Retirement Incentive definition

Retirement Incentive shall include:

Retirement Incentive or Section 406.2 "Longevity Incentive" shown below, provided he/she is eligible, but not both.

Retirement Incentive means any financial incentive that facilitates early retirement.

Examples of Retirement Incentive in a sentence

• The Board may implement at its discretion an Early Retirement Incentive Plan with individual Teacher(s) with the conditions and financial remuneration to be determined by the Board pending the funding available.

• In the 2018-2019 school year, only employees who first become eligible for retirement during that specific school year (i.e., 2018-2019 school year and retire on or before July 1, 2019) can take advantage of the Retirement Incentive under this Article.

• 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.

• The parties hereby agree that any employee who meets the eligibility requirements for this Retirement Incentive during the term of this Agreement (July 1, 2016 – June 30, 2019) shall not be eligible for such a buyout provision under any successor collective bargaining agreements.

• If the East China Education Association negotiates an Early Retirement Incentive, affected administrators may elect the teachers' plan.

• The lump sum Retirement Incentive will be equal to 12 months of base salary and will be payable in the 60 days following your retirement date.

• The following Retirement Incentive is intended to provide an incentive for retirement.

• The employee’s payment under the Retirement Incentive shall be made in one lump-sum payment in February of the calendar year following the date of retirement.

• In the 2017-2018 school year, only employees who first become eligible for retirement during that specific school year (i.e., 2017-2018 school year and retire on or before July 1, 2018) can take advantage of the Retirement Incentive under this Article.

• The Employer 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 20172019–2019 2021 operating budget.

More Definitions of Retirement Incentive

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. Member must have 10 years of full time service in the district at the time of retirement and must terminate his or her employment not later than July 1 following the date for which the member becomes eligible without penalty. Member must submit an irrevocable letter of resignation for retirement by February 15 of the previous school year. Those members who are past their first year of eligibility for retirement without penalty can take advantage of this provision only in the first year of the new contract and must retire by July 1, 2014. Member must submit an irrevocable letter of resignation for retirement by December 15, 2013. Members age 50 and over must certify eligibility status each year of the contract at the start of the school year. New hires, after July 1, 2013, cash value for sick bank will be calculated at $125 a day.

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.

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. The Parties agreed to participate in a compensation study, which funding was approved for at Annual Town Meeting in May 2015. Such compensation information will serve as an evaluation tool for establishing mutually agreed future compensation for the AEA bargaining unit that began on July 1, 2016, FY17. Parties agreed to re-open the contract at the conclusion of the compensation review to discuss study results. Effective July 1, 2016 The parties agree to add a step of five (5%) percent to the base wage for employees who have served 20 years of full time service with the Town of Canton. On January 23, 2017 (FY17) the Town and AEA mutually agreed to the following:

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.

Retirement Incentive. For all teachers who: