Voluntary Early Retirement Incentive Program Clause Samples
Voluntary Early Retirement Incentive Program. If the Employer chooses to offer Voluntary Early Retirement, an Employee may provide the Employer with irrevocable notice of retirement to commence March 31 of the fiscal year ending, or May 31 of the next fiscal year as long as notice to the Employer has been given in writing before January 8th of the current fiscal year. Benefits and payments for Voluntary Early Retirement are as follows:
(a) With notice of retirement for March 31 of the fiscal year ending:
i) Six (6) months of salary (continuous, paid bi-weekly)
ii) Continuation of CBA Extended Health and Dental Benefits for a period of twelve (12) months, excluding the Health Spending Account (residual will be paid out to the Employee). Life not included, LTD not included, Travel not included, EAP not included, HOOPP is included.
iii) Bridging benefits (coverage to age 65), paid for by the Employee without proof of insurability
iv) Payout Bi-weekly of up to 70 (Seventy) hours vacation rolled over from the fiscal year ending, with payments beginning in April of the new fiscal year.
v) In the event that more Employees give notice than can be reasonably granted early retirement, then seniority will be used to confirm. -or-
Voluntary Early Retirement Incentive Program. The Benefit Funds have agreed to offer to certain early-retirement-eligible employees a Voluntary Early Retirement Incentive Program (“2024 Commercial VERIP”), and the parties agree as follows:
a) The parties agree that the following benefits (collectively, the “2024 Commercial VERIP Benefits”) shall be provided to each Eligible Employee, as defined below in Paragraph (c), who makes a Retirement Election, as defined below in Paragraph (d):
i. A one-time lump sum contribution to the Eligible Employee’s Supplemental Retirement Savings Plan (“SRSP”) account in the amount of $20,000 (or such lesser amount permitted under limits set by the Internal Revenue Code and other applicable law) (“SRSP Lump Sum Contribution”) funded by the diversion of contributions payable to the Building Service 32BJ Health Fund (“Health Fund”) on behalf of participants in the Metropolitan and Suburban Plans, that are subject to the terms of the Commercial Building and Contractors Agreements (including security officers who have transitioned to the RAB Security Officers Agreement), and the independent counterparts of the Commercial Building and Contractors Agreements;
ii. A fifteen percent (15%) pension benefit total improvement above the Eligible Employee’s current entitlement, which is inclusive of the ten percent (10%) pension benefit improvement recommended to the Building Service 32BJ Pension Fund (“Pension Fund”) Trustees for all Program A and B participants in the 2023 Stipulation of Agreement;
iii. For Eligible Employees below the age of 65, continued coverage under the 32BJ Health Fund until the employee reaches the age of 65; and
iv. There shall be no reduction in any Eligible Employee’s pension benefit for electing early retirement pursuant to the terms of the 2024 Commercial VERIP.
b) The Health Fund, the SRSP, and the Pension Fund have been amended in accordance with the terms of this 2024 Commercial VERIP to provide the benefits described in Paragraph (a).
c) An Eligible Employee is an employee who:
i. Is or will be age 60 or older on or before August 31, 2024;
ii. Is a vested participant in the Pension Fund;
iii. Has or will have at least 15 years of Service Credit under Program A or B or a combination of Programs A and B as of July 1, 2024; and
iv. Remains in active employment through June 1, 2024 or later and commences benefits under the Pension Fund effective between July 1, 2024 and September 1, 2024.
d) To make a voluntary Retirement Election, an Eligible Employee ...