Gradual Retirement Sample Clauses

Gradual Retirement. Tenured full-time academic staff members may request a gradual reduction in academic workload with proportional reductions in salary. The earliest that an academic staff member may request a gradual retirement is within two years of eligibility for early retirement. Academic staff members applying for gradual retirement shall sign a formal agreement to retire fully at the end of the period of gradual retirement (a maximum of two years). Gradual retirement arrangements should be as flexible as possible while meeting the needs of the academic unit concerned. These arrangements must be discussed with and approved in writing, with a copy to the Faculty Association, by the Xxxx and by the Vice-President (Academic). Normal academic workload will be reduced by no more than 50% FTE. Academic staff members shall make pension contributions during gradual retirement that are based on the partial salary received. However, the University shall make both its pension contributions based on the member’s full salary together with the difference between the member’s actual contributions described above and the contribution that would be required by the member’s full salary; or compensate the employee with salary if the University is prohibited from making such payments due to limitations under the Income Tax Act of Canada as a result of periods of leave. Beyond the normal retirement date, continuation of pension contributions is subject to the terms of the Academic and Administrative Pension Plan and limitations contained in the Income Tax Act of Canada. The contributions and coverage for other benefit plans shall be based on the terms and conditions of the plans themselves and the academic staff member’s actual salary. Academic staff members placed on salary continuance during a period of Gradual Retirement shall be eligible for benefits based on their applicable reduced salary. Should salary continuance extend beyond the agreed upon retirement date, the date will be extended until the academic staff member is able to return to work or reaches the normal retirement date, whichever is earlier. Academic Staff members eligible for the retiring allowance as defined in 19.1.1.3 shall have their allowance calculated at their full salary.
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Gradual Retirement. An employee who is at least fifty-five (55) years old, and who has completed ten (10) years of service, may choose to take gradual retirement over a maximum period of three
Sample 1
Gradual Retirement. Gradual Retirement will be available at the option of members who will have accumulated at least twenty- five (25) years of pensionable service and will be sixty (60) or will have obtained the ninety (90) factor at the time of retirement. A Member who is receiving benefits from the Pension Plan is not eligible for Gradual Retirement. An eligible Member must apply to the Principal in writing three (3) months before their Gradual Retirement Agreement (GRA) is to begin. Members must sign a formal agreement to retire fully at the end of the period of gradual retirement (a maximum of three years). The terms of a three-year GRA are as follows:
Sample 1
Gradual Retirement. Modification of the dates for members to apply for gradual retirement, removal of the deadline to apply on June 1 following the age of sixty-five. The application will include a detailed plan of the distribution of duties and identification of two patterns for workload distribution across the retirement period. Accrual of sabbatical eligibility prorated to the workload reduction for members on a gradual retirement plan. A member granted sabbatical during the gradual retirement plan is considered to work at the reduced workload for that corresponding year.
Sample 1

Related to Gradual Retirement

  • 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).

  • 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.

  • 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.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • 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.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

  • Retirement Retirement" shall mean voluntary termination by the Executive in accordance with the Employers' retirement policies, including early retirement, generally applicable to their salaried employees.

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