Post-retirement contract Clause Samples

A post-retirement contract clause outlines the terms and conditions that apply to an individual after they have officially retired from their primary position or employment. This clause may specify ongoing obligations, such as confidentiality, non-compete restrictions, or consulting arrangements, and can detail any continued benefits or compensation the retiree is entitled to receive. Its core function is to clearly define the rights and responsibilities of both the retiree and the organization after retirement, thereby preventing misunderstandings and ensuring a smooth transition.
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Post-retirement contract. 18.2.1 After ten (10) years of full time satisfactory service in the County Office and attaining the age of fifty-five (55), but not yet reaching age sixty-five (65), a unit member would become eligible for the Early Retirement/Post Retirement Contract. 18.2.2 Certificated individuals must apply for this program by February 15th of the year they wish to retire and must retire on July 1 of the same year. 18.2.3 Upon approval by the Superintendent, persons opting for this program would retire and be employed (in addition to their retirement benefits) as an independent contractor of this County Office under conditions listed below. 18.2.4 Once electing to participate in the program, a unit member may not request to return to regular employment in the County Office. Also, once a unit member has entered the program, he/she may not change options or re-enter the service of the County Office. 18.2.5 The maximum period for which this agreement shall remain in force is ten (10) years or until age sixty-five (65), whichever comes first and subject to the following conditions: 18.2.5.1 The County Office shall pay for the retiree and his/her spouse's premium in the County Office's medical insurance plan at the same rate provided to active unit members until retiree reaches age sixty-five (65), or until the retiree and his spouse are covered by other medical insurance plans provided by any other source. This one aspect of the Early Retirement Incentive Program (medical insurance) is a legal commitment from the County Office and is subject to termination only at the request of the retiree, death of the retiree, or as mentioned above, other medical insurance provided by any other source. 18.2.5.2 Between the ages of fifty-five (55) and sixty-five (65) only, subject to renewal each July 1st at the option of the retiree, the retiree may be employed as an independent contractor subject to the following two (2) conditions: 18.2.5.2.1 Employment of twenty (20) days per year, subject to annual renewal. 18.2.5.2.2 A salary at least equivalent to twenty (20) days' pay at the daily rate of the salary schedule and step at which the retiree was placed when he/she retired. The salary will be paid each year at the same daily rate earned by active unit members in the same position. Salary shall not exceed the STRS maximum amount. Salary may be paid in twelve (12) equal payments or in one (1) payment at the option of the retiree.
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Post-retirement contract. For retirees hired for post-retirement employment, pursuant to RCW 28A.405.900. Such post-retirement employment contracts are non-continuing contracts, that is, they expire automatically at the end of the contract period with no right or expectation of renewal. Post-retirement employment contracts shall only be available to the extent permitted by and consistent with Washington State law. 5.10.2.4.1 The District assumes no responsibility for the pension impact of post-retirement employment; rather, retirees themselves are solely responsible for compliance with post-retirement conditions (e.g. break-in service requirements and work hour limitations) under applicable retirement statutes and regulations.
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Post-retirement contract. Where the employee has entered into a Post-retirement contract following normal retirement and where the employee has accessed superannuation benefits (or equivalent).
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Post-retirement contract. A Staff Member who has retired from the University or another university and is eligible to access their retirement benefit from the relevant superannuation fund may be engaged for a limited period of time. Such employment contracts will be used primarily for the purpose of research degree supervision and be of a maximum four years duration.
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Post-retirement contract. The University may offer post-retirement Fixed-Term Employment to a person who has formally retired from the workforce.
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Post-retirement contract. A fixed term contract may be offered to a staff member who is retiring, or has retired, for a period of up to 5 years.
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Related to Post-retirement contract

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Metropolitan or its Subsidiaries, or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, and (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Not Employment Contract The Employee acknowledges that this Agreement does not constitute a contract of employment, does not imply that the Company will continue his/her employment for any period of time and does not change the at-will nature of his/her employment.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.