Tenure Purchase Retirement Option Sample Clauses

Tenure Purchase Retirement Option. The purchase of Tenure, whereby the Faculty Members xxxxxx employment with the College and is compensated for Tenure rights by a method and amount agreeable to both parties;
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Tenure Purchase Retirement Option provides for the purchase of valuable tenure rights of employees in exchange for the employee’s separation from service at a time earlier than that required by law. Where an employee’s application for this option is approved, he/she shall retire and waive any and all tenure rights and shall receive payment in exchange for such retirement and waiver of tenure rights. Such payment shall be paid on the effective date of the employee’s retirement or a later day mutually agreed upon by the College and the employee. Such payment shall be made according to the following schedule: Effective Date of Retirement Total Payment Maximum Payment Per Year Before 64 1.5 times Annual Salary Placement (ASP) 0.5 times ASP Age 64 1 times ASP 0.5 times ASP Age 65 and beyond .5 times ASP 0.5 times ASP
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Related to Tenure Purchase Retirement Option

  • Early Retirement Option The District may offer an early retirement incentive for unit members.

  • Retirement Options The Xxxxxxx Community College Board of Trustees may at its discretion grant one of the following retirement incentive plans to eligible faculty. The unit member must elect and may participate in only one of the three following retirement plans:

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

  • Employment Option If the State determines that it would be in the State’s best interest to hire an employee of the Contractor, the Contractor will release the selected employee from any non-competition agreements that may be in effect. This release will be at no cost to the State or the employee.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Broad Participation Retirement Fund A fund established in The Bahamas to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund:

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • RETIREMENT PICK-UP 257. For the term of this Agreement, the CITY shall pick up the full amount of the employees’ contribution to retirement.

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