Early Retirement definition: Copy, customize, and use instantly
Introduction
The term "Early Retirement" refers to the voluntary decision by an employee to retire before reaching the normal retirement age. This option may be offered by an employer, often in connection with financial incentives, restructuring, or as part of a pension or severance package. "Early Retirement" can also relate to the impact on employee benefits, pension plans, and other financial arrangements based on the timing of the retirement.
Below are various examples of how "Early Retirement" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Early Retirement" in employment contracts
This definition ties "Early Retirement" to an employee’s option to retire before the standard retirement age.
"Early Retirement" means the voluntary or involuntary cessation of employment by an employee before the traditional retirement age, as outlined in the relevant employment agreement.
Definition of "Early Retirement" for pension plans
This definition connects "Early Retirement" to pension benefits and eligibility.
"Early Retirement" refers to the act of retiring prior to the usual retirement age, with eligibility to access pension benefits under certain conditions as specified in the pension plan.
Definition of "Early Retirement" for severance packages
This definition links "Early Retirement" to severance benefits and terms.
"Early Retirement" means the termination of employment at the discretion of the employee before the normal retirement age, which may be accompanied by a severance package or early pension benefits.
Definition of "Early Retirement" for tax purposes
This definition ties "Early Retirement" to tax implications for employees.
"Early Retirement" refers to retiring from employment before the standard retirement age, which may affect the taxation of retirement benefits and other financial considerations.
Definition of "Early Retirement" for voluntary retirement programs
This definition connects "Early Retirement" to voluntary retirement offerings from employers.
"Early Retirement" means an employee's voluntary decision to retire early, typically as part of a company’s incentive program offering benefits to encourage earlier exit from the workforce.
Definition of "Early Retirement" for health insurance eligibility
This definition ties "Early Retirement" to continued health benefits post-retirement.
"Early Retirement" refers to the decision of an employee to retire earlier than the prescribed age, with continued eligibility for health insurance benefits under the employer’s post-retirement health plan.
Definition of "Early Retirement" in the context of government employees
This definition connects "Early Retirement" to specific regulations governing government employees.
"Early Retirement" means the voluntary or mandatory retirement of a government employee before the standard age, with applicable government pensions or benefits adjusted according to specific retirement laws.
Definition of "Early Retirement" in executive compensation packages
This definition ties "Early Retirement" to senior executives’ retirement benefits.
"Early Retirement" refers to the option for executives to retire before the usual retirement age, often included in executive compensation packages with benefits such as pensions, stock options, or severance.
Definition of "Early Retirement" for employer-initiated plans
This definition connects "Early Retirement" to employer-directed retirement programs.
"Early Retirement" means the termination of employment initiated by the employer, with the employee being offered early retirement options and associated benefits, such as pension enhancements or financial packages.
Definition of "Early Retirement" for social security benefits
This definition ties "Early Retirement" to the withdrawal of social security benefits before the standard retirement age.
"Early Retirement" refers to the act of retiring and beginning to collect social security benefits prior to the normal retirement age, with a potential reduction in the monthly benefit amount.
Definition of "Early Retirement" for non-profit organizations
This definition connects "Early Retirement" to retirement options in the non-profit sector.
"Early Retirement" means the decision of an employee to leave employment early in a non-profit organization, with the potential for receiving a pension, health insurance, or other benefits provided by the organization.
Definition of "Early Retirement" for individuals with disabilities
This definition links "Early Retirement" to the early retirement of individuals who can no longer work due to medical conditions or disabilities.
"Early Retirement" refers to the option for employees who are disabled or unable to continue in their positions to retire before reaching the standard retirement age, with accommodations for health-related benefits.
Definition of "Early Retirement" as a part of downsizing
This definition ties "Early Retirement" to corporate downsizing and workforce reduction strategies.
"Early Retirement" means an employee’s voluntary decision to retire early in the event of downsizing or restructuring, often with the offer of financial incentives or severance benefits.
Definition of "Early Retirement" for pension plan calculations
This definition connects "Early Retirement" to the adjustments made in pension plan calculations.
"Early Retirement" refers to an employee choosing to retire before the designated age, with pension benefits calculated using an actuarial reduction to account for the earlier payout period.
Definition of "Early Retirement" for legal and regulatory compliance
This definition ties "Early Retirement" to compliance with labor laws and retirement regulations.
"Early Retirement" means the option available to employees to retire before the statutory age, in accordance with labor laws, with the necessary adjustments to pension eligibility, tax status, and insurance benefits.
Definition of "Early Retirement" for retirement packages
This definition links "Early Retirement" to specific retirement packages offered by employers.
