Early Retirement. An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.
Early Retirement. A regular employee who is age 55 years or older and is entitled to receive a pension under the Public Service Pension Plan Rules, as of the effective date of layoff, and who has opted for and is entitled to severance pay pursuant to this article shall, upon application, be entitled to purchase all or part of any eligible service for which no contributions were made, as permitted by the Public Service Pension Plan Rules.
Early Retirement. A regular team member who is age 55 years or older and is entitled to receive a pension under the Pension (Public Service) Act, as of the effective date of layoff, and who has opted for and is entitled to severance pay pursuant to this article shall, upon application, be entitled to additional pensionable service equivalent in value, as determined by the Superannuation Commissioner, to the severance pay compensation. Benefits under this provision shall not exceed the time that would be required to reach the team member maximum retirement age.
Early Retirement. If the Employee-Owner voluntarily retires prior to age __________ years, or if the Employee-Owner has not given the Company at least five (5) years' prior written notice of his or her intention to leave the Company's employ, the Purchase Price shall be reduced by 0.00 percent from the amount otherwise determined in Article II below.
Early Retirement. A fulltime faculty member, in order to facilitate gradual retirement, may, upon reaching the age of fifty-five (55), apply for status as a continuing part-time employee, with the percentage of work load to be mutually acceptable to the College and the employee, but not less than fifty percent (50%). Salary and benefits shall be prorated in accordance with the percentage of workload.
Early Retirement. Paragraph 1: The Board will continue to provide a voluntary early retirement program for members of the teachers bargaining unit employed prior to July 1, 1996. The substance and procedures of the program, and any changes thereto, are in each instance to be determined by the Board. Alterations shall not be applied retroactively to affect any retired teacher receiving benefits from the program. For the duration of this agreement and pending any legislative action, the Early Retirement structure and level of benefits shall continue at no less than the same level in place on the effective date of this agreement.
Early Retirement. If the Director, for any reason other than death of the Director or change of control of the Company or the Bank, fails to serve on the Board of Directors of both the Company and the Bank for five consecutive years, the Director will receive monthly compensation (or the Director's Beneficiary will received a monthly benefit) which is reduced proportionately based on the number of full months served in relation to the required service of 60 months. For example, if the Director served only 30 months on the Board, the Director would be entitled to 30/60 or 50% of the monthly compensation stated in paragraph "2." Similarly, in the above example, if the Director died after leaving the Board but before the Retirement Date, the Director's Beneficiary would be entitled to 30/60 or 50% of the monthly benefit stated in paragraph "3". In determining consecutive years of service, beginning January 1, 1992, no year shall be counted in which the Director fails to attend at least two-thirds of the regularly scheduled meetings of the Board of Directors, except pursuant to the circumstances set forth in paragraph "6" below. In the event that there is a change of control of the bank or the company while the Director is serving on the board, there shall be no reduction in compensation or benefits on account of the provisions of this paragraph, except for any reduction resulting from the Director's failure to fulfill the attendance requirement prior to the time the change of control takes place.
Early Retirement. Early retirement is considered to be retirement before the normal retirement date as set out in the pension plan where the member has either attained age 55 or completed 30 years of service or where the member’s age plus years of service equals at least 80.
Early Retirement. In the case of a faculty assignment which is to be made under the jurisdiction of a different department, the affected faculty member will be considered for rank in another department under the current criteria in that department or for assignment to another position with the University for which the faculty member is qualified. If the faculty member does not meet the current criteria for rank, the faculty member will be so informed in writing. To provide for equity, the affected faculty member will be given a reasonable probationary period in which to qualify for rank in the new department. The faculty member will be informed in writing of the additional conditions the faculty member has yet to fulfill in order to qualify for rank in the new department.
Early Retirement. Where it has been determined that there is no alternative but to reduce the bargaining unit, the Company shall consider incentives for employees eligible to retire in an effort to reduce or eliminate the required layoff. Incentives may include: