Retirement Options. Full-time faculty are required to contribute to a retirement plan effective with the date of hire, as provided by statute and state regulations. Part-time faculty who are contracted for at least fifty percent (50%) of a full- time load at the College or work a combined load of at least fifty percent (50%) at the College and other Washington State public institutions of higher education for two (2) consecutive academic quarters are required to contribute to a retirement plan at the start of the second (2nd) consecutive quarter.
Retirement Options. The District will offer the following programs for Unit Members to participate in at the time of retirement.
Retirement Options. The Xxxxxxx Community College Board of Trustees may at its discretion grant one of the following retirement incentive plans to eligible faculty. The unit member must elect and may participate in only one of the three following retirement plans:
Retirement Options. Phased-in retirement Appointment, Part-time Appointment or Reduced- Scope Appointment
2.01 In addition to continuing to work full-time, requesting a reduced appointment in accordance with Part 8: Reduced Appointments or giving notice of retirement in accordance with the provisions of Article 20.04 of Part 1: Framework for Collective Bargaining, tenured or confirmed faculty, librarians, program directors and full-time 12-month lecturers who have reached the age of 60 and have 10 years of full-time continuous service may elect to participate in one of three retirement options: (1) phased-in retirement; (2) part-time appointment; or (3) reduced-scope appointment.
2.02 The purpose of the Retirement Options is to balance the desire of members to continue to be productive in more flexible employment arrangements with the University’s need for certainty in academic planning, all the while maintaining cost neutrality.
2.03 The Retirement Options have been implemented as a pilot project. The pilot was initially for a period of two years, commencing May 15, 2007, and is hereby renewed for a further period of two years, to June 30, 2014. Beginning January, 2014 the parties agree to annually review the results of the pilot in light of its purpose and reach a resolution on any future options.
2.04 Members who participate in a Retirement Option are entitled to salary, benefits and pension in the same manner as provided for in the Agreement on Reduced Appointments, as modified by this Letter of Understanding, and are eligible, in accordance with provisions of the Agreement on Salaries and Economic Benefits, to be considered for Career Progress Increments (CPI), Merit Awards and Performance Salary Adjustment (PSA), as provided for in the Agreement on Reduced Appointments.
2.05 Where a member takes a Retirement Option, eligibility for study leave is as follows:
a) There will be no further accrual of service towards study leave eligibility once notice to enter into a Retirement Option has been given;
b) Where a member may be eligible for a study leave, it must be planned before entering into a Retirement Option and completed within the time of the option;
c) There must be the equivalent of at least one year of full-time service between the end of the study leave and retirement; and
d) Salary paid during the study leave will be as provided for in the Agreement on Reduced Appointments.
2.06 Option 1: Phased-in Retirement
a) A member may elect to take a phased-in retirement. T...
Retirement Options. 4.01 UBC Policy 49, “Reduced Workload/Responsibility Appointment – Non-Academic Staff”, remains an option available to staff. For those working beyond their Normal Retirement Date, and reducing their workload under Policy 49, applicable paragraphs under section 2.0 above supersede terms related to Benefits in Policy 49 (“Benefits”).
Retirement Options. Winding Down Scheme
Retirement Options. Eligible employees may select ONLY ONE (1) of the following retirement options:
Retirement Options. 1. The retiree may elect to receive the monthly stipend and insurance benefits as outlined in Section B. above.
2. As an alternative, at the time of retirement, a separate calculation shall be made for each retiree. This calculation shall include the value of the stipend (stipend amount times up to 48 months) and the value of the insurance (current premium costs of medical, dental and vision plans times number of months until age 62). This total shall be the value of that individual’s retirement package.
a. Allocation of this retirement package shall be at the discretion of the retiree. The retiree may choose to receive a monthly stipend, purchase group insurance benefits, or a combination thereof. Any changes in the allocation of these funds shall be made in writing to the District.
b. At the request of the retiree, the monthly allocation may be reduced and paid out over a longer period of time than forty-eight months, so long as the total cost to the District does not exceed the value of the individual’s retirement package.
Retirement Options. Full-time Faculty
Retirement Options. The Governing Board recognizes the valuable service provided by classified staff, especially, those who have served in the District for a number of years. In recognition of this service, the Board offers the following retirement options to classified retirees.
6.7.1 The retiree must have been an employee in the Carpinteria Unified School District for a minimum of 20 years to qualify.
6.7.2 The retiree must be at least 55 years old at the time of retirement and retire from the Carpinteria Unified School District.
6.7.3 The retiree must be on PERS (classified) retirement in order to obtain the benefits listed herein.
6.7.4 The retiree shall meet with the Superintendent or designee to discuss the options listed below and shall sign a retiree agreement prior to receiving any benefits.
6.7.5 Only retirees who retire when this policy is in effect shall qualify for these benefits.
