Retirement Incentive Program. The following retirement incentive program shall be available: An employee submitting a timely letter of resignation shall be eligible to receive the appropriate benefit below if they will be receiving retirement benefits from the MPSERS within thirty (30) calendar days of the effective date of the resignation. The benefits are based upon the number of years of consecutive credited service. The College will pay an eligible employee on the basis of the following schedule: At least fifteen (15) but less than eighteen (18) years $1,650 At least eighteen (18) but less than twenty-one (21) years $3,300 At least twenty-one (21) but less than twenty-three (23) years $4,950 At least twenty-three (23) but less than twenty-five (25) years $6,600 At least twenty-five (25) years $8,250 Section 3: Payment of Retirement Incentive Payments for the above benefits will be made according to the KCC 403(b) plan agreed to by the parties. The employee shall choose from a list of approved 403(b) vendors and the College will make payment directly to the selected vendor. Payment will be made within thirty (30) calendar days of the employee’s retirement date. FICA, Medicare and other taxes will not be deducted from this payment. It is the employee’s responsibility to establish their account prior to their retirement. The employee will be responsible for any tax liability (federal, state, and local) at the time they make their withdrawals from this account.
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Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
