Service Retirement Allowance Sample Clauses

Service Retirement Allowance. (a) Upon retirement from service after 24 upon death of the annuitant and is an amount is equal to two percent (2%) of final compensation 25 multiplied by the number of years of total service, not to exceed thirty-seven and one-half (37 1/2) 26 years for services on and prior to June 30, 2012. For service on and after July 1, 2012: (i) for 27 members with fewer than twenty (20) years of total service as of June 30, 2012, a member's 28 retirement allowance shall be equal to one percent (1%) of the member's final compensation 29 multiplied by the member's years of total service on and after July 1, 2012, and (ii) for members 30 with twenty (20) or more years of total service as of June 30, 2012, a member’s retirement 31 allowance shall be equal to one percent (1%) of the member’s average compensation multiplied by 32 the member’s years of total service between July 1, 2012 and June 30, 2015, and two percent (2%)
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Service Retirement Allowance. Commencing January 1, 1996, an employee in active service, who has attained age 55 and has completed 30 years of creditable service in the Employee' s Retirement System (ERS), will be eligible to retire on a normal service retirement allowance as computed under Chapter 36.05 (1) d. of the ERS Act. This paragraph shall not affect the eligibility for a Protective Survivorship option, the minimum service retirement age or any other ERS benefit. Employees who retire under a normal service retirement allowance based upon attaining age 60 or age 55 with 30 years of service shall be eligible for a pension escalator as specified under Chapter 36- 05-1-h-4.
Sample 1
Service Retirement Allowance. (1) Each Participant who has (A) completed at least five years of Service, (B) reached age 52, (C) terminated service as an Employee, and (D) completed and submitted an application for benefits, at the time and manner determined by the Administrator, may retire for service and receive a retirement income.
Sample 1

Related to Service Retirement Allowance

  • Retirement Allowance Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two (2) weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of fifty-two (52) weeks' salary.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • TERMINATION ALLOWANCE In the event of closure of all or part of the Employer’s retail store, which results in the permanent lay-off of any employees, the employer agrees to pay each employee so affected, in accordance with Company policy, the following: • Less than one (1) completed year of service: according to Employment Standards (if any). • A year or more but less than five (5) completed years of service: one (1) week’s pay for each completed year of service. • More than five (5) completed years of service: five (5) weeks for the first five (5) years of service plus one and a half (1.5) weeks per completed year of service for each subsequent year up to a maximum of thirty (30) weeks in total.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Separation Allowance 13.01 Should it become necessary to close the plant or a portion of the plant and it is not expected that those affected will be re-employed, a separation allowance will be paid to employees subject to the following:

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Parental and Adoption Leave Allowance (a) A Nurse entitled to parental or adoption leave under the provisions of this Agreement, who provides the Employer with proof that she/he has applied for and is eligible to receive employment insurance (E. I.) benefits pursuant to the Employment Insurance Act, 1996, shall be paid an allowance in accordance with the Supplementary Employment Benefit (S.E.B.) Plan.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Vacation Pay on Retirement Termination is as follows:

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

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