RETIREM ENT Sample Clauses
The RETIREMENT clause outlines the terms and conditions under which an employee may retire from their position within an organization. Typically, it specifies the eligible retirement age, any required notice period, and the benefits or compensation the employee is entitled to upon retirement, such as pension payouts or continued healthcare coverage. This clause ensures both parties understand the process and expectations surrounding retirement, providing clarity and reducing the risk of disputes when an employee chooses to end their career.
RETIREM ENT. A. Effective January 22, 1967, and for the life of this Agreement, Employer shall contribute no less than the sum of five (5tf) per hour up to a maximum of forty (40) straight time hours per week for each hour worked by each full time employee to the Baltimore FELRA and Retail Clerks Pension Fund. The hourly contribution by the Employer for new em ployees will commence with the first full payroll week following the completion of thirty (30) days of continuous full time em ployment with the Employer, retroactive to the date of em ployment.
B. The Pension Fund and Plan shall be governed by a board of trustees consisting of equal numbers to be designated by the Baltimore Food Employers Labor Relations Association and the Union.
C. It is understood and agreed that the Pension Fund re ferred to herein shall be such as ■will continuously qualify for approval by the Internal Revenue Service, so as to allow the Employer an income tax deduction for the contributions paid hereunder.
D. It is agreed that the Pension Plan shall provide that it be mandatory that each employee covered by this Agreement shall not retire later than the first (1st) day of the month following his or her sixty-fifth (65th) birthday. Thereafter - 112.50 120.00 Across-the-board increase for above 7.50 7.50 1st 6 months — - 1.9625 2.15 2nd 6 months 2.0625 2.25 3rd 6 months 2.2625 2.45 4th 6 months 2.5375 2.725 Thereafter 2.7625 2.975 Across-the-board increase for above .1875 .1875 1st 6 months 76.00 82.00 2nd 6 months 79.00 85.00 Thereafter 87.00 93.00 Across-the-board increase for above 6.00 6.00 1st 6 m onths 1.75 1.90 Across-the-board increase for above .15 .15 1st 6 m on th s 82.50 88.50 Thereafter 91.00 97.00
E. It is agreed that all questions involving pensions not specifically set forth herein shall be determined by the provis ions of the Agreement and Declaration of Trust governing the plan.
F. An Employer, at its discretion, may or may not be re quired to designate a representative on the Board of Trustees, but in any event the Employer agrees to be bound by all the decisions made by the trustees in accordance with the Decla ration of Trust.
RETIREM ENT. Unit members shall have the option of joining the employees retirement system (75i) of the New York State Employees’ Retirement System.
RETIREM ENT. Section 1 The District shall provide the 75-1 Non-Contributory Pension Plan (New York State Employees' Retirement System) for all eligible unit members. Eligible unit member's hired after July 1,1976, shall contribute three percent (3%) of their wages to the New York State Retirement System per New York State Retirement Law. The employer will provide the appropriate retirement plan under the New York State Employee's Retirement System.
Section 2 The District will provide a retirement incentive for unit members eligible for retirement in accordance with ERS provisions, provided that the unit member notifies the District in writing 6-months prior to the effective date. Any eligible unit member will receive a one-time lump sum retirement incentive (payment) based on accumulated, unused sick/family leave days to a maximum of 275 days. The payment will be calculated as follows: @ $50.00 per day @ $75.00 per day @ $85.00 per day @ . $100.00 per day Total Accumulated Sick/Familv Pays 0-50 51-99 100-149 Section 3 The District and the Association agree that the Retirement Incentive Payment specified in Article X of the Agreement will become a non-elective employer contribution to a 403(b) plan o f the unit member’s choosing. The contribution will be accordance to the IRS codes, rules and regulations. The contribution will be available to all unit members eligible as specified in Article X. The contribution will be remitted within thirty (30) days of the unit members’ retirement date. The District will pay an excess over the IRS limits as compensation to the unit member within 30-days of the unit member’s retirement date. Unit members will be provided the opportunity to make changes to their current 403(b) plans and/or designate a new carrier for the employer contribution. In the event that a member does not choose any 403(b) carrier, the District and the Association agree that Metropolitan Life Insurance Company will be the default carrier,
RETIREM ENT. SECTION 1 The District will provide the “20 year retirement plan (75 i) with the sick leave rider (41j) and ordinary death benefit (60b), $20,000.”