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RETIREMENT : RETIREMENT

Termination of a service of an
employee other than on
superannuation. Types of
retirement Forced Retirement
Premature Retirement
Compulsory Retirement Voluntary

Retirement is the point where a person stops employment completely.[1][2] A person may also
semi-retire by reducing work hours.

Many people choose to retire when they are eligible for private or public pension benefits,
although some are forced to retire when physical conditions no longer allow the person to work
any more (by illness or accident) or as a result of legislation concerning their position.[3] In most
countries, the idea of retirement is of recent origin, being introduced during the late 19th and early
20th centuries. Previously, low life expectancy and the absence of pension arrangements meant
that most workers continued to work until death. Germany was the first country to introduce
retirement, in 1889.[4]

Nowadays most developed countries have systems to provide pensions on retirement in old age,
which may be sponsored by employers and/or the state. In many poorer countries, support for the
old is still mainly provided through the family. Today, retirement with a pension is considered a
right of the worker in many societies, and hard ideological, social, cultural and political battles
have been fought over whether this is a right. In many western countries this right is mentioned in
national constitutions.

In professional sports retirement refers to a player ceasing to play professionally, even if they
decide to stay in the sport by becoming a coach. Some players will retire only from international
selection so they can concentrate on playing for their club.

1.FORCED RETIREMENT : Employee


violate rules of organisation as mentioned
in the standing orders. such employees
are forced to retire from their services
before the age of superannuation.

PREMATURE RETIREMENT : Employee


become disable due to disease, illness,
accident. Due to personal problem
employee does not perform job.
Management may give him the option of
retirement. Also, some organisations give
this option when employee complete 1520 years of service

COMPULSARY RETIREMENT : This


include the inclusions of terms of
termination of employment in the contract.
E.g. Defence after 15 yrs of service,
person has to retire from his post.

VOLUNTARY RETIREMENT : GOLDEN


HANDSHAKE SCHEME Voluntary
separation of an employee completing
criteria Employee age 40+ yrs Employee
service min 10 yrs Company has to take
prior permission of government before
offering GHS. Management has right to
accept or reject the application for VRS.
Reasons for VRS Reduce burden of
unproductive employees. Downsizing.
Change in technology Recession
Takeover, Merger, Joint Venture.

Step 1
Retirement Notice and Application

Approximately 90 days before your planned retirement date, you should contact your Retirement
Coordinator. The coordinator will assist you in completing a Retirement Notice and Application.
This is the document used to select your retirement options or plans.

OPERS retirement dates are always the first day of a given month. Your completed application
must be received in the OPERS office in Oklahoma City at least sixty (60) days before your
retirement date (see Dates and Deadlines). Exceptions to the 60-day requirement can be granted
only through a formal waiver granted by the OPERS Executive Director. Good cause, such as
health problems or unforeseeable emergency, must be shown before the Executive Director will
grant a waiver.

NOTE: It may be the case you are eligible for either early or normal retirement at the time your
employment terminates. OPERS requires notice of your intention to retire at least 60 days prior to
your retirement date. In some cases, you do not have 60 days before your employment ends in
which to notify OPERS. In such cases, you have two choices.

You may seek to have the Executive Director waive the 60-day notice requirement; or,
You may, at the time your employment terminates, elect a vested benefit and then give notice to
OPERS of your intention to retire.

Step 2
Acknowledgement and Paperwork
After receiving the Retirement Notice and
Application, OPERS will send you an
acknowledgment letter along with a Direct
Deposit form for you to complete and
return. If documents such as birth
certificates, divorce decrees, etc. are
needed for processing of your application
for retirement, they will be requested at
that time. You must respond as quickly as

Step 3
Preliminary Benefit Statement
A Preliminary Benefit Statement will be
mailed to you prior to your effective
retirement date. This letter will provide the
following:
An accounting of your total service credit
in OPERS;
An estimate of your gross monthly benefit
amount;

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