Early Retirement Incentive definition

Early Retirement Incentive. If the School Board would decide to offer an early retirement incentive to teachers during the 2023-2024 or 2024-2025 school years, then the Superintendent will notify eligible teachers of the terms of the early retirement incentive by no later than March 1, 2024 for the 2023-2024 contract year and no later than March 1, 2025 for the 2024-2025 contract year. If an early retirement incentive would be offered by the School Board during the 2023-2024 or 2024-2025 school years and an eligible teacher would like to accept the incentive, then such eligible teacher must notify the Administration of his/her intention to accept the early retirement incentive by no later than May 3, 2024 (2023-2024) or May 3, 2025 (2024-2025) respectively.
Sample 1

Examples of Early Retirement Incentive in a sentence

  • Teachers who are teaching in and have taught for 15 years (or more) in the Turkey Run schools of the North Central Xxxxx Community School Corporation and who are eligible for Indiana State Teacher's Retirement Fund benefits may apply for early retirement benefits as outlined in the following provisions of the Early Retirement Incentive Plan (hereinafter ERIP).

  • COUNTY OF BUFFALO ) On this day of , , before me, the undersigned notary public, duly commissioned and qualified in the aforesaid county, personally appeared , personally known to me to be the identical person who signed the above and foregoing Early Retirement Incentive Program Application and Agreement and acknowledged the execution of the same to be (his/her) voluntary act and deed.

  • The Employee acknowledges that he/she has been advised in writing to consult with an attorney before signing this Early Retirement Incentive Program Agreement.

  • The Early Retirement Incentive program will be based on the dollar amount calculated for each individual employee, which will be determined by multiplying the amount of the final regular contract annual salary by the applicable factor from the following table: Age Factor up to age 54 .43 55-59 .51 60-64 .52 65 + .47 This dollar figure shall be referred to as the Early Retirement Incentive Amount (ERIA).

  • The Parties agree that the 401(a) Plan and the 403(b) Plan (Article VI, Section 6) shall replace the current Early Retirement Incentive Plan.

Related to Early Retirement Incentive

  • Early Retirement means early retirement as that term is defined by the Plan Administrator from time to time for purposes of the Plan.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Early Retirement Age means the date that the Executive has attained age 55 and completed seven Years of Service.

  • Early Retirement Date means the Retirement, as defined below, of the Executive on a date which occurs prior to the Executive attaining sixty-two (62) years of age, but after the Executive has attained fifty-five (55) years of age.

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Special Retirement means an Optionee’s termination of employment or service with the Employers and Affiliates on or after the later of (i) the Optionee’s attainment of age 62 and (ii) the Optionee’s Early Retirement Date or Normal Retirement Date, as such terms are defined in the Telephone and Data Systems, Inc. Pension Plan.

  • Clawback Eligible Incentive Compensation means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable Nasdaq rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).

  • Salaried Employee means an employee who is not covered by the Fair Labor Standards Act who regularly receives each pay period a predetermined amount constituting all or part of compensation. This base salary cannot be reduced because of variations in the quality or quantity of work performed.

  • Termination Compensation means a monthly cash amount equal to one-twelfth (1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Disability benefit recipient means a member who is receiving a disability benefit.

  • Retirement means Normal or Early Retirement.