Common use of Retiring Allowance Clause in Contracts

Retiring Allowance. A tenured academic staff member eligible for early retirement with at least fifteen (15) years of service who does not receive any other special arrangements or payment from the University is eligible for a lump-sum retiring allowance upon retirement. The amount of this retiring allowance is two (2) per cent of salary at the effective date of retirement (in the case of a gradual retirement, the member’s full salary) multiplied by the number of years of continuous service to a maximum of fifty (50) per cent of the member’s actual salary.

Retiring Allowance. A tenured academic staff member eligible for early retirement Early Retirement with at least fifteen (15) years of service who does not receive any other special arrangements or payment from the University College is eligible for a lump-sum retiring allowance upon retirement. The amount of this retiring allowance is two (2) per cent of salary at the effective date of retirement (in the case of a gradual retirement, the member’s full salary) multiplied by the number of years of continuous service to a maximum of fifty (50) per cent of the member’s actual salary.

Retiring Allowance. A tenured academic staff member eligible for early retirement with at least fifteen (15) years of service who does not receive any other special arrangements or payment from the University College is eligible for a lump-sum retiring allowance upon retirement. The amount of this retiring allowance is two (2) per cent of salary at the effective date of retirement (in the case of a gradual retirement, the member’s full salary) multiplied by the number of years of continuous service to a maximum of fifty (50) per cent of the member’s actual salary.

Retiring Allowance. A tenured academic staff member eligible for early retirement with at least fifteen (15) years of service who does not receive any other special arrangements or payment from the University is eligible for a lump-sum retiring allowance upon retirement. The amount of this retiring allowance is two (2) per cent of salary at the effective date of retirement (in the case of a gradual retirement, the member’s full salary) multiplied by the number of years of continuous service to a maximum of fifty (50) per cent of the member’s actual salary.

Retiring Allowance. A tenured academic staff member eligible for early retirement Early Retirement with at least fifteen (15) years of service who does not receive any other special arrangements or payment from the University College is eligible for a lump-sum retiring allowance upon retirement. The amount of this retiring allowance is two (2) per cent of salary at the effective date of retirement (in the case of a gradual retirement, the member’s full salary) multiplied by the number of years of continuous service to a maximum of fifty (50) per cent of the member’s actual salary.

Retiring Allowance. A tenured academic staff member eligible for early retirement with at least fifteen (15) years of service who does not receive any other special arrangements or payment from the University College is eligible for a lump-sum retiring allowance upon retirement. The amount of this retiring allowance is two (2) per cent of salary at the effective date of retirement (in the case of a gradual retirement, the member’s full salary) multiplied by the number of years of continuous service to a maximum of fifty (50) per cent of the member’s actual salary.