Early Retirement Option. 1: The "Golden Handshake Program" shall be made available to HCOE retiree applicants who meet all eligibility and other legal requirements, provided the program is offered under the PERS retirement sys- tem. This program provides the retiree an enhanced monthly benefit annuity as a result of the Employer purchasing additional service credit at the time of the employee's retirement, per Government Code Section 20904. During each year of the Agreement, there will be two window periods during which employees may apply for the Golden Handshake Program.
Early Retirement Option. Prior to issuing notice of layoff pursuant to the notice of layoff provision in this collective agreement, in any classification(s) the Hospital will offer early retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees (within the classifications) who would otherwise receive notice of layoff under the notice of layoff provision in this collective agreement. Within thirty (30) calendar days from the date of notice of layoff an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits their right to notice, recall, and their employment is terminated. Such employee will receive severance pay on the basis of the two (2) week’s pay for each year of service with the Hospital to a maximum of twenty-six (26) weeks on the basis of the employee’s normal weekly earnings. (note: for part time employees week’s pay will be calculated by dividing by 20, the employee’s hours in the 20 week period immediately prior to date of notice of layoff and then multiplying by the employees regular base hourly rate of pay) An employee choosing this option will receive a lump sum payment (subject to deductions required by law) equal to $1,000.00 for each year that the employee is less than 65 years of age to a maximum payment of $5,000.00 (subject to deductions required by law) The Hospital, at its discretion, may offer an employee the above Retirement Allowance at any time. It is understood that accepting Retirement Allowance is voluntary on the part of the employee.
Early Retirement Option. A. Any Administrator of the Jamesville-XxXxxx Central School District who meets the following eligibility requirements shall be entitled to the early retirement incentive (ERI) payment set forth below:
Early Retirement Option. A. Beginning in July 1, 2016, Bargaining Unit members shall be eligible to participate in the District’s Early Retirement Program subject to the following:
Early Retirement Option. In the event that the Company gives the Association a notice of plant closure, any employee who is within early retirement age will be allowed to retire before the final plant closing date, subject to applicable legislation.
Early Retirement Option. District pays the employer and employee share of ERO payment to TRS. An administrator who is eligible for the Early Retirement Option under 40 ILCS 5/16-133.2 and who elects to participate in that program shall receive the following benefits: Sick Days: Convert to or credit up to 340 accumulated, unused days for TRS creditable service; excess days to be bought by District at the rate of $45.00 per day as a part of a post- retirement severance package. Payment shall be made within thirty (30) days after the administrator’s last day of TRS creditable service or the administrator’s receipt of his/her last regular paycheck, whichever occurs later. The administrator shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the administrator shall be deducted from this payment. Additional Salary: Only upon presentation of a written irrevocable notice of intent to retire by May 1 of the school year five (5) years prior to retirement, the administrator shall receive a compensation increase of 2.25% per year over base salary in the previous year for the last five (5) years of employment. An administrator may provide less notice – four, three, two, or one year – and, thus, qualify for only said salary enhancement, which cannot exceed 6% over base salary in any year. Any unused salary enhancement upon retirement shall be forfeited. As a part of the post-retirement severance package, the administrator shall receive a payment equal to his/her last year’s base salary times the portion of the forfeited bonus percentage not to exceed 11.25%, Payment shall be made within thirty (30) days after the administrator’s last day of TRS creditable service or the administrator’s receipt of his/her last regular paycheck, whichever occurs later. The administrator shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the administrator shall be deducted from this payment. Vacation Buy Back: Only upon presentation of a written irrevocable notice of intent to retire by May 1 of the school year five (5) years prior to retirement, the administrator shall be eligible to receive payment for up to 50 accumulated vacation days as follows: Year 5 - 10 days Year 2 - 10 days Year 4 - 10 days Year 1 - 10 days Year 3 - 10 days Any unused and uncompensated vacation days upon retirement shall be forfeited. As a part of the post- retirement s...
Early Retirement Option. This option provides that a tenured academic employee with 15 or more years of full- time academic employee service at TCC who retires at age 55, but prior to reaching age 60, or to those under age 55 with 30 years of service, will receive an amount equal to 126% of the employee's base salary at the time of retirement to be paid in equal installments over the 3 budget years following retirement. An employee who retires after reaching age 60, but prior to reaching age 67, who has 15 or more years of full-time academic employee service at TCC will receive an amount equal to 118% of the employee's base salary at the time of retirement, to be paid in proportional installments over the 3 budget years following retirement. For example, a full-time tenured academic employee who retires effective the end of fall quarter of the academic year is paid two- thirds of a year’s payment with the remaining one-third distributed evenly over the payments for the remaining two budget years.
Early Retirement Option. In the year when the Governing Board offers the Golden Handshake, the qualified bargaining unit member, who has served in the Xxxxxxx Unified School District for a period of five full years, may choose the following cash incentive retirement in lieu of the Golden Handshake.
Early Retirement Option. 37.1(a) Water and Power Employees’ Retirement Plan (PLAN) members who have reached age 50 and who have at least 30 years of service (50/30) shall be eligible for an unreduced formula retirement, calculated at 2.1% of the member's highest year's salary for each year of retirement service credit. 37.1(b) This option will continue until September 30, 2005. 37.2 - Enhancement of Employees’ Retirement Plan Pension Formula Rate 37.2(a) PLAN members who have reached age 55 and who have at least 30 years of service (55/30) shall be eligible for an unreduced formula retirement calculated at 2.3% of the member’s highest year's salary for each year of retirement service credit.
