Optional Retirement Program. (ORP). The University will participate in the Optional Retirement Program (hereafter “ORP”) to the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as follows: (1) Faculty who are otherwise eligible for membership in the Florida Retirement System; (2) Any Faculty Member whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the Faculty Member does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) Days, the Faculty Member will be enrolled as a member of the Florida Retirement System as directed by the Florida Legislature; (3) No accrued service credit or vested retirement benefits will be lost if a Faculty Member participates in the Optional Retirement Program; (4) Benefits under the Optional Retirement Program will be fully and immediately vested in the participating Faculty Member’s selected provider portfolio; (5) The University will contribute to the Optional Retirement Program, on behalf of each Faculty Member participating in the program, an amount required by the Florida Legislature as the employer’s contribution to the Florida Retirement System, as well as an amount equal to the employer’s contribution to the Retiree Health Insurance Subsidy program on behalf of non-Optional Retirement Program participants (see Section 112.363(8), Florida Statutes) plus any employee contribution mandated by the Florida Legislature, less a reasonable and necessary amount, as determined by the Legislature, which will be provided to the Division of Retirement for administering the program; and (6) A participating Faculty Member may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the Faculty Member’s gross compensation not to exceed the percentage amount contributed by the employer to the Optional Retirement Program, but in no case may such contribution exceed federal limitations. The parties agree to inform eligible Faculty regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board or another State agency, the UFF has a right to consult with the University regarding such concern. As a result of such consultation, the parties may agree to an approach to address the concern if it lies outside the Board’s statutory authority.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Optional Retirement Program. (ORP). The University will participate in the Optional a) An optional Retirement Program (hereafter “ORP”) to is provided for faculty who are employed for no less than one academic year including the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as followsfollowing provisions:
(1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;
(2) Any Faculty Member faculty whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the Faculty Member faculty member does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) Days90 days, the Faculty Member faculty member will be enrolled as a member of the Florida Retirement System as directed by the Florida LegislatureSystem;
(3) No accrued service credit or creditor vested retirement benefits will be lost if a Faculty Member faculty member participates in the Optional Retirement Program;
(4) Benefits under the Optional Retirement Program will shall be fully and immediately vested in the participating Faculty Member’s selected provider portfoliofaculty members;
(5) The University will faculty member shall contribute to the Optional Retirement Program, on behalf of each Faculty Member faculty member participating in the program, an amount required by equal to the Florida Legislature as normal cost portion of the employerfaculty member’s contribution to the Florida Retirement System, as well as an amount equal to the employerfaculty member’s contribution to the Retiree Health Insurance Subsidy program on behalf of non-Optional Retirement Program participants (see Section 112.363(8), Florida Statutes) plus any employee contribution mandated by the Florida Legislature), less a reasonable and necessary amount, as determined by the Legislature, which will shall be provided to the Division of Retirement for administering the program; and
(6) A participating Faculty Member faculty member may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the Faculty Memberfaculty member’s gross compensation not to exceed the percentage amount contributed by the employer to the Optional Retirement Program, but in no case may such contribution exceed federal federation limitations. .
(b) The parties agree to inform eligible Faculty faculty regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board or another State agency, the UFF has a right to consult with the University regarding such concern. As a result of such consultation, the parties may agree to an approach to address the concern if it lies outside the Board’s statutory authority.
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Optional Retirement Program. (ORP). The University will participate in the a) An Optional Retirement Program (hereafter “ORP”) to is provided for faculty member who are employed for no less than one academic year including the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as followsfollowing provisions:
(1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;.
(2) Any Faculty Member faculty member whose Optional Retirement Program eligibility results from initial employment will shall be enrolled as a member of the Optional Retirement Program. If the Faculty Member faculty member does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) Days90 days, the Faculty Member will faculty member shall be enrolled as a member of the Florida Retirement System as directed by the Florida Legislature;System.
(3) No accrued service credit or vested retirement benefits will shall be lost if a Faculty Member faculty member participates in the Optional Retirement Program;
(4) Benefits under the Optional Retirement Program will shall be fully and immediately vested in the participating Faculty Member’s selected provider portfoliofaculty members;
(5) The University will shall contribute to the Optional Retirement Program, on behalf of each Faculty Member faculty member participating in the program, an amount required by equal to the Florida Legislature as normal cost portion of the employer’s University's contribution to the Florida Retirement System, as well as an amount equal to the employer’s University's contribution to the Retiree Health Insurance Subsidy program on behalf of non-Optional Retirement Program participants (see Section 112.363(8), Florida Statutes) plus any employee contribution mandated by the Florida Legislature), less a reasonable and necessary amount, as determined by the Legislature, which will shall be provided to the Division of Retirement for administering the program; and
(6) A participating Faculty Member faculty member may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the Faculty Member’s faculty member's gross compensation not to exceed the percentage amount contributed by the employer University to the Optional Retirement Program, but in no case may such contribution exceed federal limitations. .
(b) The parties agree to inform eligible Faculty faculty members regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. .
(c) If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board of Trustees or another State agency, the UFF has a right to consult with the University Trustees regarding such concern. As a result of such consultation, the parties may agree to an approach to address the concern if it lies outside the Board’s 's statutory authority.
