Retirement Incentive Programs Clause Samples

Retirement Incentive Programs. Faculty members may participate in retirement incentive programs established by the Board of Trustees in compliance with the California Education Code.

Retirement Incentive Programs. In accordance with state law, an employee who is interested in retiring may consider one of three programs offered by the College: (a) Phased Retirement, (b) Retirement Transition, and

Retirement Incentive Programs. In accordance with state law, an employee who is interested in retiring may consider one of three programs offered by the College: (a) Phased Retirement, (b) Retirement Transition, and (c) Early Retirement, and (d) other plan mutually agreed to by the academic employee, Union, and the college. First consideration will be given to retirement incentive applications that are submitted in writing to the College President no later than the fifteenth (15) day of October, each academic year. Applications received later than the fifteenth day of October shall be considered after processing those received by the fifteenth of October. Applications for retirement incentive programs must be for retirements occurring on June 30 of the academic year for which the application is filed. An eligible tenured academic employee who submits a request for a retirement incentive option by the due date shall be notified prior to winter quarter of the status of his/her request. Tenured academic employee application requests will be considered and approved on the basis of seniority and consistent with the terms of the agreement. In the case of exceptional circumstances, management, in consultation with the Union President, may consider other factors. In instances where tenured academic employees who have applied for the retirement incentive option have the same seniority date, and availability of retirement incentive options is limited, management in consultation with the Union President may consider other factors. Early Retirement incentive program requests will be approved up to two per academic year. Any unused early retirement allocations during a year will be accumulated for future use and will not expire. The maximum early retirement incentives that may be awarded in one year are two (2) for the current year and four (4) accumulated early retirement for a total of six (6). By September 15 of each academic year, management shall provide the Union with an accounting of prior year retirement(s) approved and the number of slots available for the year. Any retirement option entered into must be established in writing and agreed to by the employee and the College. Conditions of the agreement will be that the employee exercise an intentional, voluntary and intelligent waiver of his or her rights as a tenured academic employee in exchange for participation in a retirement program option and that the Board of Trustees give written assurances for fulfillment of the retirement contract.

Retirement Incentive Programs. 1. For retirees not participating in the Early Retirement Incentive Program, the District will provide $150 fringe benefits contribution per month until the member reaches age sixty-five (65). A retiree may continue in the District health benefit programs at the retiree’s expense after termination of this program upon insurance carrier approval. This amount will be prorated commensurate to the percentage of full-time employment prior to retirement. 2. Certificated personnel in the bargaining unit desiring to participate in the Early Retirement Incentive Program may do so under the following conditions: A. Participation shall be on a voluntary basis and available to all bargaining unit members eligible under C. below. Certificated personnel currently participating in the program at the date of this Agreement will receive the compensation, fringe benefits, and other applicable provisions of this Article agreed to at the time of their retirement. B. Any employee who wishes to participate in the ERIP must submit a letter of intent to the Personnel Office not later than the March 1 prior to his/her intended retirement in order to retain his/her priority status on the Priority List). Any unclaimed ERIP positions will then be opened on a first-come, first- served basis during the month of March, after which the Priority List will be reinstated. C. To be eligible for this program, the employee must have served in the Walnut Creek School District a minimum of ten (10) full years and be at least fifty-five (55) years of age.

Retirement Incentive Programs. Faculty members may participate in retirement incentive programs established by the Board of Trustees in compliance with the California Education Code. I. Reduced Workload with Full Retirement Credit (Calif. Ed. Code, Section, 87483) A. The Board of Trustees will permit full-time faculty members to reduce their workload from full-time to part-time and have their retirement benefits based upon full-time employment. 1. The option of reduced load may be exercised upon mutual agreement of both the District and the faculty member. Once the option is exercised, it is not revocable, and the faculty member may not return to a full-load, full-time status, unless agreed to by the Board of Trustees. 2. To be eligible to start the optional reduced load program, the faculty member must be fifty-five (55) years of age before the beginning of the academic semester in which the reduction in workload starts. 3. The faculty member must have been employed full-time as an academic employee of the District for at least ten (10) years prior to the request for reduced load. 4. Except for the reduction in salary, corresponding to the reduced load, the District will provide the part-time faculty member the same benefits provided a regular full-time (100%) faculty member.

Retirement Incentive Programs. Faculty members may participate in retirement incentive programs established by the Board of Trustees in compliance with the California Education Code. I. Reduced Workload with Full Retirement Credit (Calif. Ed. Code, Section, 87483) A. The Board of Trustees will permit full-time faculty members to reduce their workload from full-time to part-time and have their retirement benefits based upon full-time employment. 1. The option of reduced load may be exercised upon mutual agreement of both the District and the faculty member. Once the option is exercised, it is not revocable, and the faculty member may not return to a full-load, full-time status, unless agreed to by the Board of Trustees. 2. To be eligible to start the optional reduced load program, the faculty member must be fifty-five (55) years of age before the beginning of the academic semester in which the reduction in workload starts. 3. The faculty member must have been employed full-time as an academic employee of the District for at least ten (10) years prior to the request for reduced load. 4. Except for the reduction in salary, corresponding to the reduced load, the District will provide the part-time faculty member the same benefits provided a regular full-time (100%) faculty member. 5. The District and the faculty member shall agree to make contributions to the STRS equal to the amount required of a full-time (100%) faculty member. 6. The minimum reduced load shall be the equivalent of one-half (½) of the number of days of service required by the faculty member's contract of employment during the final year of service as a full-time (100%) position. 7. A faculty member on the optional reduced load program shall work for the duration of the reduction, as mutually agreed by the faculty member and the District, at a minimum: a. 100% of one semester and 0% of the other semester, or b. 50% each semester, or

Retirement Incentive Programs. 1 Unit members who choose to retire early may elect to participate in one of the following 2 retirement incentive programs: 3 16.4.1 Upon request, the District will allow a unit member to reduce his/her workload 4 from full-time to part-time duties subject to review and approval by the Board 5 pursuant to the following regulations: (a) The unit member must have reached the age of 55 prior to reduction in 7 workload.