Common use of SELL-BACK OF PEL PRIOR TO RETIREMENT Clause in Contracts

SELL-BACK OF PEL PRIOR TO RETIREMENT. (a) An employee who has reached the age of 55 and who has 7 or more continuous years of service with Yamhill County, and who is eligible for the County provided retirement program and intends to retire and does not intend to take a full time job elsewhere may elect a one-time option to sell back all or part of accrued PEL within the window period described below prior to the date of retirement. (b) An employee qualified to sell back PEL under this section must advise the accounting division of his/her intent to sell back PEL no earlier than November 24 and no later than December 23 in the calendar year prior to the year the employee retires. The income earned from the sell back shall be paid in the next regular paycheck due the employee subject to the time needed to process the payroll. (c) Any employee who has more than 880 hours of PEL on the books at the time they request this one-time sellback of PEL shall forfeit all PEL in excess of 880 hours which is the maximum payout upon retirement.

SELL-BACK OF PEL PRIOR TO RETIREMENT. (a) An employee who has reached the age of 55 and who has 7 5 or more continuous years of service with Yamhill County, and who is eligible for the County provided retirement program and intends to retire and does not intend to take a full full-time job elsewhere may elect a one-time option to sell back all or part of accrued PEL within the window period described below prior to the date of retirement. (b) An employee qualified to sell back PEL under this section must advise the accounting division of his/her intent to sell back PEL no earlier than November 24 and no later than December 23 in the calendar year prior to the year the employee retires. The income earned from the sell back shall be paid in the next regular paycheck due the employee subject to the time needed to process the payroll. (c) Any employee who has more than 880 hours of PEL on the books at the time they request this one-one- time sellback of PEL shall forfeit all PEL in excess of 880 hours which is the maximum payout upon retirement.

SELL-BACK OF PEL PRIOR TO RETIREMENT. (a) An employee who has reached the age of 55 and who has 7 5 or more continuous years of service with Yamhill County, and who is eligible for the County provided retirement program and intends to retire and does not intend to take a full time job elsewhere may elect a one-time option to sell back all or part of accrued PEL within the window period described below prior to the date of retirement. (b) An employee qualified to sell back PEL under this section must advise the accounting division of his/her intent to sell back PEL no earlier than November 24 and no later than December 23 in the calendar year prior to the year the employee retires. The income earned from the sell back shall be paid in the next regular paycheck due the employee subject to the time needed to process the payroll. (c) Any employee who has more than 880 hours of PEL on the books at the time they request this one-one- time sellback of PEL shall forfeit all PEL in excess of 880 hours which is the maximum payout upon retirement.