Common use of Retirement Incentive and Reduction Sequence Clause in Contracts

Retirement Incentive and Reduction Sequence. ‌ 22.5.1 Where it is deemed possible to offset the impact of Article 11.5, (Reduction Sequence), through the offering of a retirement incentive to a faculty member (who qualifies as per Article 22.2, (Eligibility), an incentive shall be offered if the cost of such incentive is the same as or no more than the cost that would be incurred through layoff or transfer of another regular faculty member. 22.5.2 Such offers may be made at any time during the year and need not be part of the exercise described in Article 22.4, (Application and Agreement). 22.5.3 Notwithstanding the possibility of effecting a retirement, advance notification of layoff or transfer pursuant to Article 11, (Reduction, Recall and Severance Pay) may be given to the affected regular faculty member while the faculty member to whom a retirement incentive has been offered is considering that offer.