Common use of Post-Fifty-Five Early Retirement Incentive Clause in Contracts

Post-Fifty-Five Early Retirement Incentive. A. Incentive for Employees Hired On or Before August 26, 2002 and Employees Hired After August 26, 2002 Who Have Attained 100% Credit for Years of Service. An employee who satisfies all of the eligibility requirements of Section 1 and was hired on or before August 26, 2002 or was hired after that date and has attained 100% credit for years of service; may elect, either during the pay period in which his/her fifty-fifth (55th) birthday occurs or any time thereafter, to retire and take advantage of the Early Retirement Incentive specified herein. As and for such incentive, each month the Employer shall pay the full Employer contribution, in the amount specified in Article 27, toward health and dental insurance coverage for the employee and his/her dependents until the employee reaches age 65; provided that the employee is in payroll status and the Employer is paying the full Employer contribution for health and dental coverage on the employee’s fifty-fifth (55th) birthday, or that the employee is on an unpaid leave of absence which began not more than six (6) months prior to his/her fifty-fifth (55th) birthday and during which the employee continued to be covered by the group insurance program under Article 27 by paying the premiums for such coverage. The eligible employee shall pay the remaining monthly portion of such insurance premium.

Post-Fifty-Five Early Retirement Incentive. A. Incentive for Employees Hired On or Before August 26, 2002 and Employees Hired After August 26, 2002 Who Have Attained 100% Credit for Years of Service. An employee who satisfies all of the eligibility requirements of Section 1 and was hired on or before August 26, 2002 or was hired after that date and has attained 100% credit for years of service; may elect, either during the pay period in which his/her their fifty-fifth (55th) birthday occurs or any time thereafter, to retire and take advantage of the Early Retirement Incentive specified herein. As and for such incentive, each month the Employer shall pay the full Employer contribution, in the amount specified in Article 27, toward health and dental insurance coverage for the employee and his/her their dependents until the employee reaches age 65; provided that the employee is in payroll status and the Employer is paying the full Employer contribution for health and dental coverage on the employee’s fifty-fifth (55th) birthday, or that the employee is on an unpaid leave of absence which began not more than six (6) months prior to his/her fifty-their fifty- fifth (55th) birthday and during which the employee continued to be covered by the group insurance program under Article 27 by paying the premiums for such coverage. The eligible employee shall pay the remaining monthly portion of such insurance premium.