Tenure Purchase. During these discussions the College President shall document the findings by supplying data that may be reasonably produced. The meetings shall conclude within fifteen (15) days from the date of the first meeting between the College President and the Federation. In the event that the Federation fails to respond to the notice issued by the College President, or upon the conclusion of fifteen (15) days, the College President shall proceed to implementation steps.
Tenure Purchase. The tenure purchase option provides for the purchase of valuable tenure rights of employees in exchange for the employee’s separation from service. Where an employee’s application for this option is approved by the Board of Trustees, the employee shall waive any and all tenure rights and shall receive payment in exchange for such waiver of tenure rights. The amount and method of such payment shall be as mutually agreed upon by the College and the employee. Payment under this option shall not be reported as income unless required by law and shall be excluded in any calculation regarding schedule of payment(s). Upon the death of an employee participating in this option, the employee’s estate shall be entitled to receive death benefits based upon the same schedule as the deceased employee. Other lawful options not covered above may be implemented at any time upon written mutual agreement between the academic employee and the Board of Trustees.
Tenure Purchase. The tenure purchase option provides for the purchase of valuable tenure rights of employees inexchangefor the employe ’sseparationfromservice. Where anemploye ’s application for this option is approved bythe Board of Truste s, s/he shal waive any and all tenure rights and shall receive payment in exchange for such waiver of tenure rights. The amount and method of such payment shall be as mutually agreed upon by the College and the employee. Payment under this option shall not be reported as income and shall be excluded in any calculation regarding schedule of payment(s). Uponthe deathof anemployee participatinginthis option, the employee’s estate shal be entitledto receive death benefits based upon the same schedule as the one to have been received by the deceased employee. Other lawful options not covered above may be implemented at any time upon written mutual agreement betweenthe academic employee andthe Boardof Trustees.