Early Retirement Program Clause Samples

Early Retirement Program. Paragraph 1: Eligibility: (a) Employee must be hired/rehired before the 2012-13 school year to be eligible for the Early Retirement Program. (b) Employee must have completed 10 years of employment in USD 261. (c) All employment during this time must have been at least 1/2 time or more to qualify as employment. (d) Employee must be currently under contract in USD 261. (e) Employee must qualify under the KPERS plan of 85 and Out or 62 years of age plus 10 years of service. (f) No minimum age requirement must be achieved or met. Paragraph 2: Conditions: (a) The Board of Education retains the right to alter the program at anytime with the following stipulations (a1) Notification to terminate, suspend, or amend the program shall be given to staff between April 1 and May 10 one year prior to such. (a2) Staff members already retired and participating in the program will not be affected by any alteration of the program they originally opted to activate. (b) Early retirement benefits as provided by the district will be granted to the retirees or their heirs if the retirees die before completion of the program option they choose. Exclusion to this condition is that heirs will not be eligible to continue the health insurance option. Employees already retired will not be affected by any alteration or modification of future salary schedules. (c) Should a retired employee reapply for a position in the district and be offered a contract with USD 261, all conditions of the early retirement program shall become void. Said employee will not be eligible for or have the option to participate in the district retirement program in the future. (d) Employees electing to participate in the district program that do so the first year they are eligible under the state KPERS plan of 85 and Out will receive full district program benefits at the level they qualify. The level of benefits qualified for the first year becomes the base early retirement amount or figure to be used in all calculations of retirement benefits. Those employees electing to take advantage of the early retirement program at a date on or beyond when they are first eligible do so under the following scale: First Year Eligible Full Benefits Second Year Eligible 90% of Base Early Retirement Third Year Eligible 30% of Base Early Retirement Fourth Year Eligible 10% of Base Early Retirement If an employee does not choose to participate in the early retirement program within the above four year span, no early retirement pr...

Early Retirement Program. Under certain conditions a unit member who has not yet reached sixty-five (65) years of age, however the employee must have obtained the minimum age required by PERS, may retire and have the District make premium payments in full on behalf of the retiree and dependents for medical, hospital, dental, prescription card, and optical insurance coverage. Those conditions are as follows: 1. A unit member shall have at least twelve (12) years of service to the District; 2. A unit member's age added to the member's years of service to the District shall total at least the number seventy (70); 3. When a retiree under this program reaches sixty-five (65) years of age, the District shall provide a Medicare Supplement for retirees which shall include a prescription card and vision and dental plans.; 4. Classified employees hired after June 30, 2010, shall not be eligible for the health insurance benefits provided under Article 10.

Early Retirement Program. The Program shall be open to all employees who have been employed by the City Colleges of Chicago for ten (10) years on a full-time basis. 1. Applications for participation in the Program shall be submitted in writing to the appropriate College President or designee no later than March 15 if the retirement is effective at the end of the Spring Semester or Summer term of that year, and no later than October 15 if the retirement is effective at the end of the Fall Semester of that year. Where an early retirement request may have been submitted after the deadline date, the Chancellor shall nevertheless have the authority to grant said early retirement. 2. With the exception of term life insurance, the Board shall provide the early retiree with the same individual insurance coverage available to employees under this Agreement for a period of ten years after retirement, provided that health insurance coverage(s) shall be reduced to the extent that medicare or comparable benefits are otherwise available to the early retiree. The cost of this benefit to the early retiree shall be as specified in Appendix D of this agreement. For all retirees and their dependents who are Medicare eligible, claims will be processed according to the terms of the elected health plan. The plan pays secondary to Medicare. All retirees and their dependents who are Medicare eligible shall enroll in Medicare, as soon as they are eligible. The Board shall also provide the early retiree with the same term life insurance available to employees under this Agreement, except that there shall be a cap of $80,000. The Board shall make the same premium payments therefore, for a period of six years after retirement. 3. After the benefits described above expire, the early retiree shall also have the right to purchase individual and dependent health insurance coverage through the City Colleges health insurance program at the then prevailing cost of dependent coverage for employees, and shall pay the entire premium thereof. Premium payments for dependent coverage shall be paid by the early retiree on a timely basis, in advance, to the City Colleges. 4. At the time of retirement, or upon total disability or death, an employee or the employee’s estate shall receive payments equal to 80% (eighty percent) of the unused portion of accumulated sick leave days computed at the employee’s final base rate of pay. The early retiree shall receive these payments in five equal installments. The first installment sh...

Early Retirement Program. 21.1 An early retirement program will be available for all employees who meet the following criteria: A. Age and length of service at BMU add up to 70 years or more. (2014) B. Have completed a minimum of fifteen (15) years of service at Blue Mountain Union. The following package will be available to all employees who qualify under A & B above: a. The Board will provide single premium coverage for health insurance and the Board will provide fifty percent (50%) of the difference between single premium coverage and two-person coverage for health insurance COBRA as provided under agreement with the BMEA, for eighteen (18) months. b. The Board will make available to each employee an amount of $10,000.00 to be paid over a period of three (3) years from the expiration of health insurance premiums. c. Have submitted a request for early retirement to the superintendent no later than December 1. (2012) 21.2 See Article 16.13 and 16.14 for additional retirement benefits.

