Common use of Early Retirement Option Clause in Contracts

Early Retirement Option. Prior to issuing notice of layoff pursuant to the notice of layoff provision in this collective agreement, in any classification(s) the Hospital will offer early retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees (within the classifications) who would otherwise receive notice of layoff under the notice of layoff provision in this collective agreement. Within thirty (30) calendar days from the date of notice of layoff an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits their right to notice, recall, and their employment is terminated. Such employee will receive severance pay on the basis of the two (2) week’s pay for each year of service with the Hospital to a maximum of twenty-six (26) weeks on the basis of the employee’s normal weekly earnings. (note: for part time employees week’s pay will be calculated by dividing by 20, the employee’s hours in the 20 week period immediately prior to date of notice of layoff and then multiplying by the employees regular base hourly rate of pay) An employee choosing this option will receive a lump sum payment (subject to deductions required by law) equal to $1,000.00 for each year that the employee is less than 65 years of age to a maximum payment of $5,000.00 (subject to deductions required by law) The Hospital, at its discretion, may offer an employee the above Retirement Allowance at any time. It is understood that accepting Retirement Allowance is voluntary on the part of the employee.

Early Retirement Option. Prior to issuing notice of layoff pursuant to the notice of layoff provision in this collective agreement, in any classification(s) the Hospital will offer early retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees (( within the classifications) who would otherwise receive notice of layoff under the notice of layoff provision in this collective agreement. Within thirty (30) calendar days from the date of notice of layoff an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits their right to notice, recall, and their employment is terminated. Such employee will receive severance pay on the basis of the two (2) week’s pay for each year of service with the Hospital to a maximum of twenty-six (26) weeks on the basis of the employee’s normal weekly earnings. (note: for part time employees week’s pay will be calculated by dividing by 20, the employee’s hours in the 20 week period immediately prior to date of notice of layoff and then multiplying by the employees regular base hourly rate of pay) An employee choosing this option will receive a lump sum payment (subject to deductions required by law) equal to $1,000.00 for each year that the employee is less than 65 years of age to a maximum payment of $5,000.00 (subject to deductions required by law) The Hospital, at its discretion, may offer an employee the above Retirement Allowance at any time. It is understood that accepting Retirement Allowance is voluntary on the part of the employee.

Early Retirement Option. Prior to issuing notice of layoff pursuant to the notice of layoff provision in this collective agreement, in any classification(s) the Hospital will offer early retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees (within the classifications) who would otherwise receive notice of layoff under the notice of layoff provision in this collective agreement. Within thirty (30) calendar days from the date of notice of layoff an employee who has received notice of layoff of a permanent or long-term long -term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits their right to notice, recall, and their employment is terminated. Such employee will receive severance pay on the basis of the two (2) week’s pay for each year of service with the Hospital to a maximum of twenty-six (26) weeks on the basis of the employee’s normal weekly earnings. (note: for part time employees week’s pay will be calculated by dividing by 20, the employee’s hours in the 20 week period immediately prior to date of notice of layoff and then multiplying by the employees regular base hourly rate of pay) An employee choosing this option will receive a lump sum payment (subject to deductions required by law) equal to $1,000.00 for each year that the employee is less than 65 years of age to a maximum payment of $5,000.00 (subject to deductions required by law) The Hospital, at its discretion, may offer an employee the above Retirement Allowance at any time. It is understood that accepting Retirement Allowance is voluntary on the part of the employee.

Early Retirement Option. Prior to issuing notice of layoff pursuant to the notice of layoff provision in this collective agreement, in any classification(s) the Hospital will offer early retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees (within the classifications) who would otherwise receive notice of layoff under the notice of layoff provision in this collective agreement. Within thirty (30) calendar days from the date of notice of layoff an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits their right to notice, recall, and their employment is terminated. Such employee will receive severance pay on the basis of the two (2) week’s weeks pay for each year of service with the Hospital to a maximum of twenty-six (26) weeks on the basis of the employee’s normal weekly earnings. (note: for part time employees week’s weeks pay will be calculated by dividing by 20, the employee’s hours in the 20 week period immediately prior to date of notice of layoff and then multiplying by the employees regular base hourly rate of pay) An employee choosing this option will receive a lump sum payment (subject to deductions required by law) equal to $1,000.00 for each year that the employee is less than 65 years of age to a maximum payment of $5,000.00 (subject to deductions required by law) The Hospital, at its discretion, may offer an employee the above Retirement Allowance at any time. It is understood that accepting Retirement Allowance is voluntary on the part of the employee.