Common use of RETIREMENT, TENURE AND THREE-YEAR EXTENDABLE APPOINTMENT RELINQUISHMENT Clause in Contracts

RETIREMENT, TENURE AND THREE-YEAR EXTENDABLE APPOINTMENT RELINQUISHMENT. Section A, Eligibility. Only faculty members who are tenured or on a three-year extendable contract are eligible under this Article to relinquish their tenure or three year extendable contract. To be eligible for the benefits under this Article, a faculty member must be at least 55 years of age on the effective date of the relinquishment, and submit their intent to relinquish tenure or three-year extendable contract to the Xxxxxxx through their Director by May 1, which is less than one year from the proposed relinquishment. Relinquishment shall be granted in the ordinary course by the Xxxxxxx, except the Xxxxxxx retains discretion to deny relinquishment under the following circumstances: (1) a faculty member has previously received notice of non-renewal or termination (subject to the faculty member’s rights under Article 11.F.2.d(3)) or (2) a faculty member is later terminated for just cause (as defined by Article 16.A.1) prior to their final date of employment. 1) Any faculty member laid off and eligible via Article 11.F.2.d(3) 2) Any faculty member who attempted to relinquish in a previous year and was denied via this priority scheme 3) Any faculty member from a previous May 1 relinquishment cycle, who changes their retirement date during their Relinquishing Three-year Appointment, thereby establishing a new future liability valuation 4) By the greatest number of years of service at Southern Oregon University. If a faculty member attempts to relinquish after May 1 but before June 30 of a given year, they may do so as long as the added discounted liability for that fiscal year still does not cause the total new discounted liability for the fiscal year to exceed 1% of operational revenues. If the added discounted liability would cause the total new discounted liability to exceed 1% of operational revenues, they will be delayed to the following year and will be given priority

RETIREMENT, TENURE AND THREE-YEAR EXTENDABLE APPOINTMENT RELINQUISHMENT. Section A, Eligibility. Only faculty members who are tenured or on a three-year extendable contract are eligible under this Article to relinquish their tenure or three three-year extendable contract. To be eligible for the benefits under this Article, a faculty member must be at least 55 years of age on the effective date of the relinquishment, must be eligible to retire at the close of the relinquishment appointment, and must submit their intent to relinquish tenure or three-year extendable contract to the Xxxxxxx through their Director by no later than April 15th of the academic year prior to the effective date of relinquishment. Relinquishment requires at least a one-year fixed term appointment prior to retirement. The relinquishment agreement and any associated paperwork will be provided to the faculty member by no later than May 1, which is less 15 and completed by the faculty member by no later than one year from the proposed relinquishmentJune 15. Relinquishment shall be granted in the ordinary course by the Xxxxxxx, except the Xxxxxxx retains discretion to deny relinquishment under the following circumstances: (1) a faculty member has previously received notice of non-renewal or termination (subject to the faculty member’s rights under Article 11.F.2.d(3)) or termination; (2) a faculty member is later terminated for just cause (as defined by Article 16.A.1) prior to their final date of employment.; or (3) retrenchment. Relinquishments are subject to a priority scheme. If the total discounted value of liability (from the previous July 1 to the current June 30) exceeds 1% of operational revenues, faculty shall receive relinquishment benefits. in the following order until the 1% of operational revenues of new discounted fund balance liability is reached: 1) Any faculty member laid off and eligible via Article 11.F.2.d(3) 2) Any faculty member who attempted to relinquish in a previous year and was denied via this priority scheme 3) Any faculty member from a previous May 1 relinquishment cycle, who changes their retirement date during their Relinquishing Three-year Appointment, thereby establishing a new future liability valuation 4) By the greatest number of years of service at Southern Oregon University. If a faculty member attempts to relinquish after May 1 April 15th, but before June 30 15 of a given year, they may do so as long as the added discounted liability for that fiscal year still does not cause the total new discounted liability for the fiscal year to exceed 1% of operational revenues. If the added discounted liability would cause the total new discounted liability to exceed 1% of operational revenues, they will be delayed to the following year and will be given prioritypriority 2) in the above priority list. If a faculty member attempts to relinquish after June 15 for the following academic year, eligibility for benefits detailed in Section E.4 is at the discretion of the Xxxxxxx. Faculty contemplating retirement should evaluate their readiness to do so and consider the following: when they are eligible for retirement under their retirement program; when they will reach full Social Security retirement age (which may vary by birth year); and Medicare eligibility age which begins at age 65 (the date Medicare coverage takes effect also depends on when one applies for it). Employees should verify when coverage would start based on their intended and actual application date. Employees who would like assistance with these items may visit the Office of Human Resources or consult xxx.xxx.xxx, xxx.xxxxxxxx.xxx and Senior Health Insurance Benefits Assistance at xxxxx.xxxxxx.xxx.

RETIREMENT, TENURE AND THREE-YEAR EXTENDABLE APPOINTMENT RELINQUISHMENT. Section A, Eligibility. Only faculty members who are tenured or on a three-year extendable contract are eligible under this Article to relinquish their tenure or three three-year extendable contract. To be eligible for the benefits under this Article, a faculty member must be at least 55 years of age on the effective date of the relinquishment, and submit their intent to relinquish tenure or three-year extendable contract to the Xxxxxxx through their Director by May 1, no later than April 15th of the academic year prior to the effective date of relinquishment which is less than one year from the proposed relinquishment. The relinquishment agreement and any associated paperwork will be provided to the faculty member by no later than May 15 and completed by the faculty member by no later than June 15. Relinquishment shall be granted in the ordinary course by the Xxxxxxx, except the Xxxxxxx retains discretion to deny relinquishment under the following circumstances: (1) a faculty member has previously received notice of non-renewal or termination (subject to the faculty member’s rights under Article 11.F.2.d(3)11.F.2.d ((3) or (2)) a faculty member is later terminated for just cause (as defined by Article 16.A.1) prior to their final date of employment.. Relinquishments are also potentially subject to a priority scheme. If the total discounted value of liability (from the previous July 1 to the current June 30) exceeds 1% of operational revenues, faculty shall receive relinquishment benefits in the following order until the 1% of operational revenues of new discounted fund balance liability is reached: 1) Any faculty member laid off and eligible via Article 11.F.2.d(3) 2) Any faculty member who attempted to relinquish in a previous year and was denied via this priority scheme 3) Any faculty member from a previous May 1 relinquishment cycle, who changes their retirement date during their Relinquishing Three-year Appointment, thereby establishing a new future liability valuation 4) By the greatest number of years of service at Southern Oregon University. If a faculty member attempts to relinquish after May 1 April 15th, but before June 30 15 of a given year, they may do so as long as the added discounted liability for that fiscal year still does not cause the total new discounted liability for the fiscal year to exceed 1% of operational revenues. If the added discounted liability would cause the total new discounted liability to exceed 1% of operational revenues, they will be delayed to the following year and will be given prioritypriority 2) in the above priority list. If a faculty member attempts to relinquish after June 15 for the following academic year, eligibility for benefits detailed in Section E.4 is at the discretion of the Xxxxxxx. Faculty contemplating retirement should evaluate their readiness to do so and consider the following: Full Social Security retirement age and Medicare eligibility age are very often different with Social Security depending on birth year and Medicare eligibility beginning at age 65. When Medicare coverage takes effect will also depend on when one applies for it. Employees should verify when coverage would start based on their intended and actual application date. Employees who would like assistance with these issues may visit the Office of Human Resources or consult xxx.xxx.xxx and xxx.xxxxxxxx.xxx.