– Early Retirement and Voluntary Exit Allowance Clause Samples

– Early Retirement and Voluntary Exit Allowance. It is understood that the Employer may offer the Early Retirement and Voluntary Exit options concurrently, provided that the Employer will accept the offers in the priority as described below.
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– Early Retirement and Voluntary Exit Allowance a) Before issuing a notice of layoff, the Employer will make offers of early retirement allowance in accordance with the following conditions: i) The Employer will first make offers in order of seniority in the work unit and in classification where layoffs would otherwise occur. The Employer will offer the same number of early retirements as the number of layoffs it would otherwise make. ii) The Employer will make offers to employees eligible for early retirement under the PSPP, to employees who are eligible for early retirement, Surplus Factor 80 or Pension Bridging. The rules for exercising Surplus Factor 80 and Pension Bridging options shall be those set out in the collective agreement between AMAPCEO and the Crown in Right of Ontario for Crown Employees, which shall be incorporated into this agreement mutatis mutandis. iii) If no employees in the work unit affected accept the offer, the Employer will then extend the offer to other employees in the same classification as that being affected in the bargaining unit in order of seniority. iv) The number of early retirements the Employer approves will not exceed the number of employees in that classification who would otherwise be laid off. An employee who elects an early retirement will be entitled to pay in lieu of notice and severance in accordance with the provisions of this article. b) If after making offers of early retirement, individual layoff notices are still required, prior to issuing those notices the Employer will offer a voluntary exit option in accordance with the following conditions: i) The Employer will first make offers in the classifications within work units where layoffs would otherwise occur. If more employees than are required are interested, the Employer will make its decision based on seniority. ii) If insufficient employees in the work unit affected accept the offer, the Employer will then extend the offer to employees in the same classification. If more employees than are required are interested, the Employer will make its decision based on seniority. iii) In no case will the Employer approve an employee’s request under i) or ii) above for a voluntary exit option, if the employees remaining are not qualified to perform the available work. iv) The number of voluntary exit options the Employer approves will not exceed the number of employees in that classification who would otherwise be laid off. The last day of employment for an employee who accepts a voluntary early exit option w...
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– Early Retirement and Voluntary Exit Allowance. Before issuing a notice of layoff the Employer will offer an early retirement option or voluntary exit option in accordance with the following conditions: i) The Employer will first make offers in the classifications within work units where layoffs would otherwise occur. If more employees than are required are interested, the Employer will make its decision based on seniority. ii) If insufficient employees in the work unit affected accept the offer, the Employer will then extend the offer to employees in the same classification. If more employees than are required are interested, the Employer will make its decision based on seniority. iii) In no case will the Employer approve an employee’s request under i) or ii) above for a voluntary exit option, if the employees remaining are not qualified to perform the available work. iv) The rules for exercising Surplus Factor 80 and Pension Bridging options shall be those set out in the collective agreement between AMAPCEO and the Crown in Right of Ontario for Crown Employees, which shall be incorporated into this agreement mutatis mutandis. v) The number of voluntary exit options the Employer approves will not exceed the number of employees in that classification who would otherwise be laid off. The last day of employment for an employee who accepts a voluntary early exit option will be no earlier than thirty
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Related to – Early Retirement and Voluntary Exit Allowance

  • Retirement Allowance Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of 26 weeks' salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement."

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Sick Leave Allowance Faculty with a full-time assignment shall accrue sick leave at the rate of eight

  • Reduction of Severance Benefits If any payment or benefit that the Executive would receive from any Company Group member or any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount. The “Best Results Amount” will be either (x) the full amount of the Payment or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount. If a reduction in payments or benefits constituting parachute payments is necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will the Executive have any discretion with respect to the ordering of Payment reductions. The Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax liability.

  • Vacation Pay Upon Termination When an employee in the bargaining unit is terminated for any reason, he/she shall be entitled to all vacation pay earned and accumulated up to and including the effective date of the termination.