Principals or Vice-Principals Electing Early Retirement Clause Samples

This clause establishes the conditions under which principals or vice-principals may choose to retire before reaching the standard retirement age. It typically outlines eligibility requirements, such as minimum years of service or age thresholds, and may specify the process for notifying the employer and the calculation of any retirement benefits or penalties. The core function of this clause is to provide a clear and structured option for early retirement, offering flexibility for school administrators while ensuring the employer can plan for staffing changes.
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Principals or Vice-Principals Electing Early Retirement. Notwithstanding (1) (a), a principal or vice-principal who has been in the continuous employ of the Board for more than ten years and who has reached the age of 50 years shall be exempt from salary reclassification due to declining enrolment or due to transfer to another school with a lower enrolment or to another position with less responsibility provided he/she elects to retire at the age of 55. The principal or vice-principal who wishes to benefit by this Clause is required to specify in writing to the Board the selected retirement date. If a principal or vice-principal does not retire on the selected retirement date after having benefited by this Clause, then his/her salary will be reclassified on the selected retirement date and from that date he/she shall be paid a salary in accordance with the salary schedule clause
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Related to Principals or Vice-Principals Electing Early Retirement

  • Coverage Selection Prior to Retirement An employee who retires and is eligible to continue insurance coverage as a retiree may change his/her health or dental plan during the sixty (60) calendar day period immediately preceding the date of retirement. The employee may not add dependent coverage during this period. The change takes effect on the first day of the month following the date of retirement.

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  • 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.

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