to the lesser of 10 days or the remainder of the employee's bank.
4. Employees who retire under the Power Corporation Superannuation Plan or the Public Employees Pension Plan will receive a payout of the balance of the employee's Retiring Allowance Bank, calculated at the employee's regular rate of pay and regular working hours at date of retirement as follows:
a. employees who had 35 or more years of Company Service on January 31, 2000 will receive a retiring allowance of four (4) days per year of Company Service for 35 years and two (2) days per year of Company Service for service over 35 years less amounts previously paid out per this Article;
b. employees, excluding those employees in 27.02(4a), will receive a retiring allowance of five
Retiring Allowance. 14.1 The Chief Executive Officer shall pay a retiring allowance to employees who on 1 July 1994 have no less than ten years' continuous service and are an employee of MidCentral DHB on that date.
14.1.1 For the purposes of establishing eligibility for this allowance, total continuous service shall be aggregated, whether this be part-time or whole time, or a combination of both at different periods. Part-time service is not to be converted to its whole-time equivalent for the purpose of establishing eligibility.
14.1.2 Where part-time service is involved the allowance shall be calculated to reflect this. The number of hours per week employed during the years of service is calculated as a percentage of the number of hours represented by a full week and this percentage is applied to the rate of pay established for allowance purposes.
14.1.3 Allowances shall be paid to the spouse or if no surviving spouse, the dependent child(xxx) or the estate of employees who died before retirement or who died after retirement but before receiving an allowance. Xxxxxx is defined as a person with whom a marriage contract has been made or who is in a de facto relationship.
14.1.4 Employees who have more than 10 but less than 15 years continuous service on 1 July 1994 will be paid 50% of the relevant retiring allowance) when they retire.
14.1.5 Employees who have more than 15 years continuous service on 1 July 1994 will be paid a retiring allowance in accordance with the scale of retiring allowances (subclause 27.1), when they retire.
14.1.6 Employees who have less than 10 years continuous service on 1 July 1994 who are employed after that date shall not receive any retirement allowance.
