Common use of Transition to Retirement Clause in Contracts

Transition to Retirement. A tenured Bargaining Unit Member wishing to transition to full retirement may APPLY for TRANSITION under the following conditions: ● attains age 59 1/2 or older ● be a participant in the USNH approved retirement plan for at least 10 years ● not be participating in a USNH early retirement program ● not be on long-term disability or worker’s compensation 16.5.3.1. The application requires approval of the Xxxxxxx. The Bargaining Unit Member must reduce employment to part-time (not to exceed 50 percent time). The Bargaining Unit Member’s salary base will be pro-rated based on the percent time of employment. Participating Bargaining Unit Members will be eligible to continue their USNH group medical and dental coverage at the same contribution rate as a full-time Bargaining Unit Member until full retirement. However, long-term disability, life insurance, and contributions to the USNH retirement plan will be based on the pro-rated salary. The University will continue its contribution to medical and dental benefits coverage for up to three years beginning on the effective date of part-time employment. At the time of retirement, the Bargaining Unit Member will become eligible for retiree medical benefits, if previously elected. Medical coverage will continue for retirees age 62 through 65 (see Article 16. 8.1). The Bargaining Unit Member’s supervisor, subject to the approval of the Xxxxxxx, shall make the Bargaining Unit Member’s workload assignments based on the part-time appointment. The Bargaining Unit Member will not be permitted to work for the USNH in a status position more than three (3) years after the effective date of part-time status. During this period of service, the individual agrees that he/she cannot increase the percent time worked. After completion of part-time service, the individual agrees to fully retire. The individual may collect his/her retirement income (TIAA, Fidelity) while continuing to be employed in the part-time status position.

Transition to Retirement. A tenured Bargaining Unit Member wishing to transition to full retirement may APPLY for TRANSITION under the following conditions: ● attains age 59 1/2 ½ or older ● be a participant in the USNH approved retirement plan for at least 10 years ● not be participating in a USNH early retirement program ● not be on long-term disability or worker’s compensation 16.5.3.1. The application requires approval of the Xxxxxxx. The Bargaining Unit Member must reduce employment to part-time (not to exceed 50 percent time). The Bargaining Unit Member’s salary base will be pro-rated based on the percent time of employment. Participating Bargaining Unit Members will be eligible to continue their USNH group medical and dental coverage at the same contribution rate as a full-time Bargaining Unit Member until full retirement. However, long-term disability, life insurance, and contributions to the USNH retirement plan will be based on the pro-rated salary. The University will continue its contribution to medical and dental benefits coverage for up to three years beginning on the effective date of part-time employment. At the time of retirement, the Bargaining Unit Member will become eligible for retiree medical benefits, if previously elected. Medical coverage will continue for retirees age 62 through 65 (see Article 16. 8.1). The Bargaining Unit Member’s supervisor, subject to the approval of the Xxxxxxx, shall make the Bargaining Unit Member’s workload assignments based on the part-time appointment. The Bargaining Unit Member will not be permitted to work for the USNH in a status position more than three (3) years after the effective date of part-time status. During this period of service, the individual agrees that he/she cannot increase the percent time worked. After completion of part-time service, the individual agrees to fully retire. The individual may collect his/her retirement income (TIAA, Fidelity) while continuing to be employed in the part-time status position.