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. 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:
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Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
