Retirement in Lieu of Layoff definition

Retirement in Lieu of Layoff. Affected employees who elect service retirement from the Public Employees' Retirement System shall be placed on an appropriate reemployment list (up to 39 months). If they are subsequently subject to reemployment and accepts, in writing, the appropriate vacant position, the District shall maintain the vacancy until the Board of Administration of the Public Employees' Retirement System has properly processed their request for reinstatement from retirement. An employee subject to this section who retired and is eligible for reemployment and who declines an offer of reemployment equal to that from which laid off shall be deemed to be permanently retired. Any election to retire after being placed on a reemployment list shall be retirement in lieu of layoff within the meaning of this section.
View Source

Examples of Retirement in Lieu of Layoff in a sentence

  • Retirement in Lieu of Layoff ............................................................

  • Layoff and Reemployment 56 Length of Service 56 Layoff Rights 56 Notice of Layoff 56 Bumping Rights 56 Reemployment List 56 Equal Seniority 56 Reemployment Rights 56 Retirement in Lieu of Layoff 57 Notification of Reemployment Openings 57 Unit Employee Notification to Office.

Related to Retirement in Lieu of Layoff

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Retirement means Normal or Early Retirement.