PLANNED RETIREMENT PROGRAM. SECTION 1: Any employee with a start date of employment or rehire date at Lake Land College of July 1, 2017 or after is not eligible for the planned retirement program described in this section. The planned retirement program is only available to those employees who were hired or rehired at Lake Land College with a start date prior to July 1, 2017.
PLANNED RETIREMENT PROGRAM. 1. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive an additional salary increase of twenty percent (20%) of his/her contractual base salary.
PLANNED RETIREMENT PROGRAM. 1. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive a guaranteed 6% raise on his/her contractual base salary for each of the last four (4) years of service. In addition, a years-of-service incentive will be paid on the first payroll following sixty (60) calendar days after the retirement date. This incentive will be based on the following formula: Years of Service at Lake Land College % of the final year’s salary 25 & Over 56% of base and summer base pay 20-24 50% of base and summer base pay 15-19 44% of base and summer base pay 10-14 38% of base and summer base pay Unused sick days can be accumulated and applied towards the years of service at Lake Land College based on the following scale. Unused sick days cannot be applied in partial increments. 180 unused sick days = 1 additional year of service at Lake Land College 360 unused sick days = 2 additional years of service at Lake Land College.an additional salary increase of twenty percent (20%) of his/her contractual base salary.
PLANNED RETIREMENT PROGRAM. 1. Full-time faculty who have submitted resignations under the terms of the Planned Retirement Program shall remain in their current positions unless a change in position is mutually agreed by the full-time faculty member and the College. It is understood that full-time faculty accepted by action of the Board of Trustees into the Planned Retirement program are subject to job evaluations as provided in Board Policy No. 05 02.09 and are subject to annual offers of re-employment. It is further understood that the Planned Retirement program is a retirement plan, not a contract for employment.
PLANNED RETIREMENT PROGRAM. 1. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive a guaranteed 6% raise on his/her contractual base salary for each of the last four (4) years of service. In addition, a years-of-service incentive will be paid on the first payroll following sixty (60) calendar days after the retirement date. If a full time faculty member gives less than four (4) years notice of their retirement under this paragraph or retires prior to their Board approved resignation date, any years-of-service incentive described in this section shall not be paid until the SURS penalty, if any, has been determined by SURS. This incentive will be based on the following formula: Yrs of Service at LLC % of the final 12 month base salary 25 & Over 56% of base and summer base pay 20-24 50% of base and summer base pay 15-19 44% of base and summer base pay 10-14 38% of base and summer base pay Unused sick days can be accumulated and applied towards the years of service at Lake Land College based on the following scale. Unused sick days cannot be applied in partial increments. 180 unused sick days = 1 additional year of service at Lake Land College 360 unused sick days = 2 additional years of service at Lake Land College. If a full time faculty member gives less than four (4) years notice of their retirement under this paragraph or retires prior to their Board approved resignation date and:
