RETIREMENT INCENTIVE PROGRAM BENEFIT Sample Clauses

The Retirement Incentive Program Benefit clause establishes the terms under which eligible employees may receive additional benefits for choosing to retire early or at a specified time. Typically, this clause outlines the criteria for eligibility, the nature and amount of the incentive—such as lump-sum payments, enhanced pension benefits, or extended healthcare coverage—and the process for applying to the program. Its core function is to encourage voluntary retirements, often to help the employer manage workforce size or reduce costs, while providing employees with a financial incentive to make the transition.
RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT PAYMENT‌ 1. Retirements Effective the entire length of contract: The amount of the retirement payment will be determined by multiplying two and one-half percent (2.5%) of the highest annual scheduled salary times years of service within the District, not to exceed thirty (30) years of service. The annual scheduled salary shall include base salary in addition to agreed-upon stipend or extra- duty payment. This amount will be paid (without interest) over three (3) fiscal years beginning in the fiscal year following retirement. Payment will be made on the current District payroll schedule. The amount will be paid as a non-elective employer contribution to the employee’s 403(b) account.
View SourceView Similar (4)
RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT INSURANCE‌ The District shall pay, on behalf of the retiree, the cost of the individual premium under the employee’s current health insurance plan offered by the District for three (3) years after the effective date of the employee’s retirement depending upon the retiree’s years of continuous equivalent full- time employment with District 54, as follows: 1. Retirees with fifteen (15) to nineteen (19) years of equivalent full-time employment with District 54 shall be reimbursed seventy-five (75%) of the rate; 2. Retirees with twenty (20) plus years of equivalent full-time employment with District 54 shall be reimbursed one-hundred percent (100%) of the rate. If the retiree desires to be insured through the PPO plan upon retirement they must be enrolled in the PPO plan for at least five (5) consecutive years prior to the retirement. The same will apply for HMO coverage. The family premium is at the cost of the retiree. In the alternative, an employee may elect to remain in the District’s PPO health insurance plan or the District’s HMO-Illinois plan for a period of three (3) years after the effective date of the employee’s retirement. The payment made by the District for such coverage shall not exceed the cost of the individual premium under the employee’s current health insurance plan offered by the District, and any family premium shall be at the cost of the retiree. Regardless of which option above is chosen, the retiree must apply for Medicare benefits as soon as eligible.
View SourceView Similar (4)
RETIREMENT INCENTIVE PROGRAM BENEFIT. As a voluntary retirement benefit for a teacher who qualifies for retirement the Board agrees to: (a) pay a salary in his/her final year(s) of service equal to one hundred three percent (103%) of the previous year's gross TRS reported compensation (defined as all compensation paid to the teacher, including payment for extracurricular activities, stipends, and retirement benefits) inclusive of step and lane movement for a maximum of four (4) years prior to retirement, as the case may be. To be eligible for continued payment for extracurricular activities or stipends during this period, the teacher must continue to work such activity or stipend. ; and However, earnings that are legally exempt from the state imposed "3% liability" rule in effect at the time of ratification of this Agreement, or which shall be enacted within the scope of this agreement, shall not be considered in the calculation of the 3% increase limitation. Such exempt earnings include but may not always be limited to and may not always include: • summer school teaching paid pro-rata • overloads paid pro-rata • change in employment status from part-time to full-time paid pro-rata • promotions requiring a certificate or endorsement that is different from regular certification of the job • grants or stipends that come from state or federal government and for which the District has no control over; and (b) pay him/her a one-time lump sum post-retirement payment in an amount equivalent to $50 for each unused sick leave day in excess of 170 that is not reported to TRS for service credit up to a maximum of one hundred (100) days, for a maximum payment amount of $5,000. The post-retirement payment shall be payable after both the teacher's final paycheck for regular earnings and the teacher's last day of employment, but before December 31 of the year of retirement. (c) With respect to the application of the benefit in Section 3(a), the Board and Association agree that: • A bargaining unit member may voluntarily resign from an extra duty assignment; provided, however, the member's compensation would be reduced accordingly. Elimination of a program would require a mutually agreeable alternative assignment. • A bargaining unit member who takes courses or would otherwise move on the salary schedule or move on the extra- compensation schedule would receive no additional compensation beyond the 63% retirement incentive. • The Association agrees that the Board will not require assigned work that would resu...
View SourceView Similar (4)
RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT INSURANCE‌ The District shall pay, on behalf of the retiree, the cost of the individual premium under the Blue Advantage HMO health insurance plan offered by the District for three
View Source
RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT INSURANCE‌ The District shall pay, on behalf of the retiree, the cost of the individual premium under the employee’s current health insurance plan offered by the District for three (3) years after the effective date of the employee’s retirement depending upon the retiree’s years of continuous equivalent full time employment with District 54, as follows: 1. Retirees with 15 to 19 years of equivalent full-time employment with District 54 shall be reimbursed 75% of the rate; 2. Retirees with 20 plus years of equivalent full-time employment with District 54 shall be reimbursed 100% of the rate. The member must have participated in the selected coverage plan for the previous five (5) years. The family premium is at the cost of the retiree. In the alternative, an employee may elect to remain in the District’s PPO health insurance plan or the District’s HMO-Illinois plan for a period of three (3) years after the effective date of the employee’s retirement. The payment made by the District for such coverage shall not exceed the cost of the individual premium under the employee’s current health insurance plan offered by the District, and any family premium shall be at the cost of the retiree. Regardless of which option above is chosen, the retiree must apply for Medicare benefits as soon as eligible.
View Source

Related to RETIREMENT INCENTIVE PROGRAM BENEFIT

  • Retirement Incentive To recognize the contribution of those employees who have provided long and dedicated service to the district, the Board shall provide a retirement incentive to teachers who meet the following eligibility requirements: a. the teacher must have completed 15 years of service to District #34 by the date of his or her retirement; b. the teacher must submit a written, irrevocable, notice of intent to retire to the Superintendent by no later than August 1 of the start of the retirement incentive period; and c. the teacher must not have received an increase of greater than 6% in creditable earnings (excluding any grandfathered or exempt earnings) in the three (3) school years immediately preceding the proposed start of the retirement incentive. In up to each of the final four years of his/her employment, the teacher shall receive an incentive of 5% over his/her prior year’s base salary (which in the second, third and fourth year of the incentive includes the prior year’s retirement incentive). In the event that the State of Illinois should raise the maximum allowable percent increase, the Board will honor an increase up to 6% so long as the district does not incur any penalty. Once the teacher begins to receive the retirement incentive, he/she shall not be eligible for earnings from extra duties or summer school, stipends, and/or any other type of compensation that could result in the Board’s obligation to pay any additional contribution or “penalty” to TRS. However, the teacher may submit a request to the Superintendent’s office to continue performing paid extra duties or to earn additional compensation, so long as any such additional compensation would not result in the teacher receiving a greater than 6% increase over his/her prior year’s creditable earnings. The Superintendent’s grant or denial of such request shall be non-precedential and non-grievable. Any payment necessary to ensure the retiring employee receives an incentive of 5% shall be made in a lump sum each year by no later than June 30th. In the event a certified employee who tenders his or her irrevocable letter of resignation experiences a drastic and unanticipated change in personal circumstances, the Board may, at its option, permit the certified employee to revoke his or her irrevocable letter of resignation. In the event the Illinois General Assembly enacts any legislation during the term of this Agreement, which legislation would require the District to pay any additional moneys (or lose any additional revenues) to the State of Illinois and/or the Illinois Teachers’ Retirement System on account of its payment of this retirement incentive, then this retirement incentive shall cease to exist at the end of the current school term. However, prior to the cessation of the benefit, either party may demand to bargain concerning whether some or all of the retirement incentive can be continued without adding any additional costs to the District. Eligibility to submit a request to receive this incentive shall terminate on August 1, 2021, and any such request received prior to August 1, 2021, must be for retirement to occur no later than the end of the 2024-2025 school year.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

  • 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.

  • 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.