Voluntary Early Retirement. The Board will provide a voluntary early retirement program for classified employees who were hired prior to July 1, 1996. The substance and procedures of the program, and any changes thereto, are in each instance to be determined by the Board. Alterations shall not be applied retroactively to affect any retired employee receiving benefits from the program.
Voluntary Early Retirement. It is recognized that a program of voluntary retirement from service to Xxxxx State University can at times be of benefit to the individual employee and the University.
Voluntary Early Retirement. The District proposes an early retirement incentive program to employees who have reached 55 years of age after having completed eighteen (18) consecutive years of employment in the District. Eligible employees may retire June 30, December 31, or with approval of the service area director, dependent on the job requirements. Written notice must be given sixty (60) days in advance. As an early retirement incentive for an employee, age 55 to age 65, opting for retirement, the District agrees to provide up to $150.00 per month for four (4) years to a maximum of $7,200 to each early retiree towards medical, dental and vision insurance premiums. It is understood the coverage is subject to the rules of the insurance carrier. If the costs exceed $150 per month and the employee elects to maintain that level coverage, the retired employee shall pay the difference. In no case will the District provide this benefit beyond age 65. If the spouse/domestic partner of the employee is, at the time of an employee’s death, not eligible for Medicare, the District shall provide single-party medical insurance contribution up to the duration of the time the deceased employee was eligible for benefits. No benefits provided under this Article shall be available for any employee whose employment begins after October 31, 1999.
Voluntary Early Retirement. 12 A. The District shall provide a voluntary early retirement program, known as Plan C, for any 13 employee who has served in a credentialed position in the District for a period of not less 14 than five (5) years and attained education experience under the provision of this contract 15 for not less than twenty (20) years, and elects to retire between ages 55 and 65.
16 B. For Plan C, employees must have attained the age of fifty-five (55) years prior to July 1 17 or otherwise be eligible for STRS service retirement prior to retiring.
18 C. Employees must take the necessary steps in order to effect their retirement between 19 May 1 and June 30 and provide written notice to the District no later than May 1 in order 20 to qualify for the provisions of Plan C. However, in the event of an employee's need to 21 retire because of a medical disability, the provisions of this program will go into effect 22 regardless of the date of application for retirement.
23 1. Plan C
24 a. Any employee who has served in a credentialed position for the District for a 25 period of not less than five (5) years, attained education experience credit 26 acceptable under the provisions of this contract for not less than twenty (20) 27 years and has attained the age of fifty-five (55) prior to retiring and has retired 28 from the District shall be eligible to enter into a contract with the District. The 1 purpose shall be to provide specialized services or advice which is needed by 2 the District and within the expertise of the retiring individual.
3 b. This service shall be for a maximum of thirty (30) days per year at a per diem 4 rate based upon the employee's regular salary at the time of retirement for a 5 total sum not to exceed that permitted by Education Code Section 23919. So 6 long as service has been performed satisfactorily, the contractual agreement 7 shall be renewable annually for up to three (3) years or until age seventy (70) 8 whichever comes first.
Voluntary Early Retirement. 23.1 Any early retirement incentive program for eligible employees of the District shall be in accordance with the NRS and the NPERS policies and regulations. Employee participating in the NPERS are eligible to retire at any age with 30 years of services or at age 60 with 10 years of service or at 65 years of age with five years of service. NRS provide that a member of the NPERS with five years of service may purchase up to five years of service. NRS further provides that an employer may choose to pay any portion of the cost to purchase retirement service credits for an employee, but is under no obligation to do so.
23.2 In order to qualify for District participation in the purchase of retirement service credit, an employee must meet the following criteria and procedures:
a) The individual must be an employee of the District at the time of application.
b) The employee resignation, the procedures for early retirement incentive option, must be completed not later than April 30 of the contract year and at least three months prior to the effective date of retirement from the District. The Board of Trustees may, at their discretion, waive the April 30 deadline in the event of a medical or family emergency.
c) Employees requesting early retirement benefits must have completed a minimum of 15 years of PERS eligible service with the District;
d) The District will contribute a fixed dollars amount retirement calculates as follows: The District’s PERS contribution in the employee’s final contract year times two (2), up to the maximum amount allowed by PERS
e) The employee has the option of applying the dollar amount calculated in subsection (d) above to PERS, continued Health Insurance premium, cash, or some combination thereof.
23.3 The District will transfer all funds for the purchase of retirement service credit directly to PERS. Payment will not be made through the employee.
23.4 The Board of Trustees may accept or reject any request for participation in the Early Retirement Incentive Plan at its discretion.
Voluntary Early Retirement. SUCCESS employees are not eligible for provisions of this Article.
Voluntary Early Retirement. See Appendix D, "Voluntary Early Retirement Program", which is attached hereto and which forms part of this Collective Agreement.
Voluntary Early Retirement. In all other circumstances and respects, the provisions of clause 35 of the Main Agreement will continue to apply.
Voluntary Early Retirement. Where the University chooses to offer a voluntary early retirement scheme, it will consult with the union, and will provide as a minimum a lump sum benefit of two weeks salary for each year of service with a maximum payment of 52 weeks salary. This benefit will be additional to the employee’s other entitlements on retirement.
Voluntary Early Retirement. When the Company has, in accordance with paragraph 2, advised Executives of a situation which may involve surplus staff and the arrangements for redeployment, etc have not resolved, or are unlikely to resolve the situation, the Company, other than in exceptional circumstances, shall invite applications from such Executives for voluntary early retirement. Whether or not such applications are accepted will be at the absolute discretion of the Bank. Since no pension can be paid to staff below age 50, this section covers only Executives in excess of that age who are members of the Company’s Pension Scheme. The terms of voluntary early retirement are as follows:
