Common use of Voluntary Resignation Before Retirement Clause in Contracts

Voluntary Resignation Before Retirement. An employee who is under age 55, has ten or more years of continuous service and who voluntarily resigns will be granted termination compensation equal to one-half week's pay for each completed year of continuous service at November 1, 1996 (less any period in respect of which termination compensation, retiring leave or a cash gratuity has previously been granted) up to a maximum of 15 weeks' pay. The rate of pay for the purpose of this benefit will be the employee's rate of pay at November 1, 1996. For Theratronics employees (former Local 70106), the rate of pay for the purposes of this benefit will be the employee’s rate of pay at March 31, 1999.

Voluntary Resignation Before Retirement. An employee who is under age 55, has ten or more years of continuous service and who voluntarily resigns will be granted termination compensation equal to one-half week's pay for each completed year of continuous service at November 1, 1996 (less any period in respect of which termination compensation, retiring leave or a cash gratuity has previously been granted) up to a maximum of 15 weeks' pay. The rate of pay for the purpose of this benefit will be the employee's rate of pay at November 1, 1996. For Theratronics employees (former Local formerLocal 70106), the rate of pay for the purposes of this benefit will be the employee’s rate of pay at March 31, 1999.

Voluntary Resignation Before Retirement. An employee who is under age 55, has ten or more years of continuous service and who voluntarily resigns will be granted termination compensation equal to one-half week's pay for each completed year of continuous service at November 1, 1996 (less any period in respect of which termination compensation, retiring leave or a cash gratuity has previously been granted) up to a maximum of 15 weeks' pay. The rate of pay for the purpose of this benefit will be the employee's rate of pay at November 1, 1996. For Theratronics employees (former Local 70106), the rate of pay for the purposes of this benefit will be the employee’s rate of pay at March 31, 1999.