Retirement Incentive Programs Sample Clauses

Retirement Incentive Programs. Faculty members may participate in retirement incentive programs established by the Board of Trustees in compliance with the California Education Code.
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Retirement Incentive Programs. Unit members may choose to participate in one of the following programs:
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Retirement Incentive Programs. In accordance with state law, an employee who is interested in retiring may consider one of three programs offered by the College: (a) Phased Retirement, (b) Retirement Transition, and (c) Early Retirement, and (d) other plan mutually agreed to by the academic employee, Union, and the college. First consideration will be given to retirement incentive applications that are submitted in writing to the College President no later than the fifteenth (15) day of October, each academic year. Applications received later than the fifteenth day of October shall be considered after processing those received by the fifteenth of October. Applications for retirement incentive programs must be for retirements occurring on June 30 of the academic year for which the application is filed. An eligible tenured academic employee who submits a request for a retirement incentive option by the due date shall be notified prior to winter quarter of the status of his/her request. Tenured academic employee application requests will be considered and approved on the basis of seniority and consistent with the terms of the agreement. In the case of exceptional circumstances, management, in consultation with the Union President, may consider other factors. In instances where tenured academic employees who have applied for the retirement incentive option have the same seniority date, and availability of retirement incentive options is limited, management in consultation with the Union President may consider other factors. Early Retirement incentive program requests will be approved up to two per academic year. Any unused early retirement allocations during a year will be accumulated for future use and will not expire. The maximum early retirement incentives that may be awarded in one year are two (2) for the current year and four (4) accumulated early retirement for a total of six (6). By September 15 of each academic year, management shall provide the Union with an accounting of prior year retirement(s) approved and the number of slots available for the year. Any retirement option entered into must be established in writing and agreed to by the employee and the College. Conditions of the agreement will be that the employee exercise an intentional, voluntary and intelligent waiver of his or her rights as a tenured academic employee in exchange for participation in a retirement program option and that the Board of Trustees give written assurances for fulfillment of the retirement contract.
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Retirement Incentive Programs. In accordance with state law, an employee who is interested in retiring may consider one of three programs offered by the College: (a) Phased Retirement, (b) Retirement Transition, and
Sample 1Sample 2
Retirement Incentive Programs. 1. For retirees not participating in the Early Retirement Incentive Program, the District will provide $150 fringe benefits contribution per month until the member reaches age sixty-five (65). A retiree may continue in the District health benefit programs at the retiree’s expense after termination of this program upon insurance carrier approval. This amount will be prorated commensurate to the percentage of full-time employment prior to retirement.
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Retirement Incentive Programs. 1 Unit members who choose to retire early may elect to participate in one of the following 2 retirement incentive programs:
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Related to Retirement Incentive Programs

  • 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.

  • Educational Incentive Program 15.2.1 A regular monthly classified unit member covered by this Agreement shall be granted a one-step increase (up to a step maximum of step G for Office/Technical unit members) on the first (1st) of the month following verification of satisfactory completion (grade of “C” or above) of twelve (12) semester units of credit from an accredited institution. Courses must have been enrolled in and credits must have been earned subsequent to the unit member's employment with the District. Official transcripts verifying a grade of “C” or above will be considered proof of satisfactory completion, in addition to the Educational Incentive Program Request for Salary Advancement Form, shall be provided by the eligible unit member and forwarded to the Office of Human Resources. Units of credit obtained prior to promotion must be applied toward step movement within sixty (60) calendar days of effective promotion date. The unit member shall ensure that the Compensation department is aware of these additional credits within this sixty (60) day period.

  • 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.

  • Sick Leave Incentive Program MSUAASF and Minnesota State may develop a sick leave incentive program through the establishment of a joint committee.

  • RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan In this Article, the terms used shall have the meanings as described:

  • Incentive Program Members who are rated as either Level I, Level II or Level III in every phase of the Physical Fitness Test are eligible to participate in the Incentive Program.

  • Educational Incentive Pay Effective January 1, 2022, the current Education Incentive Differential (EID) rates from the pre-existing salary schedules shall be eliminated and, in their place, the following Educational Incentive Pay program will be applied. The salary schedules contained in Addendum B reflect the new Educational Incentive pay allowances. Upon successful completion of field training and promotion to the rank of Police Officer, an officer who has received or obtains one of the degrees set forth below from an accredited college or university shall receive an annual incentive allowance added to their hourly rate, as follows: • $1,500 for associate’s degree ($0.723/hour) • $3,000 for bachelor’s degree ($1.446/hour) • $4,500 for master’s degree and above ($2.169/hour) Educational incentives are not cumulative, but rather the employee will be entitled to the highest incentive based on the degree(s) obtained. In the event an employee obtains a new or higher degree during employment, the employee will submit to the Department proof of degree attainment. Upon verification and approval by the Department, within thirty (30) days of submission, the employee’s pay will be adjusted effective on the first day of the pay period following the date of submission by the employee. Any current employee with an EID classification will be adjusted to the non-EID rate, but will receive the annual incentive allowance as part of their hourly rate, spread over twenty-six (26) pay periods. The hourly rate will be calculated by dividing the annual educational incentive by 2,074 hours. Educational incentive pay will be included in the regular rate for overtime purposes. In addition, it will be counted as part of the employee’s annual salary for pension purposes, consistent with the prevailing Fire & Police Employees Retirement System regulations, and reflected on the salary schedules.

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