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
Optional Retirement Program. (ORP). The University will participate in the a) An Optional Retirement Program (hereafter “ORP”) to is provided for employees who are employed for no less than one academic year including the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as followsfollowing provisions:
(1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;.
(2) Any Faculty Member employee whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the Faculty Member employee does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) Days90 days, the Faculty Member employee will be enrolled as a member of the Florida Retirement System as directed by the Florida Legislature;System.
(3) No accrued service credit or vested retirement benefits will be lost if a Faculty Member an employee participates in the Optional Retirement Program;
(4) Benefits under the Optional Retirement Program will shall be fully and immediately vested in the participating Faculty Member’s selected provider portfolioemployees;
(5) The University will employer shall contribute to the Optional Retirement Program, on behalf of each Faculty Member employee participating in the program, an amount required by equal to the Florida Legislature as normal cost portion of the employer’s 's contribution to the Florida Retirement System, as well as an amount equal to the employer’s 's contribution to the Retiree Health Insurance Subsidy program on behalf of non-Optional Retirement Program participants (see Section 112.363(8)121.35, Florida Statutes) plus any employee contribution mandated by the Florida Legislature), less a reasonable and necessary amount, as determined by the Legislature, which will shall be provided to the Division of Retirement for administering the program; and
(6) A participating Faculty Member employee may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the Faculty Member’s employee's gross compensation not to exceed the percentage amount contributed by the employer to the Optional Retirement Program, but in no case may such contribution exceed federal limitations. .
(b) The parties agree to inform eligible Faculty employees regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. .
(c) If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board University or another State agency, the UFF has a right to consult with the University president or president’s representative regarding such concern. As a result of such consultation, the parties may agree to an approach to address the concern if it lies outside the BoardUniversity’s statutory authority.
(d) The parties agree that the Optional Retirement Program and the Florida Retirement System are governed by Florida Statutes and regulations of the responsible division of state government. The parties agree to be bound by any changes in those statutes and regulations, regardless of whether such changes increase or decrease benefits to employees. If a change in statutes or regulations decreases benefits to employees the parties shall enter into immediate negotiations to address the impact of the change.
Appears in 1 contract
Samples: Collective Bargaining Agreement
Optional Retirement Program. (ORP). The University will participate in the a) An Optional Retirement Program (hereafter “ORP”) to is provided for employees who are employed for no less than one academic year including the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as followsfollowing provisions:
(1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;.
(2) Any Faculty Member employee whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the Faculty Member employee does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) Days90 days, the Faculty Member employee will be enrolled as a member of the Florida Retirement System as directed by the Florida Legislature;System.
(3) No accrued service credit or vested retirement benefits will be lost if a Faculty Member an employee participates in the Optional Retirement Program;
(4) Benefits under the Optional Retirement Program will shall be fully and immediately vested in the participating Faculty Member’s selected provider portfolioemployees;
(5) The University will employer shall contribute to the Optional Retirement Program, on behalf of each Faculty Member employee participating in the program, an amount required by equal to the Florida Legislature as normal cost portion of the employer’s 's contribution to the Florida Retirement System, as well as an amount equal equa to the employer’s 's contribution to the Retiree Health Insurance Subsidy program on behalf of non-Optional Retirement Program participants (see Section 112.363(8)121.35, Florida Statutes) plus any employee contribution mandated by the Florida Legislature), less a reasonable and necessary amount, as determined by the Legislature, which will shall be provided to the Division of Retirement for administering the program; and
(6) A participating Faculty Member employee may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the Faculty Member’s employee's gross compensation not to exceed the th percentage amount contributed by the employer to the Optional Retirement Retireme Program, but in no case may such contribution exceed federal limitations. .
(b) The parties agree to inform eligible Faculty employees regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. .
(c) If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board University or another State agency, the UFF has a right to consult with the University th president or president’s representative regarding such concern. As a result resul of such consultation, the parties may agree to an approach to address the concern if it lies outside the BoardUniversity’s statutory authority.
(d) The parties agree that the Optional Retirement Program and the Florida Retirement System are governed by Florida Statutes and regulations of the responsible division of state government. The parties agree to be bound by any changes in those statutes and regulations, regardless of whether such changes increase or decrease benefits to employees. If a change in statutes or regulations decreases benefits to employees the parties shall enter into immediate negotiations to address t impact of the change.
Appears in 1 contract
Samples: Collective Bargaining Agreement
Optional Retirement Program. (ORP). The University will participate in the a) An Optional Retirement Program (hereafter “ORP”) to is provided for employees who are employed for no less than one academic year including the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as followsfollowing provisions:
(1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;.
(2) Any Faculty Member employee whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the Faculty Member employee does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) Days90 days, the Faculty Member employee will be enrolled as a member of the Florida Retirement System as directed by the Florida Legislature;System.
