Common use of VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT Clause in Contracts

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. b) 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: c) 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. d) 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. e) 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.

VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT. a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A B shall have the option of receiving a payout of his/her gratuity on August 31, 2016the employee’s first pay date in the 2016/2017 school year, or on the employee’s normal retirement date. b) 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: c) The earlier payout shall be equivalent to the present discounted value of the payout as per Appendix A. B. 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. d) If an Employee is 61 years of older than the average age or older noted in c) above as at June 30, 2016, the retirement gratuity payout will be discounted by 2% if they chose the early gratuity payout. e) 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.

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 31,2016,or on the employee’s 's normal retirement date. b) The employee must declare his/her intention to receive the earlier gratuity payout by June 30, 201630,2016. Pursuant to b) above, ,the following will apply: c) 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 611ess the employee’s 's age as at June 30, 201630,2016. d) If an Employee is 61 years 61years 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. e) 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.

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. b) 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: c) 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. d) 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. e) 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.

VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT. a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A B shall have the option of receiving a payout of his/her gratuity on August 31, 2016the employee’s first pay date in the 2016/2017 school year, or on the employee’s normal retirement date. b) 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: c) The earlier payout shall be equivalent to the present discounted value of the payout as per Appendix A. B. 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. The average retirement age shall be based on the 2015 XXXXX XXX00 data for all CUPE members in district school boards. d) If an Employee is 61 years of older than the average age or older noted in c) above as at June 30, 2016, the retirement gratuity payout will be discounted by 2% if they chose the early gratuity payout. e) 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.