University Retirement Sample Clauses

University Retirement. 258 University Retirement Defined - University retirement shall be defined as 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 An employee who retires under the definition in Paragraph 258 shall be paid for fifty (50) percent of his/her unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 An employee who does not meet the definition of University Retirement in Paragraph 258 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she has received a University contribution to TIAA-CREF and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260. -262 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
University Retirement. 218 - University Retirement Defined - University retirement shall be defined as 1) attainment of age 62 or older with 15 years of employment, or 2) at any age with 25 years of employment. Interruptions in employment of less than one (1) year's duration shall not constitute a break in service as it pertains to retirement. An employee returning after twelve (12) months of her/his termination from University employment shall, after five (5) additional years of employment, receive credit for all past seniority for the purpose of retirement only. With proper documentation, reemployed employees, after five (5) years of service, will be granted credit for all past seniority upon application to the Office of Human Resource Services.
Sample 1Sample 2Sample 3See All (4)
University Retirement. 192 University Retirement Defined - University retirement shall be defined as 1) attainment of age 62 with 15 years of employment, or 2) at any age with 25 years of employment. Interruptions in employment of less than one (1) year's duration shall not constitute a break in service as it pertains to retirement. -193 Employees participating in the Employee-Paid Life Plan at the time of retirement and who were enrolled prior to July 1, 1976, shall receive a $2,000 life insurance benefit fully paid by the Employer. -194 An employee who retires under the definition in paragraph 186 shall be paid for fifty (50) percent of the employee’s unused sick leave, but not to exceed a maximum of twelve hundred (1200) hours as of the effective date of separation. -195 An employee who does not meet the definition of University Retirement in paragraph 186 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of the employee’s separation shall be paid fifty (50) percent of the employee’s unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in paragraph 186 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of the employee’s separation shall be paid one hundred (100) percent of the employee’s unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days.
Sample 1
University Retirement. 195 University Retirement Defined - University retirement shall be defined as 1) attainment of age 62 with 15 years of employment, or 2) at any age with 25 years of employment. Interruptions in employment of less than one (1) year's duration shall not constitute a break in service as it pertains to retirement. An employee returning after twelve (12) months of her/his termination from University employment shall, after five (5) additional years of employment, receive credit for all past seniority for the purpose of retirement only. With proper documentation, reemployed employees, after five
Sample 1

Related to University Retirement

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Pre-Retirement Counseling Leave Each employee within four (4) years of chosen retirement age or date shall be granted, on a one-time basis, up to three and one-half (3-1/2) days leave with pay to pursue bona fide pre-retirement programs. Employees shall request the use of leave provided in this Section at least five (5) days prior to the intended day of use.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(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 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Death, Disability or Retirement Subject to the provisions of Section 1 hereof, this Agreement shall terminate automatically upon the Executive's death, termination due to "Disability" (as defined below) or voluntary retirement under any of the Company's retirement plans as in effect from time to time. For purposes of this Agreement, Disability shall mean the Executive has met the conditions to qualify for long-term disability benefits under the Company's policies, as in effect immediately prior to the Effective Date.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Public Employees Retirement System “PERS”) Members.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!