Post-retirement contract Clause Samples
A post-retirement contract clause outlines the terms and conditions that apply to an individual after they have officially retired from their primary position or employment. This clause may specify ongoing obligations, such as confidentiality, non-compete restrictions, or consulting arrangements, and can detail any continued benefits or compensation the retiree is entitled to receive. Its core function is to clearly define the rights and responsibilities of both the retiree and the organization after retirement, thereby preventing misunderstandings and ensuring a smooth transition.
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Post-retirement contract. 18.2.1 After ten (10) years of full time satisfactory service in the County Office and attaining the age of fifty-five (55), but not yet reaching age sixty-five (65), a unit member would become eligible for the Early Retirement/Post Retirement Contract.
18.2.2 Certificated individuals must apply for this program by February 15th of the year they wish to retire and must retire on July 1 of the same year.
18.2.3 Upon approval by the Superintendent, persons opting for this program would retire and be employed (in addition to their retirement benefits) as an independent contractor of this County Office under conditions listed below.
18.2.4 Once electing to participate in the program, a unit member may not request to return to regular employment in the County Office. Also, once a unit member has entered the program, he/she may not change options or re-enter the service of the County Office.
18.2.5 The maximum period for which this agreement shall remain in force is ten (10) years or until age sixty-five (65), whichever comes first and subject to the following conditions:
18.2.5.1 The County Office shall pay for the retiree and his/her spouse's premium in the County Office's medical insurance plan at the same rate provided to active unit members until retiree reaches age sixty-five (65), or until the retiree and his spouse are covered by other medical insurance plans provided by any other source. This one aspect of the Early Retirement Incentive Program (medical insurance) is a legal commitment from the County Office and is subject to termination only at the request of the retiree, death of the retiree, or as mentioned above, other medical insurance provided by any other source.
18.2.5.2 Between the ages of fifty-five (55) and sixty-five (65) only, subject to renewal each July 1st at the option of the retiree, the retiree may be employed as an independent contractor subject to the following two (2) conditions:
18.2.5.2.1 Employment of twenty (20) days per year, subject to annual renewal.
18.2.5.2.2 A salary at least equivalent to twenty (20) days' pay at the daily rate of the salary schedule and step at which the retiree was placed when he/she retired. The salary will be paid each year at the same daily rate earned by active unit members in the same position. Salary shall not exceed the STRS maximum amount. Salary may be paid in twelve (12) equal payments or in one (1) payment at the option of the retiree.
Post-retirement contract. For retirees hired for post-retirement employment, pursuant to RCW 28A.405.900. Such post-retirement employment contracts are non-continuing contracts, that is, they expire automatically at the end of the contract period with no right or expectation of renewal. Post-retirement employment contracts shall only be available to the extent permitted by and consistent with Washington State law.
5.10.2.4.1 The District assumes no responsibility for the pension impact of post-retirement employment; rather, retirees themselves are solely responsible for compliance with post-retirement conditions (e.g. break-in service requirements and work hour limitations) under applicable retirement statutes and regulations.
Post-retirement contract. Where the employee has entered into a Post-retirement contract following normal retirement and where the employee has accessed superannuation benefits (or equivalent).
Post-retirement contract. A Staff Member who has retired from the University or another university and is eligible to access their retirement benefit from the relevant superannuation fund may be engaged for a limited period of time. Such employment contracts will be used primarily for the purpose of research degree supervision and be of a maximum four years duration.
Post-retirement contract. The University may offer post-retirement Fixed-Term Employment to a person who has formally retired from the workforce.
Post-retirement contract. A fixed term contract may be offered to a staff member who is retiring, or has retired, for a period of up to 5 years.