EARLY RETIREMENT POLICY Sample Clauses

EARLY RETIREMENT POLICY. Section 1.
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EARLY RETIREMENT POLICY. Any non-certified employee who has served in the Parkston School District #33-3 for fifteen (15) years can qualify for early retirement if the combination of the employee's age and their years of experience would total 75 and providing that they meet the following criteria: AGE AT Sept. 1 OF PERCENTAGE FACTOR TERMINATION YEAR (OF PRESENT YEAR’S SALARY) 55-62 90% Beginning with the 2016-17 school year, the percentages factor change to 85% of the present year’s salary. An early retiree’s age for purposes of computation under this section shall be said retiree’s age on September 1st of the calendar year in which employment terminates. The earliest age that an employee may be able to retire under the Early Retirement Policy is the year in which the employee will have completed their fifty-fifth (55) birthday by September 1st. The latest possible age that an employee would be able to work would be in the year that a retiree attained the age of sixty-two (62) by September 1st. The said retiree must apply for early retirement to the Superintendent by February 1st of the school year before retirement will commence, and an answer will be given within thirty (30) days of that date (February 1). Payment of the net amount benefit will be one (1) lump sum on the payday of the first pay period in July proceeding the termination year. An alternative payment could be given in two (2) equal installments: the first installment to be distributed on the payday of the first pay period in July preceding the termination year and the second installment to be distributed on the payday of the first pay period in January of the termination year. A non-certified employee who elects early retirement may remain in the insurance group(s) plan, retiree will do so assuming the entire payment of the insurance premium until age 65. Late payments and or returned checks will be grounds for canceling of your coverage thru the Parkston Public School District Board of Education. Lump sum payment shall be reduced by federal withholding tax, Social Security, and state retirement system deductions according to the procedures set up by the governing organizations for those deductions. A limit of one (1) eligible classified employee from PEA – Classified can retire in a given year. Should two employees make application, the oldest (age) employees would retire first. The board reserves the right to waive the number of eligible employees that may retire. In the event a non-certified employee entitled t...
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EARLY RETIREMENT POLICY. 28.1 The Employer reserves the right to establish, revise or discontinue its early retirement policy without negotiations with the Federation. It is understood that any retirement policy established or revised by the Employer shall apply equally to all employees of the College. Adjunct faculty are not eligible to apply for early retirement.
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EARLY RETIREMENT POLICY. 11.1 Upon reaching age 55, all tenured teachers with a minimum of fifteen (15) years of teaching experience at Xxxxxxxx-Xxxxxx Community High School #157 will be eligible to apply under the Xxxxxxxx-
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EARLY RETIREMENT POLICY. The Early Retirement Policy is hereby discontinued at the conclusion of the 2016-2017 school year, with the following exceptions:
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EARLY RETIREMENT POLICY. 1. Any teacher of the Sioux Valley School District who finds it necessary or desirable to retire from employment with the District may elect to take retirement under the terms and conditions set forth in this policy. Retirement is entirely voluntary and at the discretion of an eligible employee. Such retirement must occur at the end of the contract term and may not commence during the term.
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EARLY RETIREMENT POLICY. Employees of the Xxxxxxx County School District who find it necessary or desirable to retire early from employment with the District may elect to take early retirement under the terms and conditions set forth in this policy. Early retirement is entirely voluntary and at the discretion of an eligible employee. Eligibility -- An employee is eligible for early retirement if such employee:
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EARLY RETIREMENT POLICY. Any teacher may elect benefits under this provision under the terms and conditions as set forth below:
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Related to EARLY RETIREMENT POLICY

  • 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 Age Early Retirement Age is the later of: (i) the date a Participant attains age ; (ii) the date a Participant reaches the anniversary of the first day of the Plan Year in which the Participant commenced participation in the Plan; or (iii) the date a Participant completes Years of Service. [Note: The Employer should leave blank any of clauses (i), (ii) and (iii) which are not applicable.] If (f)(iii) is selected, “Years of Service” under this Election 34(f)(iii) means (Choose (1) or (2).):

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • EARLY RETIREMENT INCENTIVE PLAN 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

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