Common use of Multiple Option Retirement Program Clause in Contracts

Multiple Option Retirement Program. Oakland shall offer a Multiple Option Retirement Program for all full-time faculty members, except as noted in paragraph 139. Oakland shall contribute to the Multiple Option Retirement Program as follows: a. For each participating non-visiting faculty member hired without tenure or job security: until such person has attained two years of full-time service and has been approved by Oakland for continued employment subsequent to the initial term of hire, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen percent (14%) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153. For faculty hired without tenure or job security after September 14, 2003, and who satisfy the conditions set forth above, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fifteen percent (15%) of the salary paid to each faculty member (as defined above) for the next two years of the faculty member’s employment term. b. For each participating full-time visiting faculty member hired after September 14, 2003: in the third and fourth year of employment, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen percent (14%) of the salary paid to each such faculty member. c. For other participating faculty members: Oakland shall contribute to said plan, over and above all other compensation, an amount equal to sixteen percent (16%) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153. Two tax-deferred retirement plans are available: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit Services Office. Oakland and the Association may agree to add other plans or to disassociate from any of the above-named plans. As new options from these vendors become available, Oakland shall make such options available to faculty.

Multiple Option Retirement Program. Oakland shall offer a Multiple Option Retirement Program for all full-time faculty members, except as noted in paragraph 139. Oakland shall contribute to the Multiple Option Retirement Program as follows: a. For each participating non-visiting faculty member hired without tenure or job security: until such person has attained two years of full-time service and has been approved by Oakland for continued employment subsequent to the initial term of hire, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen thirteen percent (13%) (14%% effective January 2008) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153143. For faculty hired without tenure or job security after September 14, 2003, and who satisfy the conditions set forth above, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fifteen fourteen percent (14%) (15%% effective January 2008) of the salary paid to each faculty member (as defined above) for the next two years of the faculty member’s employment term. b. For each participating full-time visiting faculty member hired after September 14, 2003: in the third and fourth year of employment, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen percent (14%) of the salary paid to each such faculty member. c. For other participating faculty members: Oakland shall contribute to said plan, over and above all other compensation, an amount equal to sixteen percent fifteen (15%) (16%% effective January 2008) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153143. Two tax-deferred retirement plans are available: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit Services Office. Oakland and the Association may agree to add other plans or to disassociate from any of the above-named plans. As new options from these vendors become available, Oakland shall make such options available to faculty.

Multiple Option Retirement Program. Oakland shall offer a Multiple Option Retirement Program for all full-time faculty members, except as noted in paragraph 139. Oakland shall contribute to the Multiple Option Retirement Program as follows: a. For each participating non-visiting faculty member hired without tenure or job security: until such person has attained two years of full-time service and has been approved by Oakland for continued employment subsequent to the initial term of hire, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen thirteen percent (1413%) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153143. For faculty hired without tenure or job security after September 14, 2003, and who satisfy the conditions set forth above, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fifteen fourteen percent (1514%) of the salary paid to each faculty member (as defined above) for the next two years of the faculty member’s employment term. b. For each participating full-time visiting faculty member hired after September 14, 2003: in the third and fourth year of employment, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen percent (14%) of the salary paid to each such faculty member. c. For other participating faculty members: Oakland shall contribute to said plan, over and above all other compensation, an amount equal to sixteen percent fifteen (1615%) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153143. Two tax-deferred retirement plans are available: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit Services Office. Oakland and the Association may agree to add other plans or to disassociate from any of the above-named plans. As new options from these vendors become available, Oakland shall make such options available to faculty.