Common use of Regular Retirement Clause in Contracts

Regular Retirement. 12.03.1 Employees shall provide at least twelve (12) months written notice to the Vice- President (Academic and Research) of their intention to retire in order to facilitate proper academic planning. The Employer shall respond to the Employee in writing, with a copy to the Union, no later than one (1) month following receipt of notice. The effective date of retirement shall normally be either December 31 or June 30. 12.03.2 The Employee or Employer may initiate discussions with the other regarding a retirement compensation package. The Union shall have the right to participate in all such discussions. Any such compensation package must be agreed to by the Employer, the Employee and the Union. The Employer and the Union agree to maintain consistency and fairness in decisions on retirement, and this will exclude decisions related to special time-limited retirement initiatives. 12.03.3 Subject to Article 12.03.2, health, dental, life, and AD&D insurance benefits will be available to the retiree on the same basis as for active Employees until age seventy (70). Subject to Article 12.03.2, retiree travel insurance benefits will be available to the retiree on a cost-share basis until the retiree reaches age seventy (70). Individuals may opt out of these plans. The Employer agrees to provide for insurance benefits to the retiree, including making Employer premium contributions where applicable, provided the retiree makes payment for Employee contributions for the benefits where applicable. The Employer shall inform the retiree of the payments required.

Regular Retirement. 12.03.1 Employees shall provide at least twelve (12) months written notice to the Vice- President (Academic and Research) of their intention to retire in order to facilitate proper academic planning. The Employer shall respond to the Employee in writing, with a copy to the Union, no later than one (1) month following receipt of notice. The effective date of retirement shall normally be either December 31 or June 30. 12.03.2 The Employee or Employer may initiate discussions with the other regarding a retirement compensation package. The Union shall have the right to participate in all such discussions. Any such compensation package must be agreed to by the Employer, the Employee and the Union. The Employer and the Union agree to maintain consistency and fairness in decisions on retirement, and this will exclude decisions related to special time-limited retirement initiatives. 12.03.3 Subject to Article 12.03.2, health, dental, life, and AD&D insurance benefits will be available to the retiree on the same basis as for active Employees until age seventy (70). Subject to Article 12.03.2, retiree travel insurance benefits will be available to the retiree on a cost-share basis until the retiree reaches age seventy (70). Individuals may opt out of these plans. The Employer agrees to provide for insurance benefits to the retiree, including making Employer premium contributions where applicable, provided the retiree makes payment for Employee contributions for the benefits where applicable. The Employer shall inform the retiree of the payments required.