Pre-Fifty-Five Early Retirement Incentive Sample Clauses

Pre-Fifty-Five Early Retirement Incentive. Any supervisor who reaches the age of fifty (50) after the effective date and before the expiration date of the contract and who is appointed to a classification covered by the State Patrol Retirement Fund (M.S. §352B) who retires at or after his/her fiftieth (50th) birthday but before his/her fifty-fifth (55th) birthday shall be entitled to participate in the Pre-Fifty-Five (55) Early Retirement Incentive in accordance with the provisions set forth below. The Employer contribution for health and dental insurance coverage shall be equal to one hundred twenty (120) times the amount of the monthly Employer contribution applicable to the supervisor at the time of his/her retirement divided by the number of months from the date of retirement until the supervisor reaches age sixty-five (65). The supervisor shall be responsible for paying the remaining portion of the Employer contribution.
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Pre-Fifty-Five Early Retirement Incentive. Any employee who satisfies all of the eligibility requirements of Section 1, may elect on or after his/her fiftieth (50th) birthday and before his/her fifty-fifth (55th) birthday to retire and take advantage of the Pre-Fifty-
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Pre-Fifty-Five Early Retirement Incentive. ‌ Any employee who satisfies all of the eligibility requirements of Section 1, may elect on or after their fiftieth (50th) birthday and before their fifty-fifth (55th) birthday to retire and take advantage of the Pre-Fifty-Five Early Retirement Incentive specified herein. As and for such incentive, the Employer shall pay each month, until the employee reaches age sixty-five (65), an amount equal to: one hundred twenty (120) times the amount of the monthly Employer contribution for health and dental insurance in effect with regard to the employee at the time of their retirement; divided by the number of months from the date of retirement until the employee reaches age sixty-five (65). The monthly amount payable with regard to an employee who was hired after August 26, 2002 and who has not attained 100% credit for years of service, shall be further multiplied by the employee’s years of service percentage. The eligible employee shall pay the remaining portion of the monthly insurance premium.
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Pre-Fifty-Five Early Retirement Incentive. This incentive is available to supervisors who are covered by the State Patrol Retirement Fund and retire, at or after age fifty (50) and before age fifty-five (55). The Employer contribution for the pre-fifty-five retirement incentive shall be equal to one hundred and twenty (120) times the amount of the monthly Employer contribution for health and dental insurance applicable to the supervisor at the time of retirement times the percentage calculated as follows: • Subject to the provisions in paragraph C, supervisors will accrue ten percent (10%) credit for each twelve (12) months that the supervisor is in active payroll status in a position covered by the State Patrol Retirement Fund and in which the supervisor and the Employer made the statutorily required retirement contributions.
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Pre-Fifty-Five Early Retirement Incentive. Any supervisor who reaches the age of fifty (50) after the effective date and before the expiration date of the contract and who is appointed to a classification covered by the State Patrol Retirement Fund (M.S.
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Related to Pre-Fifty-Five Early Retirement 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.

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.

  • 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.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌

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