Common use of Service Recognition on Retirement Allowance Clause in Contracts

Service Recognition on Retirement Allowance. An employee on a continuing appointment who is retiring and who has a minimum of five (5) completed full-time equivalent years of service with the College or its predecessors shall, subject to the Memorandum of Agreement titled “Service Recognition on Retirement”, receive a service recognition retirement allowance at the rate of five (5) working days for every year of completed full-time equivalent service with OC, prorated. Overload, summer session, extended semester and DE work shall not be included in the calculation of full-time equivalent service for the purposes of this clause. The service recognition allowance shall not be payable to employees terminated for cause.

Service Recognition on Retirement Allowance. An employee on a continuing appointment who is retiring and who has a minimum of five (5) completed full-time equivalent years of service with the College or its predecessors shall, subject to the Memorandum of Agreement titled “"Service Recognition on Retirement”", receive a service recognition retirement allowance at the rate of five (5) working days for every year of completed full-time equivalent service with OC, prorated. Overload, summer session, extended semester and DE work shall not be included in the calculation of full-time equivalent service for the purposes of this clause. The service recognition allowance shall not be payable to employees terminated for cause.