Early Retirement/Separation Incentive Sample Clauses

Early Retirement/Separation Incentive. ‌ When a surplus of employees has been identified or is anticipated, the Corporation will post from time to time a notice inviting applications from interested employees who would like to be considered for any potential early retirement opportunities or potential separation incentives. Such applications will be considered valid for six (6) months.
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Early Retirement/Separation Incentive. 14.3.1 The District will offer an early retirement/separation incentive provided all early retirement/separation incentive plan requirements set forth by the District have been met. Should the constraints of the plan requirements be met, full-time unit members, who have been employed by the District in full-time capacity for at least 10 years, who retire/separate from District employment no later than August 1, 2018, and who meet all of the eligibility requirements of the plan, will be eligible to receive a one- time voluntary early retirement/separation incentive taxable payment in cash. The early retirement/separation incentive amount shall include the following, which in total shall not exceed $40,000: (1) a cash payment of $15,000; and (2) a cash payment based upon years of service, which shall consist of $1,000 for every one full year of full-time teaching service with the District.
Sample 1
Early Retirement/Separation Incentive. 3601 This retirement/separation incentive is available to a unit member who separates from his or her employment prior to his or her first date of eligibility for service retirement benefits without reduction and without penalty from the New York State Teachers’ Retirement System (TRS)/Employee Retirement System (ERS) under the terms and conditions of their respective tier.
Sample 1
Early Retirement/Separation Incentive. 14.3.1 The District will offer an early retirement/separation incentive provided all early retirement/separation incentive plan requirements set forth by the District have been met. Should the constraints of the plan requirements be met, full-time unit members, who have been employed by the District in full-time capacity for at least 10 years, who retire/separate from District employment no later than August 1, 2018, and who meet all of the eligibility requirements of the plan, will be eligible to receive a one- time voluntary early retirement/separation incentive taxable payment in cash. The early retirement/separation incentive amount shall include the following, which in total shall not exceed $40,000: (1) a cash payment of $15,000; and (2) a cash payment based upon years of service, which shall consist of $1,000 for every one full year of full-time teaching service with the District. Should a unit member retire/separate pursuant to receipt of the early retirement/separation incentive, the member shall not be eligible to apply for non-full-time faculty District re-employment within six months of separation from District employment; and shall not be eligible to apply for full-time faculty District re-employment.
Sample 1

Related to Early Retirement/Separation Incentive

  • 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.

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

  • 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 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:

  • 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 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 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.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Termination of Employment Severance Your immediate supervisor or the Company's Board of Directors may terminate your employment, with or without cause, at any time by giving you written notice of your termination, such termination of employment to be effective on the date specified in the notice. You also may terminate your employment with the Company at any time. The effective date of termination (the "Effective Date") shall be the last day of your employment with the Company, as specified in a notice by you, or if you are terminated by the Company, the date that is specified by the Company in its notice to you. The following subsections set forth your rights to severance in the event of the termination of your employment in certain circumstances by either the Company or you. Section 5 also sets forth certain restrictions on your activities if your employment with the Company is terminated, whether by the Company or you. That section shall survive any termination of this Agreement or your employment with the Company.

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