Voluntary Retirement Plan Sample Clauses

Voluntary Retirement Plan. The Board of Education provides an early retirement plan in order to facilitate the voluntary early retirement of certified employees of USD 402 who may find it necessary or desirable to retire. Any eligible employee may elect to take early retirement under the terms and conditions set forth in this policy. Early retirement is entirely voluntary and at the discretion of an eligible employee.
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Voluntary Retirement Plan. Any Employee may contribute to a CTS sponsored 457 Deferred Compensation Plan starting on their seniority date. The maximum amount that an Employee may contribute will be controlled by statute and the 457 Plan documents.
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Voluntary Retirement Plan. Voluntary contributions are allowed in conjunction with the standard plan. There are loan provisions and hardship withdrawal options for voluntary contributions. A loan amount is a minimum of $1,000, and 110% of the loan amount must remain in the employee’s account to be used as collateral. There are no early withdrawal penalties associated with loan provisions. IRS criteria has to be met for an employee to be eligible for a hardship withdrawal. A 10% early withdrawal penalty is incurred for a hardship withdrawal. Hardship withdrawal amounts are not paid back. Employee voluntary contributions are suspended for six months in conjunction with a hardship withdrawal. Access to 403(b) Voluntary Contributions: - Loan provisions from TIAA GSRA and Fidelity Investments. Minimum loan amount is $1,000.00, must keep 110% of loan amount in voluntary account as collateral. Early withdrawal distribution penalty for default. - Hardship withdrawal is available (premiums only – earnings are not available). A 10% early withdrawal penalty is incurred if under age 59 ½. Withdrawal amounts are not paid back. Applicable taxes due for distribution. Employee voluntary contributions are suspended for six months. - Termination of employment. For personal distributions, will incur 10% early withdrawal penalty if under age 59½, and applicable taxes. - Retirement from University of Delaware. If over age 55 and under age 59 ½, there are some provisions that allow access without penalty (contact specific vendor for details). Various retirement payout options (lifetime annuities, systematic withdrawals, etc.). - After age 59 ½, withdrawal of voluntary contributions is authorized without penalty, will incur normal income taxes. - Death of employee. Beneficiary should contact investment vendor for assistance. - Mandatory Required Distribution (MRD) after age 70½ if no longer employed at the University of Delaware; MRD is required after age 75½ for contributions earned prior to 1987. Termination of employment prior to retirement: - Leave accumulations with investment vendor, keep address up to date. - Take a personal withdrawal – will incur 10% early withdrawal penalty in under age 59 ½ and normal income taxes. - Rollover/transfer to IRA. - Rollover/transfer to new employer’s plan. 403(b) Retirement Plan Annual Contribution Limits (Authorized by the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001) The following chart summarizes the changes in tax law that impact the Unive...
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Voluntary Retirement Plan. The BOE provides an early retirement plan in order to facilitate the voluntary early retirement of Professional Employees of USD 402 who may find it necessary or desirable to retire. Any eligible employee may elect to take early retirement under the terms and conditions set forth in this policy. Early retirement is entirely voluntary and at the discretion of an eligible employee.
Sample 1

Related to Voluntary Retirement Plan

  • Voluntary Retirement Notwithstanding anything in this Section 2 to the contrary, the Participant’s Units shall be fully vested if the Participant is eligible to resign from employment with the Company and have that resignation treated as a Voluntary Retirement (as that term is defined in the Xxxxxxx Information Services Corporation Executive Voluntary Retirement Plan, or “EVRP”), provided the Participant satisfies all of the requirements of the EVRP to receive benefits under that plan.

  • 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.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Mandatory Retirement Retirement shall be mandatory only to the extent required by law.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • 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.

  • Voluntary Employee Contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b).

  • 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.

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