"Early Retirement" refers to the option for employees to retire ahead of the normal retirement schedule, with access to enhanced or negotiated retirement benefits under a retirement package.
Definition of "Early Retirement" for financial planning
This definition ties "Early Retirement" to the financial planning and strategy required for early withdrawal from the workforce.
"Early Retirement" means the strategic decision to retire earlier than usual, requiring careful financial planning to ensure adequate retirement funds are available and sustainable over a longer retirement period.
Definition of "Early Retirement" for unionized employees
This definition connects "Early Retirement" to union negotiations and agreements.
"Early Retirement" refers to a retirement program negotiated through union agreements, allowing unionized employees to retire earlier with enhanced benefits or early pension payments.
Definition of "Early Retirement" for age-based benefits
This definition links "Early Retirement" to specific age-based benefits that are available earlier than usual.
"Early Retirement" means the retirement of an employee before the standard retirement age, with eligibility for certain benefits that are typically associated with age-based retirement.
Definition of "Early Retirement" for contract employees
This definition ties "Early Retirement" to the retirement option available for contract-based employees.
"Early Retirement" refers to the option for contract employees to end their work engagement before the contract’s end date, often resulting in negotiated severance and early retirement benefits.
Definition of "Early Retirement" for employees with pension protection
This definition connects "Early Retirement" to pension protection and benefits.
"Early Retirement" means the voluntary retirement of an employee before the standard retirement age, with the employee being guaranteed pension protection and benefits according to the terms of their pension plan.
Definition of "Early Retirement" for post-retirement benefits
This definition links "Early Retirement" to continued access to post-retirement benefits.
"Early Retirement" refers to the act of retiring earlier than the standard age, with eligibility for post-retirement benefits such as health insurance, continued pension contributions, and other retirement-related perks.
Definition of "Early Retirement" in the context of voluntary exit programs
This definition ties "Early Retirement" to voluntary exit programs offered by an employer.
"Early Retirement" refers to the option given to employees to leave the workforce earlier than the designated retirement age, typically as part of a voluntary exit program that includes financial incentives.
Definition of "Early Retirement" for corporate restructuring
This definition links "Early Retirement" to corporate restructuring efforts aimed at reducing staff.
"Early Retirement" means the voluntary retirement of employees as part of a corporate restructuring or downsizing, often accompanied by enhanced financial benefits or severance packages.
Definition of "Early Retirement" for employees with long service
This definition connects "Early Retirement" to employees who have served for an extended period.
"Early Retirement" refers to the option for employees with significant tenure in the company to retire early with full or partial benefits, recognizing their long service.
Definition of "Early Retirement" in union contracts
This definition ties "Early Retirement" to retirement options negotiated in union agreements.
"Early Retirement" refers to the retirement option available to employees under a union agreement, typically with special terms that allow for earlier withdrawal from the workforce with benefits.
Definition of "Early Retirement" for healthcare benefits
This definition connects "Early Retirement" to continued healthcare coverage after retirement.
"Early Retirement" means the act of retiring prior to the usual retirement age, with continued eligibility for healthcare benefits through the employer’s post-retirement plan.
Definition of "Early Retirement" for pension adjustments
This definition links "Early Retirement" to pension reductions based on an earlier retirement age.
"Early Retirement" refers to the retirement of an employee before the normal retirement age, with pension benefits adjusted to reflect the longer payout period.
Definition of "Early Retirement" in private sector employment
This definition ties "Early Retirement" to early retirement options in the private sector.
"Early Retirement" means an employee’s decision to retire earlier than the normal retirement age in the private sector, typically with access to severance, pension, or other financial benefits.
Definition of "Early Retirement" for non-vested employees
This definition connects "Early Retirement" to employees who have not yet vested in their pension plan.
"Early Retirement" refers to the retirement of an employee before meeting vesting requirements, which may affect their eligibility for certain retirement benefits.
Definition of "Early Retirement" for executive bonuses
This definition ties "Early Retirement" to bonuses or financial packages given to executives retiring early.
"Early Retirement" means the voluntary departure of an executive from their position before reaching the standard retirement age, often accompanied by a substantial bonus or retirement benefits.
Definition of "Early Retirement" for social insurance schemes
This definition connects "Early Retirement" to social insurance schemes that offer early pension payouts.
"Early Retirement" refers to the decision of an employee to retire before the statutory retirement age, with access to early pension payouts under the social insurance scheme, often at a reduced rate.
Definition of "Early Retirement" for tax advantages
This definition ties "Early Retirement" to tax planning and advantages.
"Early Retirement" means retiring before the official retirement age, often for strategic tax planning purposes, allowing for better tax treatment on retirement income or savings.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.