Voluntary Retirement Plan Sample Clauses

Voluntary Retirement Plan. The Board of Education provides an early retirement plan in order to facilitate the voluntary early retirement of certified employees of USD 402 who may find it necessary or desirable to retire. Any eligible employee may elect to take early retirement under the terms and conditions set forth in this policy. Early retirement is entirely voluntary and at the discretion of an eligible employee.
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Voluntary Retirement Plan. Any Employee may contribute to a CTS sponsored 457 Deferred Compensation Plan starting on his/her Seniority Date. The maximum amount that an Employee may contribute will be controlled by statute and the 457 Plan documents.
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Voluntary Retirement Plan. The BOE provides an early retirement plan in order to facilitate the voluntary early retirement of Professional Employees of USD 402 who may find it necessary or desirable to retire. Any eligible employee may elect to take early retirement under the terms and conditions set forth in this policy. Early retirement is entirely voluntary and at the discretion of an eligible employee.
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Voluntary Retirement Plan. Voluntary contributions are allowed in conjunction with the standard plan. There are loan provisions and hardship withdrawal options for voluntary contributions. A loan amount is a minimum of $1,000, and 110% of the loan amount must remain in the employee’s account to be used as collateral. There are no early withdrawal penalties associated with loan provisions. IRS criteria has to be met for an employee to be eligible for a hardship withdrawal. A 10% early withdrawal penalty is incurred for a hardship withdrawal. Hardship withdrawal amounts are not paid back. Employee voluntary contributions are suspended for six months in conjunction with a hardship withdrawal. Access to 403(b) Voluntary Contributions: - Loan provisions from TIAA GSRA and Fidelity Investments. Minimum loan amount is $1,000.00, must keep 110% of loan amount in voluntary account as collateral. Early withdrawal distribution penalty for default. - Hardship withdrawal is available (premiums only – earnings are not available). A 10% early withdrawal penalty is incurred if under age 59 ½. Withdrawal amounts are not paid back. Applicable taxes due for distribution. Employee voluntary contributions are suspended for six months. - Termination of employment. For personal distributions, will incur 10% early withdrawal penalty if under age 59½, and applicable taxes. - Retirement from University of Delaware. If over age 55 and under age 59 ½, there are some provisions that allow access without penalty (contact specific vendor for details). Various retirement payout options (lifetime annuities, systematic withdrawals, etc.). - After age 59 ½, withdrawal of voluntary contributions is authorized without penalty, will incur normal income taxes. - Death of employee. Beneficiary should contact investment vendor for assistance. - Mandatory Required Distribution (MRD) after age 70½ if no longer employed at the University of Delaware; MRD is required after age 75½ for contributions earned prior to 1987. Termination of employment prior to retirement: - Leave accumulations with investment vendor, keep address up to date. - Take a personal withdrawal – will incur 10% early withdrawal penalty in under age 59 ½ and normal income taxes. - Rollover/transfer to IRA. - Rollover/transfer to new employer’s plan. 403(b) Retirement Plan Annual Contribution Limits (Authorized by the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001) The following chart summarizes the changes in tax law that impact the Unive...
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Related to Voluntary Retirement Plan

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • 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.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Mandatory Retirement Retirement shall be mandatory only to the extent required by law.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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 Option The District may offer an early retirement incentive for unit members.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Vacation Pay on Retirement Termination is as follows:

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