Early Retirement Program. During any school year, the WCUUSD School Board may, at its sole discretion, offer the early retirement program below to one or more of its teachers who have at least fifteen (15) years of full or part-time teaching service in the WCUUSD by July 1 of the school year in which the program is offered. The program will only be available if the Board affirmatively votes to adopt the program for that given school year on or before November 1 of that school year. In those cases where an eligible teacher works part-time in two or more schools, and only one of those schools offers the career change option, the teacher may accept the option offered and continue to teach part-time in the other school. The teacher accepting the option may not increase his/her part-time teaching increment in the other school, or otherwise seek or accept additional full or part-time employment as a teacher in Vermont during the three year period specified herein. In the event the board votes to offer an early retirement program, the benefit package shall be as follows: a. A cash payout that represents fifty percent (50%) of the teacher’s current teaching salary during their final year with the District. The payout will be made in three (3) equal installments on September 1 of the next three (3) school years following the teacher’s resignation. At the option of the teacher, the monetary value of the cash payout may be applied by the District, in whole or in part, to the purchase of “air time” from the Vermont State Teachers’ Retirement system on behalf of the teacher. b. Twelve (12) months of single health insurance coverage for the teacher under the District’s policy, subject to the regular board-teacher contributions to the cost of premium and maximum out-of-pocket contribution established in this Agreement or, if the teacher chooses the Vermont Teachers’ Retirement System health insurance program, the District will pay twenty (20) percent of the teacher’s premium for single health insurance for one year following the June 30 effective date of the teacher’s resignation, whichever is less. The teacher may purchase dependent coverage, if desired, but he or she will be responsible for the difference in cost between single coverage and either two- person, parent/child or family coverage. The parties agree that the District will not be obligated to provide the insurance benefit referenced above should the employee be eligible for group health insurance coverage from a subsequent employer, o...

Early Retirement Program. Paragraph 1: Eligibility: (a) Employee must have completed 10 years of employment in USD 261. (b) All employment during this time must have been at least 1/2 time or more to qualify as employment. (c) Employee must be currently under contract in USD 261. (d) Employee must qualify under the KPERS plan of 85 and Out or 62 years of age plus 10 years of service. (e) No minimum age requirement must be achieved or met. Paragraph 2: Conditions: (a) The Board of Education retains the right to alter the program at anytime with the following stipulations (a1) Notification to terminate, suspend, or amend the program shall be given to staff between April 1 and May 10 one year prior to such. (a2) Staff members already retired and participating in the program will not be affected by any alteration of the program they originally opted to activate. (b) Early retirement benefits as provided by the district will be granted to the retirees or their heirs if the retirees die before completion of the program option they choose. Exclusion to this condition is that heirs will not be eligible to continue the health insurance option. Employees already retired will not be affected by any alteration or modification of future salary schedules. (c) Should a retired employee reapply for a position in the district and be offered a contract with USD 261, all conditions of the early retirement program shall become void. Said employee will not be eligible for or have the option to participate in the district retirement program in the future. (d) Employees electing to participate in the district program that do so the first year they are eligible under the state KPERS plan of 85 and Out will receive full district program benefits at the level they qualify. The level of benefits qualified for the first year becomes the base early retirement amount or figure to be used in all calculations of retirement benefits. Those employees electing to take advantage of the early retirement program at a date on or beyond when they are first eligible do so under the following scale: First Year Eligible Full Benefits Second Year Eligible 90% of Base Early Retirement Third Year Eligible 30% of Base Early Retirement Fourth Year Eligible 10% of Base Early Retirement If an employee does not choose to participate in the early retirement program within the above four year span, no early retirement program will be available to said employee. (e) For an employee to activate early retirement benefits, forms for such...

Early Retirement Program. The College and the union will agree to the terms of an early retirement program which, among other things, will allow ten (10) full-time Faculty members to retire on the same terms and subject to the same restrictions as in the previous early retirement program. The window for selection will be the same as it was in the previous program. Those electing to retire under the program will be placed at the end of the class selection list. At the discretion of the College ten (10) additional Faculty members may be allowed to retire in subsequent years of the contract.

Early Retirement Program. A. A unit member is eligible for the Early Retirement Program when the age of fifty-five (55) is attained, submits a written resignation from employment with the Butte County Office of Education, and meets the following criteria: 1. The unit member was employed prior to July 1, 2003, and has completed the minimum of twelve (12) consecutive years full-time service immediately prior to retirement with Butte County Office of Education; or 2. The unit member was employed after July 1, 2003, and has completed the minimum of ten

Early Retirement Program. By the beginning of the contract year in which the teacher wishes to enter the program, the teacher must meet one of the following criteria: • Full retirement qualifications as required by KPERS • Have accumulated a minimum of one hundred sixty (160) days of sick leave in U.S.D. 450 and be at least fifty-nine (59) years of age • Be at least sixty (60) years of age. • Participant must not be age sixty-five (65) or over.