Retirement Bank Clause Samples
Retirement Bank. An employee may defer vacation equivalent to the banked time earned in Part A, Item 30 into the Retirement Bank to a maximum of their annual vacation entitlement but at no time greater than 141 hours annually. The deferred vacation in the Retirement Bank may only be taken after the employee has become eligible for an undiscounted pension. The employee may utilize the Retirement Bank by: • Taking the time off immediately prior to retirement; or • Cash out the full amount upon retirement or termination; or • A combination of time taken immediately prior to retirement and cash out upon retirement. When the employee takes deferred vacation from their Retirement Bank in the form of time off, they will receive their base pay and accrue pensionable service. Once these deferred vacation weeks are taken the employee must retire. If an employee retires or terminates with time in the Retirement Bank such time will be paid out. For further clarity when the employee takes time from the Retirement Bank, such time must be taken by the employee in one consecutive period after they become eligible for an undiscounted pension and immediately preceding their retirement. The Retirement Bank may not exceed 2080 hours (52 weeks). The Company shall contribute 7 hours for every 40 hour block of time that a shift worker, contributes to the Retirement Bank, up to a maximum Company contribution of 21 hours per calendar year. This clause is only applicable to shift workers who are scheduled to work the majority of a 12 month (calendar year) schedule consisting of twelve (12) or eight (8) hour rotating shifts required for continuous 24-hour operations. Should any employee who utilizes this provision and fails, by their choice, to work the majority of the year on shift, the Company will recoup their contribution from the employee’s retirement bank. The Company will not recoup any contribution from an employee where they are assigned off shift, preventing them from working the majority of the year.
Retirement Bank. An employee may defer vacation equivalent to the banked time earned in Part A, Item
10.2.1 (old IN-MID-22) into the Retirement Bank to a maximum of their annual vacation entitlement but at no time greater than 120 hours annually. In addition, employees who are eligible for four (4) weeks vacation will have the option of banking up to one (1) week per year of vacation time; employees who are eligible for five (5) or more weeks vacation may bank up to two (2) weeks vacation time regardless of their banked time under Part A, Item 10.2.1, provided that the 120 hour annual cap is not exceeded. Employees may also elect to apply their vacation bonus to their Retirement Bank. The deferred vacation in the Retirement Bank may only be withdrawn by the employee:
a) in time to become eligible for an undiscounted pension
b) in cash at the date the employee has become eligible for an undiscounted pension
c) a combination of a) and b)
Retirement Bank. Employees who have accumulated 120 days of sick leave may begin a retirement bank. All days in excess of 120 will go into a retirement bank. Upon retirement, employees will be paid 50% of the banked days at their rate of pay during the last full year of employment up to a maximum of 40 days.
Retirement Bank. An employee may defer vacation equivalent to the banked time earned in Part A Item 30 into the Retirement Bank to a maximum of their annual vacation entitlement but at no time greater than 120 hours annually. The deferred vacation in the Retirement Bank may only be taken after the employee has become eligible for an undiscounted pension. The employee may utilize the Retirement Bank by: When the employee takes deferred vacation from their Retirement Bank in the form of time off, they will receive their base pay and accrue pensionable service. Once these deferred vacation weeks are taken the employee must retire. If an employee retires or terminates with time in the Retirement Bank such time will be paid out. For further clarity when the employee takes time from the Retirement Bank, such time must be taken by the employee in one consecutive period after they become eligible for an undiscounted pension and immediately preceding their retirement. The Retirement Bank may not exceed 2080 hours (52 weeks).
