Phased Retirement Arrangement definition

Phased Retirement Arrangement means a written contract entered into between the Eligible Faculty Participant and the Employer which shall describe a current reduction in hours of employment and a definite future employment termination date.
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Phased Retirement Arrangement means a written arrangement between an eligible tenured faculty member and the University as described in Section 5.1.
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Examples of Phased Retirement Arrangement in a sentence

  • Upon the request of an employee who is eligible to become a Participant and approval by the employee’s Department head and Human Resources, the University and employee shall enter into a Phased Retirement Arrangement under this Plan.

  • Upon the request of an active tenured faculty member who is eligible to become a Participant, the University and the faculty member shall enter into a Phased Retirement Arrangement under this Plan.

  • In the event that the Plan is amended in a manner that materially affects its terms or benefits, the irrevocable commitment to retire by each faculty member who has previously entered into a Phased Retirement Arrangement, but who has not yet actually retired, shall continue in full force and effect.

  • Notwithstanding the foregoing, the University shall comply with a domestic relations order, issued by a court of competent jurisdiction, with respect to amounts due to a Participant after he or she has entered into a Phased Retirement Arrangement.

  • In the event that the Plan is amended in a manner that materially affects its terms or benefits, the irrevocable commitment to retire by each employee who has previously entered into a Phased Retirement Arrangement, but who has not yet actually retired, shall continue in full force and effect.

  • Any amendment or termination shall impose no obligation or liability on the University with respect to any faculty member, whether or not the faculty member has applied to become a Participant, prior to the time when the Phased Retirement Arrangement has been signed by the faculty member and received by the University.

  • Withdrawals can be requested beginning with the first day of the academic year in which the Phased Retirement Arrangement commences.

  • Notice of intent to elect a Phased Retirement Arrangement should be given prior to beginning the period of phased retirement and no later than faculty member’s 70th birthday.

  • With respect of faculty at the School of Medicine, a special one-time transition election shall be available to each active tenured faculty member who, on the effective date of the Plan, is eligible to become a Participant as set forth in Section 4.1 except that the faculty member will be older than Normal Retirement Age (age 70) by February 28, 2013, and must elect no later than February 28, 2013 to participate in a Phased Retirement Arrangement that shall commence no later than September 1, 2013.

  • A special one-time transition election shall be available to each active tenured faculty member who, on the effective date of the Plan, is eligible to become a Participant as set forth in Section 4.1 except that the faculty member will be older than Normal Retirement Age (age 70) by August 31, 2011, and must elect no later than August 31, 2011 to participate in a Phased Retirement Arrangement that shall commence no later than July 1, 2012.

Related to Phased Retirement Arrangement

  • Continuing care retirement community means a residential

  • Supplemental Retirement Plan means (i) the Company’s Amended and Restated Supplemental Executive Retirement Plan, (ii) the Company’s Supplemental Management Retirement Plan, (iii) the Company’s Amended and Restated Top Hat Restoration Plan, and (iv) the Company’s Defined Contribution Restoration Plan.

  • Approved Retirement means any voluntary termination of employment that occurs on or after the date on which the sum of your age and years of employment with Deluxe and/or its Affiliates equals at least seventy-five (75) and that is approved by the Compensation Committee of the Board.

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Public employees retirement system means the retirement plan and program

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Special Retirement means an Optionee’s termination of employment or service with the Employers and Affiliates on or after the later of (i) the Optionee’s attainment of age 62 and (ii) the Optionee’s Early Retirement Date or Normal Retirement Date, as such terms are defined in the Telephone and Data Systems, Inc. Pension Plan.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in value in the aggregate as are payable thereunder prior to a Change in Control.

  • Qualified Retirement means the Participant’s voluntary termination of Service after reaching age 65 and completing 10 years of service with the Company, its Subsidiaries or predecessors.

  • Car sharing termination time means the earliest of the following events:

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Postponed Retirement Date means the first day of the month coincident with or next following a Participant’s date of actual retirement which occurs after his Normal Retirement Date.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Newly hired employee or “New Hire” means any employee, whether permanent, full-time, or part-time, hired by the Office and who is still employed as of the date of new employee orientation. It also includes all employees who are or have been previously employed by the Office and whose current position has placed them in the bargaining unit represented by CSEA. For those latter employees, for purposes of this article only, the “date of hire” is the date upon which the employees’ employment status changed as such that the employee was placed in the CSEA unit.

  • Mandatory Retirement means termination of employment pursuant to the Company’s mandatory retirement policy.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.