Special Allowance for Early Retirement Sample Clauses

Special Allowance for Early Retirement. (a) An employee hired before October 1, 2012 with 30 or more years of credited service who retires under Section 2 (other than an employee referred to in Section 4(b) of this Article I, unless the Company or an Arbitrator under an applicable collective bargaining agreement determines the discharge should not result in the employee being ineligible for benefits under this Section 9), or 3 of this Article I, and who files application for a pension within five years of the last day worked for the Company and who agrees to restrict participation in the work force as provided in (d) below will receive, prior to the second month following the month of attaining age 65 (age 60 for retirements on or after September 15, 1987 and prior to October 1, 1999), an amount which when added to the employee's monthly pension and supplementary pension under this Plan will equal the amount of total monthly benefit applicable to the employee as provided in the table set forth below, subject to the provisions of (b) and (c) of this Section 9: Retirement With Benefits Payable Commencing Total Monthly Benefit Rate for Determining Monthly Special Allowance October 1, 2012 Benefit Class Codes A, B, C $ 3515 D $ 3895
Sample 1
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Related to Special Allowance for Early Retirement

  • Benefits on Early Retirement The Hospital will provide equivalent coverage to all employees who retire early and have not yet reached age 65 and who are in receipt of the Hospital’s pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Hospital will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Hospital to the billed premiums of active employees.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • Benefits for Early Retirees The Hospital will provide to all employees who retire and have not yet reached age sixty-five (65) and who are in receipt of the Hospital’s pension plan benefits, semi-private, extended health care and dental benefits on the same basis as is provided to active employees, as long as the retiree pays the Employer the full amount of the monthly premiums in advance.

  • Early Retirement Option The District may offer an early retirement incentive for unit members.

  • EARLY RETIREMENT INCENTIVE PLAN 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:

  • Vacation Pay on Retirement Termination is as follows:

  • Basic Benefit Effective January 1, 2008, the basic life insurance benefit will be increased from $15,000 to $18,000 for employees. This shall be the default level of life insurance coverage, which shall be provided at no cost to the employee.

  • 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.

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