Voluntary Early Retirement Incentive Sample Clauses

Voluntary Early Retirement Incentive. (VERI) In the event of permanent downsizing or permanent job loss the Company will provide employees, who are eligible to retire under the terms of the Revised General Pension Plan, with the opportunity to take advantage of a Voluntary Early Retirement Incentive (VERI) in order to minimize the number of permanent layoffs. The number of VERI’s offered will not be less than the number of anticipated layoffs and shall be offered on a seniority basis: (i) Where the permanent reductions are to occur within a production occupation, to all production employees within that area of the Business Unit (i.e. Mines Operations, Mill Operations or Smelter Operations) or; (ii) Where the permanent reductions are to occur within a Skilled Trades Occupation, to all employees within this trade across both Business Units. Employees who qualify and are selected according to their seniority will be scheduled for retirement dates over a period not to exceed eight (8) months in order to meet the operating needs of the company. Those employees who actually qualify for the VERI and retire under the terms of the Revised General Pension Plan will be provided with a Voluntary Early Retirement Incentive payment of $1,000 per year of service with a minimum payment of $20,000. It is understood that temporary workforce reductions and workforce reductions caused by attrition will not trigger the terms of the Voluntary Early Retirement Incentive.
Sample 1
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Voluntary Early Retirement Incentive. Teachers/Administrators who enter into this program shall be considered as independent contractors and shall be required to serve the District for thirty (30) days per year in activities assigned by the Superintendent or his designee, after consultation with the private contractor. Annual compensation will be $8,000. Payment will be made annually in 12 equal installments, beginning in September, for a maximum of 5 consecutive years, except that no payment will be made after the school year in which the employee reaches his/her 65th birthday.
Sample 1
Voluntary Early Retirement Incentive. In the event of downsizing or job loss in restructuring, to minimize the number of layoffs, the Company will offer the VERI payment of $1000 per year of service with a minimum payment of $20,000 to long service employees who are eligible for early retirement and who retire under the terms of the OCTW Pension Plan. It is understood that where an employee retires and his job is not posted, this does not result in a job loss and therefore does not qualify the employee for a payment under this letter.
Sample 1
Voluntary Early Retirement Incentive. (VERI) In the event of permanent downsizing or permanent job loss the Company will provide employees, who are eligible to retire under the terms of the Revised General Pension Plan, with the opportunity to take advantage of a Voluntary Early Retirement Incentive (VERI) in order to minimize the number of permanent layoffs. The number of offered will not be less than the number of anticipated layoffs and shall be offered on a seniority basis: Where the permanent reductions are to occur within a production occupation, to all production employees within that area of the Business Unit (i.e. Mines Operations, Mill Operations or Smelter Operations) or; Where the permanent reductions are to occur within a Skilled Trades Occupation, to all employees within this trade across both Business Units. Employees who qualify and are selected according to their seniority will be scheduled for retirement dates over a period not to exceed eight (8) months in order to meet the operating needs of the company. Those employees who actually qualify for the VERI and retire under the terms of the Revised General Pension Plan will be provided with a Voluntary Early Retirement Incentive payment of per year of service with a minimum payment of It is understood that temporary workforce reductions and workforce reductions caused by attrition will not trigger the terms of the Voluntary Early Retirement Incentive. Severance pay Severance pay for an employee shall be calculated based on a factor of per year of service with a minimum payment of and a maximum payment of Severance pay shall include any entitlement of an employee under the Employment Standards Act of Ontario and applicable regulations. An employee, upon receipt of severance pay shall lose his right to recall and shall be presumed to no longer have any seniority with the Company or be deemed to be an employee of the Company. Severance pay will not be paid to any employee who is terminated for just cause, or who leaves the employ of the Company prior to the effective date of his layoff.
Sample 1

Related to Voluntary Early Retirement Incentive

  • 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.

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the previous year, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly. b) To be eligible, an employee must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Retirement System (TRS) member requested “Personal Statement of Benefits” and a “Benefit Estimate” confirmation of total years of service. An employee with ten (10) years of full-time service with Neoga C.U.S.D. No. 3 is considered to be eligible for the retirement incentive by meeting one of the following conditions at the time of retirement: 1) The employee is sixty (60) years of age and has ten (10) years of creditable TRS service. 2) The employee is at least fifty-five (55) years of age and has thirty- five (35) years of creditable TRS service. c) If, during the term of this Agreement, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that result in a greater cost to the District than the costs generated by this Agreement, or that change the definition of what is subject to the 6% TRS cap, the parties agree that this Section shall be null and void and upon the demand of any party shall meet to bargain language to succeed this paragraph.

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

  • 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.

  • 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.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • 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.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌ (a) Retire at age sixty-five (65) years; or (b) Retire after age sixty-five (65) years; or (c) Have completed at least ten (10) years continuous employment and retire after age fifty-five (55) years but before age sixty-five (65) years; (d) Employees who have completed at least ten (10) years continuous service with the Employer, whose age plus years of that service equal eighty (80); shall be granted retirement bonus on the basis of four (4) days per year of employment.

  • Early Retirement Age The age set by the Employer in the Adoption Agreement, not less than age fifty-five (55), at which a Participant becomes fully vested and is eligible to retire and receive his or her benefits under the Plan.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

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