- Optional Retirement Allowance Sample Clauses

The Optional Retirement Allowance clause defines the terms under which an employee may choose to retire before reaching the standard retirement age and receive a specified allowance. Typically, this clause outlines eligibility criteria such as minimum years of service or age thresholds, and details how the allowance amount is calculated, often based on salary and years worked. Its core function is to provide flexibility for employees considering early retirement while ensuring predictable costs and clear expectations for both the employer and employee.
- Optional Retirement Allowance. Effective December 31, 2001, an employee who has completed at least twenty-five (25) years of actual service as a sworn Baltimore County police officer may retire with the option of having fifty (50) percent of the employee's retirement allowance continued throughout the life of and paid to the employee's designated beneficiary. This option will be provided at no cost to the employee (i.e. with noreduction in the employee's retirement allowance). For purposes of this option, the beneficiary shall be the employee's spouse and shall be designated at the time of theemployee's retirement. An employee who retires with this option will be provided the opportunity to designate a new beneficiary following the death of, or divorce from, the designated beneficiary described above. Such new beneficiary is not required to be the spouse of the employee. Upon such re-designation and selection of a new optional allowance, the employee's retirement allowance will be recomputed to provide a retirement allowance that, together with the selected optionalallowance for the new beneficiary, is of equivalent actuarial value to the employee's retirement allowance, with no subsidy provided for the new optional allowance.
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- Optional Retirement Allowance. Effective December 31, 2003, an employee who has completed at least twenty-five (25) years of actual service on Pay Schedule V may retire with the option of having fifty (50) percent of the employee’s retirement allowance continued throughout the life of and paid to the employee’s designated beneficiary. This option will be provided at no cost to the employee (i.e. with no reduction in the employee’s retirement allowance). For purposes of this option, the beneficiary shall be the employee’s spouse and shall be designated at the time of the employee’s retirement. An employee who retires with this option will be provided the opportunity to designate a new beneficiary following the death of, or divorce from, the designated beneficiary described above. Such new beneficiary is not required to be the spouse of the employee. Upon such redesignation and selection of a new optional allowance, the employee’s retirement allowance will be recomputed to provide a retirement allowance that, together with the selected optional allowance for the new beneficiary, is of equivalent actuarial value to the employee’s retirement allowance, with no subsidy provided for the new optional allowance.
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- Optional Retirement Allowance. Effective December 31, 2003, an employee who has completed at least twenty-five (25) years of actual service on Pay Schedule V may retire with the option of having fifty (50) percent of the employee’s retirement allowance continued throughout the life of and paid to the employee’s designated beneficiary. This option will be provided at no cost to the employee (i.e. with no reduction in the employee’s retirement allowance). For purposes of this
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Related to - Optional Retirement 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."

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wi▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.