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: 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. 2. To qualify, employees must meet the following criteria: a. An employee must be qualified to receive a retirement annuity from S.U.R.S. b. Employed full-time at Lake Land College for at least six (6) consecutive years, including the year prior to applying for participation in the Planned Retirement Program. c. Submit signed resignation form to the President up to four
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Samples: Collective Bargaining Agreement
