Voluntary Early Retirement Incentive Program Sample Clauses

Voluntary Early Retirement Incentive Program. If the Employer chooses to offer Voluntary Early Retirement, an Employee may provide the Employer with irrevocable notice of retirement to commence March 31 of the fiscal year ending, or May 31 of the next fiscal year as long as notice to the Employer has been given in writing before January 8th of the current fiscal year. Benefits and payments for Voluntary Early Retirement are as follows: (a) With notice of retirement for March 31 of the fiscal year ending: Six (6) months of salary (continuous, paid bi-weekly) Continuation of CBA Extended Health and Dental Benefits for a period of twelve (12) months, excluding the Health Spending Account (residual will be paid out to the Employee). Life not included, LTD not included, Travel not included, EAP not included, HOOPP is included. Bridging benefits (coverage to age 65), paid for by the Employee without proof of insurability Payout Bi-weekly of up to 70 (Seventy) hours vacation rolled over from the fiscal year ending, with payments beginning in April of the new fiscal year. In the event that more Employees give notice than can be reasonably granted early retirement, then seniority will be used to confirm. -or-
Sample 1
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Voluntary Early Retirement Incentive Program. The Benefit Funds have agreed to offer to certain early-retirement-eligible employees a Voluntary Early Retirement Incentive Program (“2024 Commercial VERIP”), and the parties agree as follows: a) The parties agree that the following benefits (collectively, the “2024 Commercial VERIP Benefits”) shall be provided to each Eligible Employee, as defined below in Paragraph (c), who makes a Retirement Election, as defined below in Paragraph (d): i. A one-time lump sum contribution to the Eligible Employee’s Supplemental Retirement Savings Plan (“SRSP”) account in the amount of $20,000 (or such lesser amount permitted under limits set by the Internal Revenue Code and other applicable law) (“SRSP Lump Sum Contribution”) funded by the diversion of contributions payable to the Building Service 32BJ Health Fund (“Health Fund”) on behalf of participants in the Metropolitan and Suburban Plans, that are subject to the terms of the Commercial Building and Contractors Agreements (including security officers who have transitioned to the RAB Security Officers Agreement), and the independent counterparts of the Commercial Building and Contractors Agreements; ii. A fifteen percent (15%) pension benefit total improvement above the Eligible Employee’s current entitlement, which is inclusive of the ten percent (10%) pension benefit improvement recommended to the Building Service 32BJ Pension Fund (“Pension Fund”) Trustees for all Program A and B participants in the 2023 Stipulation of Agreement; iii. For Eligible Employees below the age of 65, continued coverage under the 32BJ Health Fund until the employee reaches the age of 65; and iv. There shall be no reduction in any Eligible Employee’s pension benefit for electing early retirement pursuant to the terms of the 2024 Commercial VERIP. b) The Health Fund, the SRSP, and the Pension Fund have been amended in accordance with the terms of this 2024 Commercial VERIP to provide the benefits described in Paragraph (a). c) An Eligible Employee is an employee who: i. Is or will be age 60 or older on or before August 31, 2024; ii. Is a vested participant in the Pension Fund; iii. Has or will have at least 15 years of Service Credit under Program A or B or a combination of Programs A and B as of July 1, 2024; and iv. Remains in active employment through June 1, 2024 or later and commences benefits under the Pension Fund effective between July 1, 2024 and September 1, 2024. d) To make a voluntary Retirement Election, an Eligible Employee ...
Sample 1

Related to Voluntary Early Retirement Incentive Program

  • 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 If a teacher meets all of the eligibility requirements contained in paragraph A of this Section, the teacher shall be paid a retirement benefit in accordance with paragraph B of this Section. A. To be eligible for retirement incentives, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any of the three years prior to the year in which the teacher would start receiving retirement benefits, would not be eligible for this program. Note: a teacher that has received a greater than 6% increase in his/her salary under a grandfathered contract may still be eligible for this program, provided he/she meets the other eligibility requirements set forth in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraph, the teachers may reapply for this program in any subsequent year and will be eligible for the retirement incentive when he/she would no longer cause the Board to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/her letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIII. In the event the teacher retires prior to the date stated in the teacher’s irrevocable Notice of Retirement, the teacher shall be responsible for the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amount. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.

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

  • 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.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • 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.

  • Sick Leave Credit-Based Retirement Gratuities 1) A Teacher is not eligible to receive a sick leave credit gratuity after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day. 2) If the Teacher is eligible to receive a sick leave credit gratuity, upon the Teacher’s retirement, the gratuity shall be paid out at the lesser of, a) the rate of pay specified by the board’s system of sick leave credit gratuities that applied to the Teacher on August 31, 2012; and b) the Teacher’s salary as of August 31, 2012. 3) If a sick leave credit gratuity is payable upon the death of a Teacher, the gratuity shall be paid out in accordance with subsection (2). 4) For greater clarity, all eligibility requirements must have been met as of August 31, 2012 to be eligible for the aforementioned payment upon retirement, and the Employer and Union agree that any and all wind-up payments to which Teachers without the necessary years of service were entitled to under Ontario Regulation 01/13: Sick Leave Credits and Sick Leave Credit Gratuities, have been paid. 5) For the purposes of the following boards, despite anything in the board’s system of sick leave credit gratuities, it is a condition of eligibility to receive a sick leave credit gratuity that the Teacher have ten (10) years of service with the board: i. Near North District School Board ii. Avon Maitland District School Board iii. Xxxxxxxx-Xxxxxxxxx District School Board

  • 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.

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