Early Retirement Payment Clause Samples
The Early Retirement Payment clause outlines the terms under which an employee may receive a financial payout if they choose to retire before reaching the standard retirement age. Typically, this clause specifies eligibility criteria, the method for calculating the payment amount—often based on years of service or salary—and any conditions or limitations that apply. Its core practical function is to provide a clear framework for early retirement incentives, helping both employers and employees plan for workforce transitions and manage financial expectations.
Early Retirement Payment. Upon retirement, teachers shall receive a payment equal to thirty-five percent (35%) of their final year’s salary. Notification of intent to retire and the option chosen must be submitted in writing to the superintendent’s office by March 1 of the school year preceding the employee’s final teaching year. The letter of intent to retire may be retracted by the employee before July 1 of the same year it was submitted. The letter of intent to retire cannot be retracted on or after July 1 of the same year submitted by the employee without review and consideration by a committee of the superintendent, a board member, and a gaining member. This payment is for early retirement and will be available in the twenty-fifth (25) through thirtieth (30) years only. If a teacher has fractions of teaching years, those fractions will be rounded up or down dependent upon the fraction. (Over ½ is rounded up and under ½ is rounded down.) This payment is available only to teachers who have spent five (5) years in the Manhattan School System.
A. Option 1: Early Retirement Payments and Accumulated Leave Payment will be paid by June 30th of the year of retirement.
B. Option 2: Early Retirement Payments and Accumulated Leave Payment will be paid after January 1, and before January 15, of the school year following the school year in which the teacher retires.
Early Retirement Payment. Classified employees electing early retirement under the provisions of PERS shall receive a monthly payment of $200.00. This payment shall be for a period of forty- eight (48) months or until the employee is eligible to receive their own Social Security benefits, or age sixty-two (62), whichever occurs first.
Early Retirement Payment. The Company shall pay to Executive, in a single lump sum on the date specified in Section 3 below, an amount equal to the sum of (i) forty (40) weeks of base salary at Executive’s rate of base salary in effect on the Retirement Date, and (ii) the excess (if any) of the annual bonus paid to Executive under the Company’s annual bonus program for the 2005 fiscal year over the annual bonus payable to Executive under the Company’s annual bonus program for the 2006 fiscal year.
Early Retirement Payment. In recognition of services to the school district, teachers retiring early (prior to 30 years of service) will receive payment of: 25-29 5% 20-24 4% 15-19 3% 11-14 2.5% Such one-time payment will be made at the time of retirement and paid on base salary, excluding any extra-curricular or athletic pay. A teacher who has been terminated shall not receive payment for services.