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. b. If a faculty member is older than age fifty-five (55) when the faculty member completes the fifteen (15) years of service requirement, the faculty member shall receive the full benefit of one year’s base salary if the faculty member separates from employment pursuant to the procedures set forth in paragraph a, above, by the end of the first full academic year following completion of the fifteen (15) years of service. Any faculty member eligible under this paragraph who does not elect early retirement as provided in this paragraph but chooses to retire/resign later will be compensated under the schedule set forth in paragraph a.

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. b. If a faculty member is older than age fifty-five (55) when the faculty member completes the fifteen (15) years of service requirement, the faculty member shall receive the full benefit of one year’s base salary if the faculty member separates from employment pursuant to the procedures set forth in paragraph a, above, by the end of the first full academic year following completion of the fifteen (15) years of service. Any faculty member eligible under this paragraph who does not elect early retirement as provided in this paragraph but chooses to retire/resign later will be compensated under the schedule set forth in paragraph a.

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. b. If a faculty member is older than age fifty-five (55) when the faculty member she/he completes the fifteen (15) years of service requirement, the faculty member shall receive the full benefit of one year’s base salary if the faculty member separates from employment pursuant to the procedures set forth in paragraph a, above, by the end of the first full academic year following completion of the fifteen (15) years of service. Any faculty member eligible under this paragraph who does not elect early retirement as provided in this paragraph but chooses to retire/resign later will be compensated under the schedule set forth in paragraph a.fifteen

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. b. If a faculty member is older than age fifty-five (55) when the faculty member she/he completes the fifteen (15) years of service requirement, the faculty member shall receive the full benefit of one year’s base salary if the faculty member she/he separates from employment pursuant to the procedures set forth in paragraph a, above, by the end of the first full academic year following completion of the fifteen (15) 15 years of service. Any faculty member eligible under this paragraph who does not elect early retirement as provided in this paragraph but chooses to retire/resign later will be compensated under the schedule set forth in paragraph a.

Individual Eligibility. a. An eligible faculty member who elects early separation through resignation or early retirement by October 151, 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 b. below, shall receive a payment compensation 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 the compensation in two (2) equal annual payments; , the first payment shall be made at the time beginning of the faculty member’s separation from employment ensuing fiscal year and the second payment shall be made before the earlier of in 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 accountfiscal year. If the separation payment is less than ten thousand dollars ($10,000), it will be paid to the faculty member as in a lump sum cash sum. In no circumstance shall a faculty member eligible for an early separation payment at the time receive such payment in any one fiscal year which would result in compensation in excess of separation from employmentone hundred percent (100%) of total salary, exclusive of overload and summer sessions. In the event a faculty member who is otherwise eligible for the separation incentive described in this sectionSection, and has provided the advance advanced notice of the faculty member’s his/her intention to retire as provided in this sectionSection, 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 his/her estate. b. If a faculty member is older than age fifty-five (55) when the faculty member s/he completes the fifteen (15) years of service requirement, the faculty member shall receive the full benefit of one year’s base salary if s/he: 1) applies within one hundred and eighty (180) days of meeting the faculty member separates from employment pursuant to age and service requirement, and 2) the procedures set forth in paragraph a, above, by separation will occur no later than one hundred and eighty-one (181) days following the end date of application for the first full academic year following completion of the fifteen (15) years of servicebenefit. Any faculty member eligible under this paragraph subdivision who does not elect early retirement as provided in during this paragraph window but chooses to retire/resign apply later will be compensated under the schedule set forth in paragraph a.

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 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.of b. If a faculty member is older than age fifty-five (55) when the faculty member she/he completes the fifteen (15) years of service requirement, the faculty member shall receive the full benefit of one year’s base salary if the faculty member she/he separates from employment pursuant to the procedures set forth in paragraph a, above, by the end of the first full academic year following completion of the fifteen (15) 15 years of service. Any faculty member eligible under this paragraph who does not elect early retirement as provided in this paragraph but chooses to retire/resign later will be compensated under the schedule set forth in paragraph a.