Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2016 and who therefore remains eligible for a retirement allowance may select one of the following two options for the payment of their retirement allowance earned up to March 31, 2016:
Payment of Retirement Allowance. Employees who qualify for payment of the Retirement Allowance under this MOU will receive the Allowance in their last regular pay warrant for the month of June, 2018. The Retirement Allowance shall be subject to all legally required withholdings and tax deductions; however, since the allowance does not qualify as “creditable compensation” under relevant statutes, there shall be no withholding for STRS contributions.
Payment of Retirement Allowance. (a) Deferred lump sum payment: A single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full and partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. The employee may at the time of retirement, request in writing payment of retirement allowance to be held over to the taxation year following the year in which the retirement allowance would normally be paid.
Payment of Retirement Allowance. (a) Deferred lump sum payment: a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full years of continuous service and the prorated amount for partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. At the written request of an employee, payment of the deferred retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years.
Payment of Retirement Allowance of the Collective Agreement. Employees who, on or before March 24, 2016, voluntarily elected to discontinue their retirement allowance accumulated prior to October 1, 2015, in accordance with Article 28.02(f)(i) of the Medical Science Professionals collective agreement in force in 2015, will have no credits to transfer, but will have the retirement allowance credits accumulated in accordance with Article 32.04 (Retirement Allowance) of the Engineering & Field collective agreement. Such accumulation was limited to the difference between 125 days and the number of days already paid out.
Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2016 and who therefore remains eligible for a retirement allowance may select one of the following two options for the payment of their retirement allowance earned up to March 31, 2016: an immediate single lump sum payment based on the employee’s full and partial years of continuous service and regular rate of pay on March 31, 2016; or a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full and partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. The immediate lump sum payment option in (a)(i) is also available to employees with a continuous service date falling before March 31, 2016 and who have not yet accumulated five years or more of continuous service. An employee who selects an immediate lump sum payment under (a)(i) will not be eligible for any further retirement allowance payment at their retirement. To assist the employees in making their payment selection, the Employer will advise eligible employees of their full and partial years of continuous service for the purpose of calculating the retirement allowance no later than June 30, 2016. Employees will have until September 30, 2016 to advise the Employer that they select an immediate payment of their retirement allowance. Where an employee has not advised the Employer of their selection of an immediate payment by September 30, 2016, the employee will be deemed to have deferred his/her payment until retirement. Where an employee has elected a retirement allowance deferral in accordance with 44.02 (a) (ii) they may, at the time of retirement, request in writing payment of retirement allowance to be held over to the taxation year following the year in which the retirement allowance would normally be paid.
