Complete Early Retirement. The Complete Early Retirement Option provides for the purchase of valuable tenure rights of faculty members in exchange for the faculty member’s separation for service at a time earlier than that required by law. Where a faculty member’s application for this option is approved by the President, he/she shall retire and waive any and all tenure rights and shall receive payment in exchange for such retirement and waiver of tenure rights. The amount and method of such payment shall be as mutually agreed upon by the College and the faculty member. Payment under this option shall not be reported as wages by the employer but must be reported as ordinary income by the faculty member for the year in which received. Such payment shall be excluded in any calculation regarding retirement benefits. The written agreement will include a schedule of payment(s). No payment will be made after age seventy (70). Upon the death of a faculty member participating in this option, the faculty member’s estate shall be entitled to receive death benefits based upon the same schedule as the one to have been received by the deceased faculty member.
Appears in 6 contracts