Retirement Bank. An employee may defer vacation equivalent to the banked time earned in Part A Item 10.4 into the Retirement Bank to a maximum of their annual vacation entitlement but at no time greater than 120 hours annually. The deferred vacation in the Retirement Bank may only be withdrawn by the employee:
a) in time to become eligible for an undiscounted pension
b) in cash at the date the employee has become eligible for an undiscounted pension
c) a combination of a) and b)
Retirement Bank. An employee may defer vacation equivalent to the banked time earned in Part A Item 18 into the Retirement Bank to a maximum of their annual vacation entitlement but at no time greater than 120 hours annually. The deferred vacation in the Retirement Bank may only be taken after the employee has become eligible for an undiscounted pension. The employee may utilize the Retirement Bank by: o Taking the time off immediately prior to retirement; or o Cash out the full amount upon retirement or termination; or o A combination of time taken immediately prior to retirement and cash out upon retirement. When the employee takes deferred vacation from their Retirement Bank in the form of time off, they will receive their base pay and accrue pensionable service. Once these deferred vacation weeks are taken the employee must retire. If an employee retires or terminates with time in the Retirement Bank such time will be paid out. For further clarity when the employee takes time from the Retirement Bank, such time must be taken by the employee in one consecutive period after they become eligible for an undiscounted pension and immediately preceding their retirement. The Retirement Bank may not exceed 2080 hours (52 weeks).
Retirement Bank. Full Time Employees and regular Part Time Employees will be permitted to optionally accumulate banked overtime and a portion of annual vacation time each year into a “Retirement Bank”. The terms and conditions for establishing the Retirement Bank are as follows:
1. In order to be eligible to deposit time, Employees must have a minimum of 9 years’ seniority (continuous employment) with the Employer and be within 10 years of meeting the minimum retirement age, as stipulated in the Pension Plan.
2. Annual vacation time in excess of 3 weeks, and any banked overtime earned in a calendar year, will be eligible for placement in the Retirement Bank.
3. The maximum balance of any Employee’s Retirement Bank shall not exceed 75 days.
4. Employees who elect to transfer banked overtime and/or qualifying vacation time earned to the Retirement Bank shall notify the Corporate Services Department in December of the year in which the banked overtime and/or vacation time was earned.
5. Time accumulated in the Retirement Bank may only be taken as paid time off after submitting notice of retirement and immediately prior to the commencement of retirement.
6. Employees who elect to accumulate time in the Retirement Bank shall not be entitled to a cash payment in lieu of time off unless they, or the Employer, terminate their employment. If an Employee is so terminated, then any cash payment shall be at the rate of pay they were receiving at the time it was placed in the Retirement Bank.
Retirement Bank. An employee may defer vacation equivalent to the banked time earned in Part A Item 10.4 into the Retirement Bank to a maximum of their annual vacation entitlement but at no time greater than 120 hours annually. The deferred vacation in the Retirement Bank may only be withdrawn by the employee:
a) in time to become eligible for an undiscounted pension
b) in cash at the date the employee has become eligible for an undiscounted pension c) a combination of a) and b) When the employee takes deferred vacation from their Retirement Bank in the form of time off, they will receive their base pay and will accrue pensionable service in accordance with the terms and conditions of the NHSS Pension Plan document. Once these deferred vacation weeks are taken the employee must retire. If an employee retires or terminates with time in the Retirement Bank such time will be paid out. The Retirement Bank may not exceed 52 weeks (at regular scheduled hours).
Retirement Bank. An employee may defer vacation equivalent to the banked time earned in Part A, Item 10.2.1 (old IN-MID-22) into the Retirement Bank to a maximum of their annual vacation entitlement but at no time greater than 120 hours annually. In addition, employees who are eligible for four (4) weeks vacation will have the option of banking up to one (1) week per year of vacation time; employees who are eligible for five (5) or more weeks vacation may bank up to two (2) weeks vacation time regardless of their banked time under Part A, Item 10.2.1, provided that the 120 hour annual cap is not exceeded. Employees may also elect to apply their vacation bonus to their Retirement Bank. The deferred vacation in the Retirement Bank may only be withdrawn by the employee:
a) in time to become eligible for an undiscounted pension
b) in cash at the date the employee has become eligible for an undiscounted pension c) a combination of a) and b) When the employee takes deferred vacation from their Retirement Bank in the form of time off, they will receive their base pay and will accrue pensionable service in accordance with the terms and conditions of the Inergi Pension Plan document. Once these deferred vacation weeks are taken the employee must retire. If an employee retires or terminates with time in the Retirement Bank such time will be paid out. The Retirement Bank may not exceed 52 weeks (at regular scheduled hours).