Common use of PLANNED RETIREMENT PROGRAM Clause in Contracts

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. 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. without any reduction or penalties for early retirement by the employee's retirement date. b. Employed full-time at Lake Land College. c. Submit signed resignation form to the President up to four (4) years prior to retirement. d. Retirement must occur within four (4) years of qualifying for S.U.R.S. as required in "a." above. 3. An intent to resign must be submitted to the President by December 31 prior to the year in which a resignation will be given except the first year an employee may submit an intent within thirty (30) days of the effective date of this plan. The salary adjustment will begin within thirty (30) days of Board of Trustee approval of the employee's resignation except the salary adjustment may not commence sooner than four (4) years prior to the effective date of resignation. 4. At the discretion of the Board of Trustees, the number of resignations accepted in advance may be limited to fifteen percent (15%) of employees qualified. Should this option be invoked, resignations will be accepted on a seniority basis within employee group with Lake Land College. Employees denied will have one year added to the four (4) year window of opportunity. 5. Employees who are paid by grant programs may participate in Planned Retirements only if funds are available through their grants to pay the 20% salary increase.