Retiring Allowance Clause Examples
A Retiring Allowance clause defines the compensation or benefits provided to an employee upon retirement from an organization. Typically, this clause outlines the eligibility criteria, calculation methods, and forms of payment, such as lump sums or periodic payments, that an employee may receive when they retire. Its core practical function is to ensure that employees are fairly compensated for their service upon retirement, providing financial security and recognizing long-term contributions to the organization.
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Retiring Allowance. (a) The Company and Union recognize that in face of significant reduction of the workforce due to job elimination, attrition through early retirement is a preferential way to decrease the size of the workforce. For the term of this Agreement and consistent with 3. Notice above, and; the continued availability of a skilled workforce, a one month window of opportunity will be opened for eligible employees to exercise a retirement leaving option.
(b) Employees exercising the option shall terminate their employment within four (4) weeks after the implementation of the job elimination.
(c) Eligible employees are those employees who are fifty-five (55) years or older and who qualify for pension benefits under the PPWC Xxxxxxxxx Xxxx Products Plan.
(d) Employees wishing to exercise the Retirement Leaving Option shall be entitled to receive a Severance Allowance in accordance with 5 above as well as pension benefits in accordance with the applicants pension entitlement.
(e) The Retirement Leaving Allowance may be directly rolled into an R.R.S.P. or other tax shelter as may be permissible under the Income Tax Act, otherwise it will be subject to the appropriate tax deductions.
Retiring Allowance. A tenured academic staff member eligible for early retirement with at least fifteen (15) years of service who does not receive any other special arrangements or payment from the University is eligible for a lump-sum retiring allowance upon retirement. The amount of this retiring allowance is two (2) per cent of salary at the effective date of retirement (in the case of a gradual retirement, the member’s full salary) multiplied by the number of years of continuous service to a maximum of fifty (50) per cent of the member’s actual salary.
Retiring Allowance. If you retire from the Company during the life of this agreement with at least 30 pension credits and the total (lifetime and bridge) pension payable in the normal form is less than $2,500 per month, you will receive a retiring allowance equal to $2,500 less your total early retirement pension payable under the normal form. The retiring allowance is payable monthly from your early retirement date to age 65. Note: Normal form is before any reduction for Joint & Survivor pension and taxes.
Retiring Allowance. 38.1. Each Member shall, upon retirement to pension immediately following his continuous service with the City, receive a lump-sum retiring allowance equal to the number of hours remaining in his retiring allowance account (as defined in Section 37.2 below) multiplied by the member’s average hourly rate of pay in the five year period immediately preceding retirement.
38.2. A retiring allowance account for each member shall be established as follows:
38.2.1. During the five years immediately preceding his retirement, each Member shall accrue one hundred (100) hours per year toward his retiring allowance account.
38.2.2. Absences in excess of thirty (30) hours in each year shall be deducted from the one hundred hour yearly maximum on an hour for hour basis.
38.3. In order to ensure that the Police Service can adequately address staffing needs, members shall give as much notice as reasonably possible of their intent to retire.
38.3.1. If a member provides the Police Service with notice of his intent to retire of twenty-eight (28) days or more, he shall receive one hundred per cent (100%) of the balance of his retiring allowance account.
38.3.2. If a member provides the Police Service with notice of his intent to retire of between twenty-one (21) days and twenty-seven (27) days, he shall receive seventy-five per cent (75%) of his retiring allowance account.
38.3.3. If a member provides the Police Service with notice of his intent to retire of between fourteen (14) days and twenty (20) days, he shall receive fifty per cent (50%) of the balance of his retiring allowance account.
38.3.4. If a member provides the Police Service with notice of his intent to retire of less than fourteen (14) days, he shall forfeit his retiring allowance account.
38.3.5. For the purposes of the Article, notice shall mean the period of time the member is actively at work and does not include time off taken as vacation and/or banked time.
Retiring Allowance. (also known as Severance Pay): Is an amount paid to employees for the loss of employment in accordance with Canada Revenue Agency guidelines.
Retiring Allowance. 31:01 Employees with ten (10) or more years of corporate service who retire or die shall be entitled to a retiring allowance in the amount of one (1) weeks’ pay for each year of accrued service or prorated portion thereof. In the event of the death of an employee, retiring allowance shall be paid to the employee’s beneficiary or otherwise to the employee’s estate.
31:02 Employees with ten (10) or more years of corporate service, who are terminated due to a permanent disability as deemed by Workers Compensation Board, shall be eligible to receive this allowance.
31:03 The rate of pay referred to in this section shall be that in effect at the time of retirement or death.
31:04 Employees who resign or retire shall be deemed to have terminated their employment with the Corporation for the purpose of fulfilling the requirements under the Civil Service Superannuation Act.
31:05 Effective January 1, 2012 any woman who retires and has taken maternity and/or parental leave during her career shall have that time credited to her accrued service for retiring allowances purposes only.
31:06 Effective September 18, 2016 any man who retires and has taken parental leave during his career shall have that time credited to his accrued service for retiring allowances purposes only.
Retiring Allowance. 40.01 An employee who retires after reaching the age of 60 shall be entitled to a retiring allowance equal to $1,000 per year of service up to a maximum of $5,000 less applicable statutory deductions if the retiring employee’s combined age and length of service (calculated from his/her last hire date) add up to at least 70.
Retiring Allowance. 31:01 Employees with ten (10) or more years of corporate service who retire or die shall be entitled to a retiring allowance in the amount of one weeks pay for each year of accrued service or prorated portion thereof. In the event of the death of an employee, retiring allowance shall be paid to the employee’s estate.
31:02 Employees with ten (10) or more years of corporate service, who are terminated due to a permanent disability as deemed by Workers Compensation Board, shall be eligible to receive this allowance.
Retiring Allowance. The Parties agree that this is an initiative to promote better succession planning by providing Employees with incentive to provide greater notice of intention to retire.
Retiring Allowance. (a) A Member in a three (3) year phased retirement will be eligible to receive a Retiring Allowance equal to seventy-five percent (75%) of the one hundred percent (100%) nominal salary in effect immediately prior to the commencement of phased retirement, less deductions required by law. The Retiring Allowance will be paid in three (3) equal installments over the phased retirement period.
(b) A Member in a two (2) year phased retirement will be eligible to receive a Retiring Allowance equal to fifty percent (50%) of the one hundred percent (100%) nominal salary in effect immediately prior to the commencement of phased retirement, less deductions required by law. The Retiring Allowance will be paid in two (2) equal installments over the phased retirement period.
(c) In the event that a Member dies prior to receiving his/her full entitlement under this section, the balance of the Retiring Allowance shall be paid to his/her estate.
(d) A Member who has opted out of the PRP in order to receive Long-Term Disability benefits shall receive a prorated share of her/his Retiring Allowance.