Common use of Complete Early Retirement Clause in Contracts

Complete Early Retirement. The Complete Early Retirement Option provides for the purchase of tenure rights from members in exchange for the member's‌ separation from service at a time earlier than that required by law. Where a member's application for this option is approved by the College, they will retire and waive any and all tenure rights and will receive payment in exchange for such retirement and waiver of tenure rights. The amount and method of such payment will be as mutually agreed upon by the College and the member.‌ Payment under this option will not be reported as wages by the Employer but must be reported as ordinary income by the member for the year in which received. Such payment will 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 70. Upon the death of a member participating in this option, the member's estate will be entitled to receive death benefits based upon the same schedule as the one to have been received by the deceased member.

Complete Early Retirement. The Complete Early Retirement Option provides for the purchase of tenure rights from members in exchange for the member's‌ member's separation from service at a time earlier than that required by law. Where a member's application for this option is approved by the College, they will retire and waive any and all tenure rights and will receive payment in exchange for such retirement and waiver of tenure rights. The amount and method of such payment will be as mutually agreed upon by the College and the member.‌ member. Payment under this option will not be reported as wages by the Employer but must be reported as ordinary income by the member for the year in which received. Such payment will 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 70. Upon the death of a member participating in this option, the member's estate will be entitled to receive death benefits based upon the same schedule as the one to have been received by the deceased member.