Retirement Status/Withdrawal of Employee Contributions. Laid-off Residential Faculty stop earning retirement service credits effective July 1 of the subsequent fiscal year. They may elect to withdraw the employee portion of retirement contributions pursuant to state law, which may include the employee portion and employer portion based on credited service, as of July 1 of the subsequent fiscal year without affecting reemployment rights. Should the employee withdraw employee contributions and resume employment with MCCCD within 24 months of the layoff effective date, the previously forfeited credited service may be repurchased as permitted by state law by paying an amount equal to the amount of withdrawn contributions plus interest to ASRS within 60 days of rehire date. Affected employees are urged to consult with District HR staff and ASRS about the consequences of withdrawing employee contributions.
Appears in 7 contracts
Samples: Residential Faculty Agreement, Faculty Agreement, Faculty Agreement
