Retirement Incentive definition

Retirement Incentive shall include:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Retirement Incentive or Section 406.2 "Longevity Incentive" shown below, provided he/she is eligible, but not both.

Retirement Incentive means any financial incentive that facilitates early retirement.

Examples of Retirement Incentive in a sentence

• The employee retirement contribution rate shall return to six percent (6%) in accordance with the Early Retirement Incentive Program (ERIP) agreement dated October 26, 2009 and LAAC Section 4.1033, which provides that this seven percent (7%) employee retirement contribution will continue until June 30, 2026 or until the ERIP cost obligation is fully paid, whichever comes first.

• Any employee who is employed in a classification covered by the Correctional Employees Retirement Plan (M.S. §§352.91 and 352.911) shall be eligible to retire under one of the following Corrections Early Retirement Incentive programs if the conditions for eligibility as set forth in Section 3C4b below are met.

• The employee shall complete an LTD Plan Early Retirement Incentive Benefit Application.

• The Committee will have access to all relevant information available to the Trust to determine the cost savings experienced by the LTD Plan as a result of the Early Retirement Incentive Provisions.

• The College will have the discretion to participate in a Voluntary Separation Incentive Program or a Voluntary Retirement Incentive Program, if such programs are provided for in the operating budget.

• If the employee does not apply by July 1, he/she will not receive payment for unused sick days or Early Retirement Incentive until July of the following year.

• Upon approval of the employee’s application, the employee and the Healthcare Benefit Trust will jointly sign the Terms of the LTD Plan Early Retirement Incentive Benefit and the employee and the members of the Joint LTD Plan Early Retirement Incentive Committee shall sign the LTD Plan Early Retirement Incentive Agreement on behalf of the Parties to the Collective Agreement.

• The LTD Plan Early Retirement Incentive Benefit is to ensure that the eligible employee will not realize a pension benefit that is less than the pension benefit that she would have been entitled to receive at the normal retirement date, had she not applied for early retirement, regardless of when the early retirement incentive provision is activated.

• The LTD Plan Early Retirement Incentive Benefit is to ensure that the eligible employee will not realize a pension benefit that is less than the pension benefit that he/she would have been entitled to receive at the normal retirement date, had he/she not applied for early retirement, regardless of when the early retirement incentive provision is activated.

• The LTD Plan Early Retirement Incentive Benefit is to ensure that the eligible employee will not realize a pension benefit that is less than the pension benefit that she/he would have been entitled to receive at the normal retirement date, had she/he not applied for early retirement, regardless of when the early retirement incentive provision is activated.

More Definitions of Retirement Incentive

Retirement Incentive. Employees who are eligible to retire under ▇.▇. ▇. 32, upon retirement, shall receive a severance payment of $5,000 if they have given the Town at least four (4) months’ notice of their retirement date. In the event that the Commonwealth of Massachusetts offers and early retirement incentive, employees who retire with at least four months’ notice shall receive a severance payment of $1,000.

Retirement Incentive. Any employee who submits an irrevocable application for retirement at any time prior to March 31, 2012, with a retirement date of no later than March 31, 2012 shall immediately receive a 3% increase commencing the pay period immediately after the date the completed application is submitted to SamCERA. Any employee who submits an application for retirement by June 1, 2011 shall receive a 3% increase retroactive to the first full pay period in January of 2011. No retroactive pay shall be granted for paperwork submitted after June 1, 2011. If the employee decides not to retire as agreed under this subsection then the employee shall be required to repay the 3% increase.

Retirement Incentive. Employees who give a written notice of intent to retire to the City Manager, effective no later than December 31, 2009 shall be entitled to a $7,500 retirement bonus.

Retirement Incentive. For all teachers who: a. Have completed twelve (12) years of full-time teaching experience in the Onamia School District, And b. Submit a written resignation on or before February 1st of the calendar year in which he or she will retire. (revised 2015-17) 1. For all teachers hired after 8/28/1986 and prior to 9/1/1996: a. The District will contribute the dollar difference between the retiring teacher’s annual salary (Schedule A for the year retiring, excluding any additional days of employment and any extracurricular salary) versus the starting salary at the current BA/BS, Step 1 salary lane less the HCSP contribution from the following table. b. The School District will contribute the dollar difference to be paid into the MSRS in two annual installments. The first installment will be paid on September 30th after the date of retirement. The second installment will be paid the following September 30th. 2. All teachers hired after 9/1/1996 are eligible for district contribution to the Post- Retirement Health Care Savings Plan (HCSP). Upon completion of their 10th year of service within the district, annual contributions will be made monthly throughout the school year with the first contribution starting September 30th of the 11th year of service to the district.

Retirement Incentive. A member is eligible for $600.00 per year of for each year of full time service for those that retire from the District in their first year of retirement eligibility without penalty in accordance with criteria established by the NYS Employees Retirement System.