Common use of Retirement Bonus Clause in Contracts

Retirement Bonus. 1. An employee is eligible only once for this benefit. The eligibility period would be a portion of the year as defined herein in which the employee becomes eligible to retire for the first time with full benefits under an existing state retirement system plan and has creditable service as defined by Florida Statutes of not less than thirty (30) years. The 30 years applies to termination at the time of service retirement or entry into DROP.

Retirement Bonus. 1. An employee is eligible only once for this benefit. The eligibility period would be a portion of the year as defined herein in which the employee becomes eligible to retire for the first time with full benefits under an existing state retirement system plan and has creditable service as defined by Florida Statutes of not less than thirty (30) years. The 30 years applies to termination at the time of time-of-service retirement or entry into DROP.

Retirement Bonus. 1. An employee is eligible only once for this benefit. The eligibility period would be a portion of the year as defined herein in which the employee becomes eligible to retire for the first time with full benefits under an existing state retirement system plan and has creditable service as defined by Florida Statutes of not less than thirty (30) yearsyears if hired prior to July 1, 2011, and thirty three (33) years if hired on or after July 1, 2011. The 30 30/33 years applies to termination at the time of time-of-service retirement or entry into DROP.