(3) No accrued service credit or vested retirement benefits will be lost if a Faculty Member an employee participates in the Optional Retirement Program;
(4) Benefits under the Optional Retirement Program will shall be fully and immediately vested in the participating Faculty Member’s selected provider portfolioemployees;
(5) The University will employer shall contribute to the Optional Retirement Program, on behalf of each Faculty Member employee participating in the program, an amount required by equal to the Florida Legislature as normal cost portion of the employer’s 's contribution to the Florida Retirement System, as well as an amount equal to the employer’s 's contribution to the Retiree Health Insurance Subsidy program on behalf of non-Optional Retirement Program participants (see Section 112.363(8), Florida Statutes) plus any employee contribution mandated by the Florida Legislature), less a reasonable and necessary amount, as determined by the Legislature, which will shall be provided to the Division of Retirement for administering the program; and
(6) A participating Faculty Member employee may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the Faculty Member’s employee's gross compensation not to exceed the percentage amount contributed by the employer to the Optional Retirement Program, but in no case may such contribution exceed federal limitations. .
(b) The parties agree to inform eligible Faculty employees regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. .
(c) If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board or another State agency, the UFF has a right to consult with the University Florida Board of Governors regarding such concern. As a result of such consultation, the parties may agree to an approach to address the concern if it lies outside the Board’s statutory authority.to
Appears in 1 contract
Samples: Collective Bargaining Agreement
Optional Retirement Program. (ORP). The University will participate in the a) An Optional Retirement Program (hereafter “ORP”) to is provided for employees who are employed for no less than one academic year including the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as followsfollowing provisions:
(1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;.
(2) Any Faculty Member employee whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the Faculty Member employee does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) Days90 days, the Faculty Member employee will be enrolled as a member of the Florida Retirement System as directed by the Florida Legislature;System.
(3) No accrued service credit or vested retirement benefits will be lost if a Faculty Member an employee participates in the Optional Retirement Program;
(4) Benefits under the Optional Retirement Program will shall be fully and immediately vested in the participating Faculty Member’s selected provider portfolioemployees;
(5) The University will employer shall contribute to the Optional Retirement Program, on behalf of each Faculty Member employee participating in the program, an amount required by equal to the Florida Legislature as normal cost portion of the employer’s 's contribution to the Florida Retirement System, as well as an amount equal to the employer’s 's contribution to the Retiree Health Insurance Subsidy program on behalf of non-Optional Retirement Program participants (see Section 112.363(8)121.35, Florida Statutes) plus any employee contribution mandated by the Florida Legislature), less a reasonable and necessary amount, as determined by the Legislature, which will shall be provided to the Division of Retirement for administering the program; and
(6) A participating Faculty Member employee may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the Faculty Member’s employee's gross compensation not to exceed the percentage amount contributed by the employer to the Optional Retirement Program, but in no case may such contribution exceed federal limitations. .
(b) The parties agree to inform eligible Faculty employees regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. .
(c) If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board University or another State agency, the UFF has a right to consult with the University president or president’s representative regarding such concern. As a result of such consultation, the parties may agree to an approach to address the concern if it lies outside the BoardUniversity’s statutory authority.
(d) The parties agree that the Optional Retirement Program and the Florida Retirement System are governed by Florida Statutes and regulations of the responsible division of state government. The parties agree to be bound by any changes in those statutes and regulations, regardless of whether such changes increase or decrease benefits to employees.
Appears in 1 contract
Samples: Collective Bargaining Agreement
Optional Retirement Program. (ORP). The University will participate in the Optional a) An optional Retirement Program (hereafter “ORP”) to is provided for faculty who are employed for no less than one academic year including the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as followsfollowing provisions:
(1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;
(2) Any Faculty Member faculty whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the Faculty Member faculty member does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) Days90 days, the Faculty Member faculty member will be enrolled as a member of the Florida Retirement System as directed by the Florida LegislatureSystem;
(3) No accrued service credit or creditor vested retirement benefits will be lost if a Faculty Member faculty member participates in the Optional Retirement Program;
(4) Benefits under the Optional Retirement Program will shall be fully and immediately vested in the participating Faculty Member’s selected provider portfoliofaculty members;
(5) The University will faculty member shall contribute to the Optional Retirement Program, on behalf of each Faculty Member faculty member participating in the program, an amount required by equal to the Florida Legislature as normal cost portion of the employerfaculty member’s contribution to the Florida Retirement System, as well as an amount equal to the employerfaculty member’s contribution to the Retiree Health Insurance Subsidy program on behalf of non-Optional Retirement Program participants (see Section 112.363(8), Florida Statutes) plus any employee contribution mandated by the Florida Legislature), less a reasonable and necessary amount, as determined by the Legislature, which will shall be provided to the Division of Retirement for administering the program; and
(6) A participating Faculty Member faculty member may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the Faculty Memberfaculty member’s gross compensation not to exceed the percentage amount contributed by the employer to the Optional Retirement Program, but in no case may such contribution exceed federal federation limitations. .
(b) The parties agree to inform eligible Faculty faculty regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. .
(c) If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board or another State agency, the UFF has a right to consult with the University Board regarding such concern. As a result of such consultation, the parties may agree to an approach to address the concern if it lies outside the Board’s statutory authority.
Appears in 1 contract
Samples: Collective Bargaining Agreement
