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.
VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An employee eligible for a Sick Leave Credit retirement gratuity as 19.11 shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.
VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT. 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. The employee must declare his/her intention to receive the earlier gratuity payout by June 30, 2016. Pursuant to b) above, the following will apply: The earlier payout shall be equivalent to the present discounted value of the payout as per Appendix A. The present value shall be based on a discount rate of 7.87% and on the average retirement age of 61 less the employee’s age as at June 30, 2016. If an Employee is 61 years of age or older as at June 30, 2016, the retirement gratuity payout will be discounted by 2% if they chose the early gratuity payout. Where the employee opts for an early payout of the retirement gratuity, an employee may request the retirement gratuity, or a portion thereof, be transferred to an RRSP or OMERS AVC (Additional Voluntary Contribution) account. The employer will transfer the retirement gratuity, or portion thereof, to an RRSP or OMERS AVC account based on appropriate documentation and forms, completed by the employee, from their financial institution. The payout, whether transferred as described above or paid directly to the employee, is subject to withholdings in accordance with CRA requirements. LETTER OF AGREEMENT #5 BETWEEN The Council of Trustees’ Associations (hereinafter called ‘CTA’) AND The Elementary Teachers’ Federation Ontario (hereinafter called ‘ETFO’) Re: Job Security: Protected Complement Effective as of the date of central ratification, the Board undertakes to maintain its overall Protected Complement, except in cases of: a catastrophic or unforeseeable event or circumstance; a declining board/school enrolment; school closure and/or school consolidation; or funding reductions. For the purpose of this Letter of Agreement, at any relevant time, the Board’s overall Protected Complement is equal to: FTE (excluding temporary, casual and/or occasional positions) as of date of central ratification. (Memorandum note: the FTE number is to be agreed to by the parties through consultation at the bargaining unit level) minus any FTE attrition of bargaining unit members which occurs after the date of central ratification (Note: since FTE in (a) already excludes temporary, casual, and/or occasional positions, the reduction would be in permanent staff). Reductions as may be required above shall only be achieved thr...
VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) A Principal or Vice-Principal eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of their gratuity by August 31, 2016, or on the Principal or Vice-Principal’s normal retirement date.
