Deferred Retirement Clause Samples
The Deferred Retirement clause allows an employee to postpone their planned retirement date beyond the initially agreed-upon time. In practice, this clause outlines the process for requesting a deferral, such as providing advance notice and obtaining employer approval, and may specify any changes to benefits or employment terms during the extended period. Its core function is to provide flexibility for both the employee and employer, accommodating changing circumstances while ensuring continuity of employment and clear expectations regarding retirement timelines.
Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree.
b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.
Deferred Retirement. Any employee who is otherwise qualified to be paid the sick-leave buy-back, so called, that is described in the preceding paragraph (g) but who, having given notice thereof to the University, defers his/her retirement in accordance with the requirements of the State Retirement Act shall be entitled to be paid his/her sick-leave buy-back when he/she actually retires, and the value thereof shall be calculated on the basis of his/her rate of pay as it was when he/she was last employed as a member of the bargaining unit.
Deferred Retirement. An employee, who leaves employment and elects to defer retirement benefits, shall receive payment representing fifty percent (50%) of his/her accumulated and unused Sick Leave computed on the basis of the employee's salary at termination of employment. This payment shall not be made until the former employee begins to receive retirement benefits. In case the former employee dies prior to the time that the retirement benefits are to begin, said accumulated payoff shall be made to the deceased employee's Sick Leave Payoff designee and shall be paid at the time of death.
Deferred Retirement. If a Participant should continue in the employ of the Employer beyond his Normal Retirement Date in accordance with Section 4.3, the Trustee shall convert the contracts on the life of such Participant to reduced paid-up contracts under the provision of such contracts relating to default in premium payment so that, subject to the terms and conditions of the provision for the purchase of additional retirement benefits, a deferral of such Participant's retirement benefits can be accomplished until his actual retirement. Upon actual retirement, the Trustee shall make application to the insurance company to obtain for such Participant the retirement benefits to which he may be then entitled. In lieu of such action, the Trustee may direct the insurance company to pay the cash value of the contracts on the life of such Participant to the Trustee for distribution pursuant to Article IX. If term life insurance has been purchased and if the Participant should continue in the employ of the Employer beyond his Normal Retirement Date in accordance with Section 4.3, the Committee shall have the right to direct that the Trustee continue the term life contracts on the life of such Participant
Deferred Retirement. A Participant who continues in the employment of a Company after his Normal Retirement Date shall continue to participate in this Plan, and contributions shall be allocated to his Company Contributions Account as otherwise provided in this Plan. Any such Participant who elects Deferred Retirement shall be entitled to benefits under this Plan payable at his Deferred Retirement Date in the same manner as if he had retired on his Normal Retirement Date; provided, however, that the deferral of benefit payments after a Participant's Normal Retirement Date shall be permitted only to the extent authorized by and in compliance with all requirements imposed under Section 2530.203-3 of the Department of Labor Regulations which are incorporated herein by reference.
Deferred Retirement a. An employee who, upon separation from Authority employment, is eligible for paid retirement and elects deferred retirement must defer participation in the Retiree Medical Insurance Grant until such time as he/she becomes an active retiree. .However, in order to be eligible for health care coverage provided by ▇▇▇▇▇▇▇, retirement must not be deferred for more than one hundred twenty (120) days after the employee separates from Authority employment. (09/28/06)
b. An employee with one (1) year of employment (2,080 hours), who is not eligible for paid retirement at the time he/she separates from Authority service and elects deferred retirement status, shall not become eligible for participation in the Retiree Medical Insurance Grant until he/she becomes fifty-five (55) years of age. (09/28/06)
Deferred Retirement a. An employee who, upon separation from Authority service, is eligible for paid retirement and elects deferred retirement must defer participation in the Retiree Medical Insurance Grant until such time as he/she becomes an active retiree.
b. An employee who has one (1) year of service (2,080 hours), is not eligible for paid retirement at the time he/she separates from Authority service, and elects deferred retirement status shall not become eligible for participation in the Retiree Medical Insurance Grant until he/she becomes fifty-five (55) years of age.
Deferred Retirement. 3 Section 1.16. Deferred Retirement Date......................3 Section 1.17.
Deferred Retirement. Dear ▇▇▇▇▇▇: This will confirm our understanding reached during negotiations for the Collective Agreement commencing January 1, 1996. Should mandatory retirement at age 65 be no longer permitted by law in this province, and a regular employee continues in employment beyond his normal retirement date, the following conditions shall govern such employment and be added to the Collective Agreement.
Deferred Retirement. A member with ten (10) or more years of credited service as of December 17, 2008, who ceases to be a member, except by death or retirement, before attaining the minimum service retirement age of fifty (50) shall be allowed to qualify for pre-65 retiree health care coverage provided he/she upon reaching age fifty (50) applies for retirement in accordance with Section 1.250 of the City of Grand Rapids Police and Fire Retirement System Ordinance and also applies for City pre-65 retiree health care coverage. A member with less than ten (10) years of credited service as of December 17, 2008, who ceases to be a member, except by death or retirement, before attaining the minimums service retirement age of fifty (50) shall not be eligible for City pre-65 retiree health care coverage upon application for retirement in accordance with Section 1.250 of the City of Grand Rapids Police and Fire Retirement System Ordinance. This paragraph shall also apply to all new hires on or after December 17, 2008.