Alternative Retirement Program Sample Clauses

Alternative Retirement Program. (ARP). Full-time (100% FTE) Bargaining Unit members appointed after June 23, 1998 can elect to participate in the Ohio Alternative Retirement Plan (ARP). Eligible members may make a one time irrevocable election to opt out of the State Teachers Retirement System (STRS) or the Ohio Public Employees Retirement System (OPERS) and participate in the ARP. The election must be made within ninety (90) days of the date of hire.
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Alternative Retirement Program. ‌ 1) If the teacher’s retirement does not subject the Board to any penalties from TRS, the teacher may participate in the Board’s medical and dental insurance program on the same basis as current employees until the teacher reaches the age of eligibility for Medicare. 2) Upon reaching the age of eligibility for Medicare and if Medicare eligible, the teacher may participate in the Board’s Medicare Supplement Program by paying the full premium cost. 3) A post retirement payment of $20 per unused day of sick leave not used by the teacher for service credit through TRS. 4) If the teacher’s retirement subjects the Board to penalties from TRS, the teacher must repay to the Board all amounts of creditable earnings necessary to avoid the penalties before he or she is eligible for this benefit. Provided the teacher repays the creditable earnings necessary to avoid the penalties, the teacher may participate in the Board’s medical and dental insurance program if the teacher pays 50% of the full premium costs.
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Alternative Retirement Program. (ARP). Full-time (100% FTE) Faculty Members appointed after June 23, 1998 can elect to participate in the Ohio Alternative Retirement Plan (ARP). Eligible members may make a one- time irrevocable election to opt out of the State Teachers Retirement System (STRS) or the Ohio Public Employees Retirement System (OPERS) and instead participate in the ARP. The election must be made within one hundred twenty (120) days of the initial appointment date or the date of transfer into a 100% FTE position. The same rate of employer and member contributions will be required for Faculty Members participating in the ARP as would have been required if the Faculty Member elected to remain in STRS or OPERS. A portion of the employer’s contributions (the “Mitigating Rate”) must be contributed to STRS or OPERS, as applicable, in recognition of the unfunded defined benefit portion of those programs.
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Alternative Retirement Program. FOR PART-TIME EMPLOYEES 1. Part-time employees with the District are automatically a participant in the Alternative Retirement Program at no cost to the employee. a. The values of the benefits are calculated upon other factors: 1) Annual wages 2) Age at retirement 3) Number of years worked in the District b. If cash value of benefit is under three thousand, five hundred dollars, ($3,500), benefit will be received in cash lump sum. 2. Part-time classified employees that receive benefits from STRS or PERS are not eligible for this Alternative Retirement Program.
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Related to Alternative Retirement Program

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article: