VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT OPTION Sample Clauses

VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT OPTION a) A Teacher 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 teacher’s normal retirement date.
Sample 1Sample 2Sample 3See All (98)
AutoNDA by SimpleDocs
VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT OPTION. A Teacher 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 teacher's normal retirement date. The Teacher must declare his/her intention to receive the earlier gratuity payout by June 30, 2016. Pursuant to b) above, the following will apply: The earlier payout shall be equivalent to the present discounted value of the payout as per Appendix A. The present value shall be based on a discount rate of 7.87% and on the average retirement age of fifty-eight (58) less the teacher's age as at June 30, 2016. If a teacher is 58 years of age or older as at June 30, 2016, the retirement gratuity payout will be discounted by two percent (2%) if they chose the early gratuity payout.
Sample 1Sample 2
VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT OPTION. (Does not apply to Occasional Teachers)
Sample 1

Related to VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT OPTION

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

Time is Money Join Law Insider Premium to draft better contracts faster.