Deferred Vested Retirement Sample Clauses

Deferred Vested Retirement. If you are vested when your employment ends but have not reached early or normal retirement age, you will be eligible for a deferred vested pension benefit starting at your normal retirement age. You may begin a deferred vested benefit as early as age 50, but the monthly amount will be reduced to account for it being paid over a longer period of time.
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Deferred Vested Retirement. For purposes of calculating Compensation Earnable as defined in FMC 3-501, any employee in the City of Fresno Employees Retirement System (hereafter “System”) in a class in Unit 14 who separates from City service on or after August 1, 2015, and elects to remain a member of the System shall have their Compensation Earnable calculated as follows: Beginning July 1 following the date the Deferred Vested Member separates from City service, the Member’s Compensation Earnable at the time of separation shall be indexed with the Consumer Price Index (hereafter “CPI”) – United States City Average for Urban Wage Earners and Clerical Workers -- all items (i.e. general price inflation) and the Employment Cost Index for Wage Inflation (i.e. across the board pay increases) for State and local government employees, as published by the Bureau of Labor Statistics of the United States Department of Labor. Determination of the percentage of annual increase or decrease in CPI and Employment Costs for wage inflation shall be made by the Retirement Board on or before April 1 of each year for each of the two immediately preceding calendar years. The percentage by which such indexes for the more recent full calendar year shall have increased or decreased over or below indexes for the full calendar year immediately prior shall be the percentage used to calculate adjustments to Compensation Earnable with the following exceptions: banking shall not be applied nor shall the sum of accumulated CPI and Employment Costs adjustments plus Compensation Earnable exceed the Executive Pay Range approved by the City Council at the time of retirement. The sole exception to exceeding the Executive Pay Range will be individuals who were “Y-Rated at the time of separation.” These individuals will be held at their Y-Rated salary until such time as the range of their classification equals or exceeds the individuals Y-Rated salary. This process will continue each July 1 until the Deferred Vested Member elects to begin receiving the retirement benefit. This adjusted Compensation Earnable shall be used in the Member’s final compensation for the calculation of the retirement benefit. If a Deferred Vested Member held more than one position during his or her highest three consecutive years, the Compensation Earnable in each position shall be allocated on a time held, pro-rata basis and the combined adjusted Compensation Earnable, including adjustments due to CPI and Employment Costs for wage inflation, sha...
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Related to Deferred Vested Retirement

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Non-Vested Retirement Gratuity for Teachers 1. The minimum years of service for retirement gratuity shall be defined as the lesser of the contractual minimal service requirement in the 2008-2012 collective agreement, or ten (10) years.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

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