Common use of Retirement Buy Clause in Contracts

Retirement Buy. Out: Academic Staff Academic-staff bargaining-unit members meeting the eligibility criteria defined in Section 1 above who wish to retire may take the following retirement buy-out option. Academic staff with ten (10) to nineteen (19) years of full-time service to the University shall receive a payment of eight thousand five hundred dollars ($8,500) per annum for a three (3)-year period. Academic staff with twenty (20) or more years of full-time service to the University shall receive a payment of twelve thousand dollars ($12,000) per annum for a period of three (3) years. Academic staff who elect this option shall be eligible to participate for three (3) years in one (1) of the University-subsidized medical insurance programs with the same subsidy provided to active employees. This subsidy will terminate three (3) years after the effective date of retirement from the University. After the subsidy has been terminated, the retiree shall be eligible for the same medical insurance benefits as other University retirees under the same terms applicable to all other retirees and shall be responsible for paying the full premium for their medical insurance coverage at the retiree rates as they may be adjusted from time to time. This subsidy is not available for those who have entered into other employment with an employer who offers a subsidized medical insurance program. During the three (3)-year period of the early retirement, the University medical insurance program will remain the primary plan only until the individual reaches the age of Medicare eligibility at which time the University medical insurance program will be secondary to Medicare. At that time, the individual will have the option of enrolling in the University’s retiree medical insurance program with the active employee subsidy amount applied to the retiree medical insurance rate. For any covered dependent that reaches the age of Medicare eligibility prior to the early retiree, the University subsidy will be discontinued. The dependent will not be eligible for coverage under a University medical insurance program until the early retiree reaches the age of Medicare eligibility and elects retiree medical coverage. The subsidy will terminate at the end of the three (3)-year period.

Retirement Buy. Out: Academic Staff Staff‌ Academic-staff bargaining-unit members meeting the eligibility criteria defined in Section 1 above who wish to retire may take the following retirement buy-out option. Academic staff with ten five (105) to nineteen (19) years of full-time service to the University shall receive a payment of eight ten thousand five hundred dollars ($8,50010,000) per annum for a three (3)-year period. Academic staff with twenty (20) or more years of full-time service to the University shall receive a payment of twelve sixteen thousand dollars ($12,00016,000) per annum for a period of three (3) years. Academic staff who elect this option shall be eligible to participate for three (3) years in one (1) of the University-subsidized medical insurance programs with the same subsidy provided to active employees. This subsidy will terminate three (3) years after the effective date of retirement from the University. After the subsidy has been terminated, the retiree shall be eligible for the same medical insurance benefits as other University retirees under the same terms applicable to all other retirees and shall be responsible for paying the full premium for their medical insurance coverage at the retiree rates as they may be adjusted from time to time. This subsidy is not available for those who have entered into other employment with an employer who offers a subsidized medical insurance program. During the three (3)-year period of the early retirement, the University medical insurance program will remain the primary plan only until the individual reaches the age of Medicare eligibility at which time the University medical insurance program will be secondary to Medicare. At that time, the individual will have the option of enrolling in the University’s retiree medical insurance program with the active employee subsidy amount applied to the retiree medical insurance rate. For any covered dependent that reaches the age of Medicare eligibility prior to the early retiree, the University subsidy will be discontinued. The dependent will not be eligible for coverage under a University medical insurance program until the early retiree reaches the age of Medicare eligibility and elects retiree medical coverage. The subsidy will terminate at the end of the three (3)-year period.period.‌‌