Retirement Incentive definition

Retirement Incentive shall include:
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Retirement Incentive or Section 406.2 "Longevity Incentive" shown below, provided he/she is eligible, but not both.
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Retirement Incentive means any financial incentive that facilitates early retirement.
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Examples of Retirement Incentive in a sentence

  • The employee retirement contribution rate shall return to six percent (6%) in accordance with the Early Retirement Incentive Program (ERIP) agreement dated October 26, 2009 and LAAC Section 4.1033, which provides that this seven percent (7%) employee retirement contribution will continue until June 30, 2026 or until the ERIP cost obligation is fully paid, whichever comes first.

  • Any employee who is employed in a classification covered by the Correctional Employees Retirement Plan (M.S. §§352.91 and 352.911) shall be eligible to retire under one of the following Corrections Early Retirement Incentive programs if the conditions for eligibility as set forth in Section 3C4b below are met.

  • The employee shall complete an LTD Plan Early Retirement Incentive Benefit Application.

  • The Committee will have access to all relevant information available to the Trust to determine the cost savings experienced by the LTD Plan as a result of the Early Retirement Incentive Provisions.

  • The College will have the discretion to participate in a Voluntary Separation Incentive Program or a Voluntary Retirement Incentive Program, if such programs are provided for in the operating budget.

  • Retiring per terms of the 2016-2017 Early Retirement Incentive Plan.

  • Executive Order 7J suspends the two-year limitation for TWRs and the public acts that prevent the rehiring of individuals who retired under Retirement Incentive Programs.

  • The LTD Plan Early Retirement Incentive Benefit is to ensure that the eligible employee will not realize a pension benefit that is less than the pension benefit that she would have been entitled to receive at the normal retirement date, had she not applied for early retirement, regardless of when the early retirement incentive provision is activated.

  • Upon approval of the employee’s application, the employee and the Healthcare Benefit Trust will jointly sign the Terms of the LTD Plan Early Retirement Incentive Benefit and the employee and the members of the Joint LTD Plan Early Retirement Incentive Committee shall sign the LTD Plan Early Retirement Incentive Agreement on behalf of the Parties to the Collective Agreement.

  • However, the monthly Employer-paid portion of the medical/dental premium shall not increase by more than fifty dollars ($50) above the monthly amount paid by the Employer at the time of their retirement in the pay period the employee is receiving the Corrections Early Retirement Incentive.


More Definitions of Retirement Incentive

Retirement Incentive. Employees who give a written notice of intent to retire to the City Manager, effective no later than December 31, 2009 shall be entitled to a $7,500 retirement bonus.
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Retirement Incentive. Employees who are eligible to retire under X.X. x. 32, upon retirement, shall receive a severance payment of $5,000 if they have given the Town at least four (4) months’ notice of their retirement date. In the event that the Commonwealth of Massachusetts offers and early retirement incentive, employees who retire with at least four months’ notice shall receive a severance payment of $1,000.
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Retirement Incentive. Any employee who submits an irrevocable application for retirement at any time prior to March 31, 2012, with a retirement date of no later than March 31, 2012 shall immediately receive a 3% increase commencing the pay period immediately after the date the completed application is submitted to SamCERA. Any employee who submits an application for retirement by June 1, 2011 shall receive a 3% increase retroactive to the first full pay period in January of 2011. No retroactive pay shall be granted for paperwork submitted after June 1, 2011. If the employee decides not to retire as agreed under this subsection then the employee shall be required to repay the 3% increase.
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Retirement Incentive. For all teachers who: a. Have completed twelve (12) years of full-time teaching experience in the Onamia School District, And b. Submit a written resignation on or before February 1st of the calendar year in which he or she will retire. (revised 2015-17) 1. For all teachers hired after 8/28/1986 and prior to 9/1/1996: a. The District will contribute the dollar difference between the retiring teacher’s annual salary (Schedule A for the year retiring, excluding any additional days of employment and any extracurricular salary) versus the starting salary at the current BA/BS, Step 1 salary lane less the HCSP contribution from the following table. b. The School District will contribute the dollar difference to be paid into the MSRS in two annual installments. The first installment will be paid on September 30th after the date of retirement. The second installment will be paid the following September 30th. 2. All teachers hired after 9/1/1996 are eligible for district contribution to the Post- Retirement Health Care Savings Plan (HCSP). Upon completion of their 10th year of service within the district, annual contributions will be made monthly throughout the school year with the first contribution starting September 30th of the 11th year of service to the district.
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Retirement Incentive. A member is eligible for $600.00 per year of for each year of full time service for those that retire from the District in their first year of retirement eligibility without penalty in accordance with criteria established by the NYS Employees Retirement System.
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Related to Retirement Incentive

  • Management Incentive Plan means the Company’s bonus program, as implemented by the Company’s board of directors from time to time and pursuant to which the Executive may receive incentive-based compensation at fiscal year end.

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Retirement Savings Plan means the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to time, together with any similar, succeeding or substitute plan.

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • Pension Benefits Act means The Pension Benefits Act of Ontario and regulations thereunder as amended from time to time.

  • 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).

  • Incentive Compensation Plan means any plan, agreement or other arrangement that provides for the grant or issuance of equity or equity-based awards and that is now in effect or is hereafter adopted by the Company or the Manager for the benefit of any of their respective employees or other service providers (including directors, advisers and consultants), or the employees or other services providers (including directors, advisers and consultants) of any of their respective Affiliates or Subsidiaries.

  • Retirement program means a program of rights and obligations which a county, city, village, or township establishes, maintains, or participates in and which, by its express terms or as a result of surrounding circumstances, does 1 or more of the following:

  • Health benefits plan means a benefits plan which pays or

  • Incentive Compensation Plans means annual incentive compensation plans and long‑term incentive compensation plans of the Company, which long‑term incentive compensation plans may include plans offering stock options, restricted stock and other long‑term incentive compensation.

  • Disability retirement for plan 1 members, means the period

  • 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.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Group health benefit plan means any health care plan, subscription contract, evidence of

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

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

  • 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).

  • Deferred Compensation Award means an award of Stock Units granted to a Participant pursuant to Section 11 of the Plan.

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • Company Incentive Plan shall have the meaning assigned to it in Section 1.7 hereof.

  • 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.

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • Covered employment means employment in a covered position.

  • Incentive Compensation means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.