Voluntary Retirement Program Sample Clauses

Voluntary Retirement Program. (a) A member who was employed by the College prior to December 31, 2009 and gives formal written notice of retirement to the Board of Trustees at least six (6) months prior to their retirement date shall be eligible for a retirement supplement to acquire additional years of service credit. Eligibility is subject to the following: 1. The member must be eligible for and choose to begin drawing a retirement annuity from the Michigan Public Schools Employees Retirement System (MPSERS) immediately upon leaving the employment of the College or be enrolled in TIAA-CREF and having the age and service requirements to immediately begin drawing an annuity from MPSERS as if the member had been enrolled in MPSERS. 2. The member must have been an employee of the College for a period of fifteen (15) consecutive years immediately preceding the announced retirement date. 3. Each member who selects the retirement supplement shall be treated as a resignation and shall not be eligible for any benefits or employment rights including Unemployment Compensation except those expressly provided herein. 4. Any member who has applied for this retirement supplement must be actively employed on regular status on the effective date of the employee's retirement. (b) The Board shall remit a sum of money to the eligible employee according to the following years of the College service schedule: At least fifteen (15) but less than eighteen (18) $ 3,000 At least eighteen (18) but less than twenty-one (21) $ 6,000 At least twenty-one (21) but less than twenty-three (23) $ 9,000 At least twenty-three (23) but less than twenty-five (25) $12,000 At least twenty-five (25) $15,000
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Voluntary Retirement Program. Teachers may enroll in a (403(b)/457(b) voluntary retirement program through a District- approved company during the months of September through May of the school year. The policies will go into effect on the 15th of the month, with signed agreements at the Department of Human Resources no later than the 30th of the preceding month.
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Voluntary Retirement Program. ‌ A. ELIGIBILITY FOR POST-RETIREMENT INSURANCE PROGRAM 1. In order to be eligible to receive the Retirement Benefit, employees must be eligible for retirement through the Illinois Municipal Retirement Fund, have completed at least fifteen (15) years of continuous full-time employment in District 54 (exclusive of authorized leaves which do not constitute a break in employment, but do not count as years of employment) with the District immediately preceding retirement. Part-time years will accrue on a pro-rata basis to meet the requirement of full-time employment. The employee must be at least fifty-five (55) years of age by June 30 of the year of retirement; and must submit an irrevocable letter of commitment to retire to the Assistant Superintendent of Human Resources prior to April 1 of the last full year of employment or October 1 for a partial succeeding year. 2. The Human Resources Department will review the irrevocable letter of commitment to retire to verify whether an employee is eligible to participate. The irrevocable letter may be rescinded up until the date of retirement for “life-changing events” upon the agreement of the Superintendent or designee and an available position. Once the decision to retire under this retirement program has been rescinded, the employee may not be eligible to apply for any District retirement benefits in the future.
Sample 1
Voluntary Retirement Program a. The Company will offer to the Bargaining Unit members who are at least 60 years of age8, with at least 10 years of service with the Company pursuant to the following terms: i. An eligible Bargaining Unit employee who elects to participate in the program, and signs a Voluntary Retirement Agreement, will receive a lump sum payment of $40,000.00minus all applicable deductions and withholdings.
Sample 1
Voluntary Retirement Program. A. Pre-Retirement Incentive of six percent (6%) Increases in Final Five (5) Years 1. Eligibility for Retirement Incentive Program In order to be eligible to receive the Retirement Incentive Benefit under Section 3, employees must: (a) have completed at least fifteen (15) years of full-time employment in District 54; and (b) be eligible to receive regular retirement pension benefits through the Teacher’s Retirement System of the State of Illinois (i.e., excluding those teachers eligible to receive any retirement option under the “Early Retirement Option” provision of the TRS Pension Act); and (c) retire in the first (1st) year in which TRS determines that the teacher is eligible to retire without penalty.
Sample 1
Voluntary Retirement Program. (a) A member who was employed by the College prior to December 31, 2009 and gives formal written notice of retirement to the Board of Trustees at least six (6) months prior to their retirement date shall be eligible for a retirement supplement to acquire additional years of service credit. Eligibility is subject to the following: 1. The member must be eligible for and choose to begin drawing a retirement annuity from the Michigan Public Schools Employees Retirement System (MPSERS) immediately upon leaving the employment of the College or be enrolled in TIAA-CREF and having the age and service requirements to immediately begin drawing an annuity from MPSERS as if the member had been enrolled in MPSERS. 2. The member must have been an employee of the College for a period of fifteen (15) consecutive years immediately preceding the announced retirement date. 3. Each member who selects the retirement supplement shall be treated as a resignation and shall not be eligible for any benefits or employment rights including Unemployment Compensation except those expressly provided herein.
Sample 1

Related to Voluntary Retirement Program

  • 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.

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

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

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • 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.

  • 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.

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