Early Notification of Retirement. A. Early notification of a faculty member's decision to retire is desirable so that ample time is available for selection of a replacement and/or planning for a smooth transition. B. Faculty are encouraged to complete the early notification agreement which contains these elements: 1. All tenured faculty are eligible. 2. The agreement must be signed by both parties by November 1 (for spring retirement), May 1 (for fall retirement), or September 1 (for winter retirement). 3. A one-time payment of $3,000 will be made with the last payment. 4. The payment does not contribute to any retirement plan. 5. The agreement is irrevocable except in cases of unexpected financial emergency and by mutual agreement between both parties.
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Early Notification of Retirement. β
A. Early notification of a faculty member's decision to retire is desirable so that ample time is available for selection of a replacement and/or planning for a smooth transition.
B. Faculty are encouraged to complete the early notification agreement which contains these elements:
1. All tenured faculty are eligible.
2. The agreement must be signed by both parties by November 1 (for spring retirement), May 1 (for fall retirement), or September 1 (for winter retirement).
3. A one-time payment of $3,000 will be made with the last payment.
4. The payment does not contribute to any retirement plan.
5. The agreement is irrevocable except in cases of unexpected financial emergency and by mutual agreement between both parties.
Appears in 1 contract
Samples: Collective Bargaining Agreement
