LBCC Early Retirement. All employees who retire follow the provisions of the Oregon Public Employees Retirement System state and federal laws, and any applicable collective bargaining provisions with the College. Contracted classified shall participate in all retirement programs that are provided for in state law. The retirement age for College employees is established by Oregon law and is consistent with applicable state and federal laws and Board policy.
a. An employee who began employment on or before June 30, 1998, and who has been employed by Xxxx-Xxxxxx Community College as a contracted half-time, or more, employee continuously, and who desires to early retire prior to age 65, but not before age 55 or who has completed 30 years in the PERS system shall at his or her request, be granted an additional retirement benefit for five (5) years or until age 65, or death, whichever is less.
b. An employee who began employment on or after July 1, 1998, and on or before June 30, 2000, and who has been with Xxxx-Xxxxxx Community College as a contracted half time, or more, employee continuously for a total of 15 years and who desires to early retire prior to age 65, but not before age 55 or who has completed 30 years in the PERS system shall at his or her request, be granted an additional retirement benefit for five (5) years or until age 65, or death, whichever is less.
c. An employee whose first day as a contracted employee is on or after July 1, 2000 is not eligible for an early retirement benefit. The benefit will consist of a monthly retirement stipend equivalent to 1.25 percent retirement calculation based upon the employee's highest twelve (12) months of salary within the thirty-six (36) months immediately prior to the effective date of retirement. In addition, group medical, vision, and dental insurance coverage for the retiree only will be provided. Insurance benefits provided to early retirees shall be subject to the same terms and conditions as in effect for current employees (e.g., carriers, deductibles, co-pays, etc. are subject to change). At their expense, the retiree may continue to purchase existing dependent medical, dental, and vision coverage on the College insurance plans. The premium amount for their dependent’s participation will be deducted from the early retiree’s monthly stipend amount prior to their payment. Any additional premium cost not covered by the stipend amount will be paid by the early retiree directly to the College. For the purpose of calculating e...
