Common use of Early Retirement Incentive Program Clause in Contracts

Early Retirement Incentive Program. For the 2019-2020 and 2020-2021 academic years, the College will not offer any Early Retirement Incentive Program as a term of this Agreement. The Employer agrees that during the 2020-2021 academic year, it will evaluate whether to offer an Early Retirement Incentive for the 2021-2022 academic year, and will consult with and notify the Association whether an Early Retirement Incentive will be offered, and the terms and conditions necessary to qualify. The Association agrees that the Employer may include a condition that any payout under the Incentive Program shall be paid through an annuity rather than a lump sum cash payout. The remaining terms and conditions will be determined by the Employer during the 2020-2021 academic year.