Planned Retirement definition
Examples of Planned Retirement in a sentence
Employed full-time at Lake Land College for at least six (6) consecutive years, including the year prior to applying for participation in the Planned Retirement Program.
The form will identify the maximum number of years the employee may participate in the Planned Retirement benefit and the employee’s latest employment termination date based on the maximum number of years identified.
The aggregate value of the monthly investment earnings calculations will determine the amount of investment earnings to be credited for the Planned Retirement Benefit period.
The investment earnings shall be compounded monthly to determine the amount of investment earnings to be credited during each year of the Planned Retirement Benefit period.
An employee may terminate employment any time prior to reaching the earlier of the Planned Retirement benefit’s maximum participation period that is applicable to the employee (as noted in sections 37.2.b.i and 37.2.b.ii, below) or 30 years of service with the City.
Any employee covered by this paragraph ii who does not reach his/her NRD until after 25 years of service through 30 years of service, and who elects to terminate employment at 30 years of service, may elect then to use up to the past five (5) years to exercise the optional Planned Retirement benefits set forth in Section 37.2.c (below).
This cash-out election may be made only one time on or after the NRD but before the employee’s separation from employment, but can be made either on the date the employee submits the written election to participate in Planned Retirement or on any subsequent anniversary of the employee’s NRD.
The Planned Retirement benefit, as described below, will be retroactive to October 1, 2011, and any employee actively employed by the City (and not participating in DROP) on the date this 2012-2014 Agreement is ratified will be eligible for this benefit as provided in this Article.
Employees who have been accepted by the Board of Trustees in the College's Planned Retirement Program will not be eligible for a sabbatical leave.
For any employee who reaches NRD after 30 years of service, a limited exception to the maximum of 30 years of service requirement for participating in the Planned Retirement benefit will be made in which any such employee who elects to terminate employment upon reaching his/her NRD, at which time such employee may elect to use up to the past five (5) years to exercise the optional Planned Retirement benefits set forth in Section 37.2.c (below).