Age at Separation Sample Clauses
The "Age at Separation" clause defines the specific age at which an individual is considered to have separated from service or employment for the purposes of a contract or benefit plan. Typically, this clause outlines how age is determined at the time of separation, which can affect eligibility for retirement benefits, severance, or other entitlements. For example, it may specify that benefits are only payable if the employee is at least 55 years old at the time they leave the company. The core function of this clause is to establish clear criteria for when age-related benefits or obligations are triggered, thereby preventing disputes and ensuring consistent application of the agreement's terms.
Age at Separation. A faculty member who retires at the end of the academic year will be considered to have retired as of the following July 1 for purposes of a sick leave liquidation payment.