Retirement Recognition Policy Clause Samples
The Retirement Recognition Policy clause establishes guidelines for acknowledging and rewarding employees upon their retirement from an organization. Typically, this clause outlines eligibility criteria, the types of recognition or benefits provided—such as commemorative gifts, ceremonies, or financial awards—and the process for nominating or approving retirees for such honors. Its core function is to ensure consistent and fair recognition of retiring employees, fostering goodwill and demonstrating appreciation for long-term service.
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Retirement Recognition Policy. A retiring NJP employee who has a minimum of 10 years of NJP service or a minimum 20 years of combined NJP and other qualified Washington State low-income legal services experience and is 59 and ½ years of age or older at the date of separation from NJP, will be eligible to receive the following retirement recognition compensation at separation from NJP: • One week of retirement recognition pay for every five years of qualified Washington State low-income legal services experience up to a maximum of 6 weeks separation pay. • The value of one month of the base plan Medical and Dental COBRA for every two years of qualified Washington State low-income legal services experience up to a maximum of 12 months. (TA 8/16/18)