Common use of Faculty Who Provide Early Notice of Retirement Clause in Contracts

Faculty Who Provide Early Notice of Retirement. Faculty members who elect to retire with at least fifteen (15) years of service in the Minnesota State Universities and who are at least age fifty-five (55) shall have their salary placement increased by two additional steps on the salary schedule(s) established in this Agreement in the final two semesters of employment. To receive this benefit the affected faculty member must submit a written letter of retirement by October 15 if retirement will occur no earlier than the end of the following spring semester but no later than the day prior to the beginning of the subsequent fall semester or by January 15 if retirement will occur at the end of the subsequent fall semester. Faculty who cannot receive the early notification of retirement steps provided for in this section because they are on the top step of the salary schedule shall receive a one-time payment of $4,800 (pro rated by FTE) in lieu of the step increase provided for in this section. For nine-month faculty members, notice of retirement must be given not later than the 60th calendar day after the commencement of the final nine-month appointment.

Faculty Who Provide Early Notice of Retirement. Faculty members who elect to retire with at least fifteen (15) years of service in the Minnesota State Universities and who are at least age fifty-five (55) shall have their salary placement increased by two additional steps on the salary schedule(s) established in this Agreement in the final two semesters of employment. To receive this benefit the affected faculty member must submit a written letter of retirement by October 15 if retirement will occur no earlier than the end of the following spring semester but no later than the day prior to the beginning of the subsequent fall semester or by January 15 if retirement will occur at the end of the subsequent fall semester. Faculty who cannot receive the early notification of retirement steps provided for in this section because they are on the top step of the salary schedule shall receive a one-time payment of $4,800 (pro rated by FTE) in lieu of the step increase provided for in this section. For nine-month faculty members, notice of retirement must be given not later than the 60th calendar day after the commencement of the final nine-month appointment.of

Faculty Who Provide Early Notice of Retirement. Faculty members who elect to retire with at least fifteen (15) years of service in the Minnesota State Universities and who are at least age fifty-five (55) shall have their salary placement increased by two additional steps on the salary schedule(s) established in this Agreement in the final two semesters of employment. To receive this benefit the affected faculty member must submit a written letter of retirement by October 15 if retirement will occur no earlier than the end of the following spring semester but no later than the day prior to the beginning of the subsequent fall semester or by January 15 if retirement will occur at the end of the subsequent fall semester. Faculty who cannot receive the early notification of retirement steps provided for in this section because they are on the top step of the Xxxxxxxxx xxxx of the salary schedule shall receive a one-time payment of $4,800 (pro rated by FTE) in lieu of the step increase provided for in this section. Faculty who cannot receive the early notification of retirement steps provided for in this section because they are on the top step of the Instructor lane of the salary schedule shall receive a one-time payment of $1490 (pro rated by FTE) in lieu of the step increase provided for in this section. For nine-faculty members on a nine- month faculty membersappointment outside of the academic year, notice of retirement must be given not later than the 60th calendar day after the commencement of the final nine-month appointment.