Early Retirement Incentives (ERI Sample Clauses

Early Retirement Incentives (ERI. In order to minimize the potential for lay offs - should a reduction in the workforce be contemplated by the Employer - prior to issuing any layoff notice(s), the Employer will first offer an ERI to a sufficient number of employees who are eligible for early retirement under OMERS within the classification(s) affected. Such offers will be made to all eligible employees in the affected classification(s) and awarded on the basis of seniority to the extent that the maximum number of employees within the classification(s) who would otherwise have received lay off notices. Any employee accepting an early retirement incentive shall receive (following completion of their last day of work) - a retirement allowance equal to two (2) weeks normal gross weekly earnings for each year of continuous service plus a pro rated amount for any additional partial year of service to a maximum of twenty six (26) weeks normal gross weekly earnings.
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Early Retirement Incentives (ERI. In order to minimize the potential for layoffs - should a reduction in the workforce be contemplated by the Employer - prior to issuing any layoff notice(s), the Employer will first offer an ERI to a sufficient number of employees who are eligible for early retirement under O.M.E.R.S. (Ontario Municipal Employee Retirement Savings) within the classification(s) affected. Such offers will be made to all eligible employees in the affected classification(s) and awarded on the basis of seniority to the extent that the maximum number of employees within the classification(s) who would otherwise have received layoff notices. Any employee accepting an early retirement incentive shall receive (following completion of their last day of work) - a retirement allowance equal to two (2) weeks normal gross weekly earnings for each year of continuous service plus a pro rated amount for any additional partial year of service to a maximum of twenty six (26) weeks normal gross weekly earnings.
Sample 1
Early Retirement Incentives (ERI. In order to minimize the potential for layoff should a reduction in the workforce be contemplated by the Employer prior to issuing any layoff notice (s), the Employer will first offer an ERI to a sufficient number of employees who are eligible for early retirement under OMERS within the classification (s) and awarded on the basis of seniority to the extent that the maximum number of employees within the classification(s) who would otherwise have received lay off notices. Any employee accepting an early retirement incentive shall receive (following the completion of their last day of work) a retirement allowance equal to two (2) weeks normal gross earnings for each year of continuous service plus a pro-rated amount for any additional partial year of service to a maximum of twenty six (26) weeks normal gross weekly earnings. Any payments made under this provision are deemed to be inclusive of any statutory payment obligations.
Sample 1

Related to Early Retirement Incentives (ERI

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • EARLY RETIREMENT INCENTIVE PLAN 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Option The District may offer an early retirement incentive for unit members.

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.

  • Benefits on Early Retirement The Hospital will provide equivalent coverage to all employees who retire early and have not yet reached age 65 and who are in receipt of the Hospital’s pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Hospital will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Hospital to the billed premiums of active employees.

  • 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.

  • RETIREMENT INCENTIVE PROGRAM A. A Retirement Incentive Program will be provided by the District based upon the conditions stipulated below:

  • Sick Leave Credit-Based Retirement Gratuities 1) A Teacher is not eligible to receive a sick leave credit gratuity after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day.

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