Common use of Individual Eligibility Clause in Contracts

Individual Eligibility. a. An eligible faculty member who elects early separation through resignation or early retirement by October 15, to be effective the beginning of the subsequent academic year, or a date mutually agreed upon by the faculty member and the Administration, except those faculty qualifying under paragraph b below, shall receive a payment equal to the faculty member’s base salary minus ten percent (10%) for each year beyond age fifty-five (55). The faculty member shall receive this amount in two (2) equal payments; the first payment shall be made at the time of the faculty member’s separation from employment and the second payment shall be made before the earlier of the following dates i) eighteen (18) months after the date of separation, or ii) the end of the Fiscal Year following the Fiscal Year in which the separation occurred. These payments shall be deposited into the employee’s post-retirement health care savings account. If the separation payment is less than ten thousand dollars ($10,000), it will be paid to the faculty member as a lump sum cash payment at the time of separation from employment. In the event a faculty member who is otherwise eligible for the separation incentive described in this section, and has provided the advance notice of the faculty member’s intention to retire as provided in this section, dies before the identified separation date, the incentive payment shall be made to the beneficiary designated by the faculty member under a State retirement program, or lacking any such beneficiary, to the faculty member’s estate. Part-time faculty, not including faculty on the Annuitant Employment Program or the Phased Retirement Program described in Article 15, shall receive this benefit on a pro- rated basis.

Individual Eligibility. a. An eligible faculty member who elects early separation through resignation or early retirement by October 15, to be effective the beginning of the subsequent academic year, or a date mutually agreed upon by the faculty member and the Administration, except those faculty qualifying under paragraph b below, shall receive a payment equal to the faculty member’s base salary minus ten percent (10%) for each year beyond age fifty-five (55). The faculty member shall receive this amount in two (2) equal payments; the first payment shall be made at the time of the faculty member’s separation from employment and the second payment shall be made before the earlier of the following dates i) eighteen (18) months after the date of separation, or ii) the end of the Fiscal Year fiscal year following the Fiscal Year fiscal year in which the separation occurred. These payments shall be deposited into the employee’s post-retirement health care savings account. If the separation payment is less than ten thousand dollars ($10,000), it will be paid to the faculty member as a lump sum cash payment at the time of separation from employment. In the event a faculty member who is otherwise eligible for the separation incentive described in this section, and has provided the advance notice of the faculty member’s intention to retire as provided in this section, dies before the identified separation date, the incentive payment shall be made to the beneficiary designated by the faculty member under a State retirement program, or lacking any such beneficiary, to the faculty member’s estate. Part-time faculty, not including faculty on the Annuitant Employment Program or the Phased Retirement Program described in Article 15, shall receive this benefit on a pro- rated basis.

Individual Eligibility. a. An eligible faculty member who elects early separation through resignation or early retirement by October 15, to be effective the beginning of the subsequent academic year, or a date mutually agreed upon by the faculty member and the Administration, except those faculty qualifying under paragraph b below, shall receive a payment equal to the faculty member’s his/her base salary minus ten percent (10%) of his/her base salary for each year beyond age fifty-five (55). The faculty member shall receive this amount in two (2) equal payments; the first payment shall be made at the time of the faculty member’s separation from employment and the second payment shall be made before the earlier of the following dates i) eighteen (18) 18 months after the date of separation, or ii) the end of the Fiscal Year fiscal year following the Fiscal Year fiscal year in which the separation occurred. These payments shall be deposited into the employee’s post-retirement health care savings account. If the separation payment is less than ten thousand dollars ($10,000), it will be paid to the faculty member as a lump sum cash payment at the time of separation from employment. In the event a faculty member who is otherwise eligible for the separation incentive described in this section, and has provided the advance notice of the faculty member’s his/her intention to retire as provided in this section, dies before the identified his/her separation date, the incentive payment shall be made to the beneficiary designated by the faculty member under a State retirement program, or lacking any such beneficiary, to the faculty member’s estate. Part-time faculty, not including faculty on the Annuitant Employment Program or the Phased Retirement Program described in Article 15, shall receive this benefit on a pro- rated basis.

Individual Eligibility. a. An eligible faculty member who elects early separation through resignation or early retirement by October 15, to be effective the beginning of the subsequent academic year, or a date mutually agreed upon by the faculty member and the Administration, except those faculty qualifying under paragraph b below, shall receive a payment equal to the faculty member’s his/her base salary minus ten percent (10%) of his/her base salary for each year beyond age fifty-five (55). The faculty member shall receive this amount in two (2) equal payments; the first payment shall be made at the time of the faculty member’s separation from employment and the second payment shall be made before the earlier of the following dates i) eighteen (18) 18 months after the date of separation, or ii) the end of the Fiscal Year fiscal year following the Fiscal Year fiscal year in which the separation occurred. These payments shall be deposited into the employee’s post-retirement health care savings account. If the separation payment is less than ten thousand dollars ($10,000), it will be paid to the faculty member as a lump sum cash payment at the time of separation from employment. In the event a faculty member who is otherwise eligible for the separation incentive described in this section, and has provided the advance notice of the faculty member’s his/her intention to retire as provided in this section, dies before the identified his/her separation date, the incentive payment shall be made to the beneficiary designated by the faculty member under a State retirement program, or lacking any such beneficiary, to the faculty member’s estate. Part-time faculty, not including faculty on the Annuitant Employment Program or the Phased Retirement Program described in Article 15, shall receive this benefit on a pro- pro-rated basis.

Individual Eligibility. a. An eligible faculty member who elects early separation through resignation or early retirement by October 15, to be effective the beginning of the subsequent academic year, or a date mutually agreed upon by the faculty member and the Administration, except those faculty qualifying under paragraph b below, shall receive a payment equal to the faculty member’s base salary minus ten percent (10%) for each year beyond age fifty-five (55). The faculty member shall receive this amount in two (2) equal payments; the first payment shall be made at the time of the faculty member’s separation from employment and the second payment shall be made before the earlier of the following dates i) eighteen (18) months after the date of separation, or ii) the end of the Fiscal Year fiscal year following the Fiscal Year fiscal year in which the separation occurred. These payments shall be deposited into the employee’s post-post- retirement health care savings account. If the separation payment is less than ten thousand dollars ($10,000), it will be paid to the faculty member as a lump sum cash payment at the time of separation from employment. In the event a faculty member who is otherwise eligible for the separation incentive described in this section, and has provided the advance notice of the faculty member’s intention to retire as provided in this section, dies before the identified separation date, the incentive payment shall be made to the beneficiary designated by the faculty member under a State retirement program, or lacking any such beneficiary, to the faculty member’s estate. Part-time faculty, not including faculty on the Annuitant Employment Program or the Phased Retirement Program described in Article 15, shall receive this benefit on a pro- pro-rated basis.