Early Retirement Programs Sample Clauses

Early Retirement Programs. Eligible faculty may participate in one of four different early retirement programs: (1) STRS Reduced Workload Program; (2) Combination STRS Reduced Workload program and Phase‐In Retirement;
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Early Retirement Programs. Prior to reaching age 65, a teacher may elect to participate in only ONE early retirement program/incentive. Currently, the following options exist: -State of Illinois Early Retirement Program, or -Ottawa District 141 Voluntary Early Retirement Program, or -Ottawa Early Retirement Incentive In NO event may a teacher participate in more than ONE early retirement program/incentive. A. State of Illinois Early Retirement Program - Applies only to teachers between the ages of 55 and 60 with 20 or more, but less than 35 years of service. It is in effect for members retiring under the State of Illinois Early Retirement Program.
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Early Retirement Programs. 12.7.1. An employee who qualifies may elect to retire and receive benefit coverage as contractually provided per Article XIII, Benefits, Section 13.2 at the time of his/her retirement, until age sixty-five (65) or until state and/or federal health coverage begins, whichever occurs first, provided the employee retires by the conclusion of the school year in which the employee reaches the age of 58. No services to the District will be required. 12.7.2. Any eligible employee who qualifies may elect to retire and enter into a contract with the District for services as follows: 12.7.2.1. Total days of service to be provided by the employee shall not exceed the number of days arrived at by dividing the daily rate from the step in class from which they retired into the agreed amount of the contract, or one hundred twenty (120) days, whichever is less. Total days of service shall be rendered on consecutive working days unless modified by the written plan. Determination of the dollar amount is solely the prerogative of the District but is not to exceed five thousand ($5,000) dollars. 12.7.2.2. The District will pay the premiums for full benefit coverage as provided in Article XIII, Benefits, Section 13.2, until age sixty-five (65) or until state and/or federal health coverage begins, whichever occurs first.
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Early Retirement Programs 
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Related to Early Retirement Programs

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Early Retirement Age The age set by the Employer in the Adoption Agreement, not less than age fifty-five (55), at which a Participant becomes fully vested and is eligible to retire and receive his or her benefits under the Plan.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.