Common use of University Retirement Clause in Contracts

University Retirement. 258 University Retirement Defined - University retirement shall be defined as 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 An employee who retires under the definition in Paragraph 258 shall be paid for fifty (50) percent of his/her unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 An employee who does not meet the definition of University Retirement in Paragraph 258 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she has received a University contribution to TIAA-CREF and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260. -262 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter.

University Retirement. 258 ‌ -273 University Retirement Defined - University retirement shall be defined as at 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 retirement.‌ -274 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 Employer.‌ -275 An employee who retires under the definition in Paragraph 258 262 shall be paid for fifty (50) percent of his/her unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 separation.‌ -276 An employee who does not meet the definition of University Retirement in Paragraph 258 261 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 263 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she has received a University contribution to TIAA-CREF base retirement program and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260264. -262 -277 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 263 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 263 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter.thereafter.‌ -278 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements will remain eligible to maintain group health and dental care for the employee, spouse and dependents and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan.‌ -279 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements on or before January 1, 2009 and who identified another eligible individual prior to January 1, 2009, will be eligible to maintain group health and dental care for the other eligible individual and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan.‌ -280 Retiree health care and dental plan coverage for regular employees hired on or after July 1, 2002, but prior to July 1, 2010.‌ a. Upon official retirement from MSU (age 62 with at least 15 years of service credit or 25 years of service credit at any age), an official retiree may then enroll (or continue enrollment) in the health care and dental plan coverage available to MSU retirees. MSU will contribute, only for the official MSU retiree, 100% of the University contribution (excluding any Medicare premiums) toward the lowest cost MSU health care and dental plan. Enrollment in MSU health care and dental plan coverage may be continued for any eligible spouse, other eligible individual and/or dependent(s) if the official MSU retiree pays the full applicable premium cost for the coverage.‌ b. In the event of the death of an official MSU retiree, or an employee who meets the requirements to be an official MSU retiree, the surviving spouse, other eligible individual, and/or dependent(s), if any, may continue health care and dental plan coverage through MSU by paying the full applicable premium cost.‌ 1) If there is no surviving spouse or other eligible individual, eligible dependents may elect Cobra continuation coverage, if applicable.‌ 2) The surviving spouse or other eligible individual cannot subsequently add a new spouse or other eligible individual and/or dependent(s) to their MSU health care and dental plan coverage. -281 Employer contributions for retiree health and dental plan coverage are not provided for employees hired on or after July 1, 2010.‌‌ -282 Upon official retirement from MSU (age 62 with at least 15 years of service credit or 25 years of service credit at any age), an official retiree hired on or after July 1, 2010 may then enroll (or continue enrollment) in the health care and dental plan coverage available to MSU retirees at the employee’s expense. Enrollment in MSU health care and dental plan coverage may be continued for any eligible spouse, other eligible individual and/or dependent(s) if the official MSU retiree pays the full applicable premium cost for the coverage.‌ -283 Effective January 1, 2015, for benefits eligible employees hired on or after July 1, 2010 the University will, upon completion of probation, contribute 0.5 % (one-half percent) of the employee’s retirement eligible earnings into an account within the existing MSU 403(b) Retirement Plan on a pay period basis until one hundred twenty (120) vesting service months are reached; after one hundred twenty (120) vesting service months of service the University’s contribution increases to 0.75% (three-quarter percent) of retirement eligible earnings.‌

University Retirement. 258 262 University Retirement Defined - University retirement shall be defined as at 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 -263 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 -264 An employee who retires under the definition in Paragraph 258 262 shall be paid for fifty (50) percent of his/her unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 -265 An employee who does not meet the definition of University Retirement in Paragraph 258 261 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 263 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she has received a University contribution to TIAA-CREF and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260264. -262 -266 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 263 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 263 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter. -267 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements will remain eligible to maintain group health and dental care for the employee, spouse and dependents and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan. -268 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements on or before January 1, 2009 and who identified another eligible individual prior to January 1, 2009, will be eligible to maintain group health and dental care for the other eligible individual and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan. -269 Retiree health care and dental plan coverage for regular employees hired on or after July 1, 2002, but prior to July 1, 2010. a. Upon official retirement from MSU (age 62 with at least 15 years of service credit or 25 years of service credit at any age), an official retiree may then enroll (or continue enrollment) in the health care and dental plan coverage available to MSU retirees. MSU will contribute, only for the official MSU retiree, 100% of the University contribution (excluding any Medicare premiums) toward the lowest cost MSU health care and dental plan. Enrollment in MSU health care and dental plan coverage may be continued for any eligible spouse, other eligible individual and/or dependent(s) if the official MSU retiree pays the full applicable premium cost for the coverage. b. In the event of the death of an official MSU retiree, or an employee who meets the requirements to be an official MSU retiree, the surviving spouse, other eligible individual, and/or dependent(s), if any, may continue health care and dental plan coverage through MSU by paying the full applicable premium cost. 1) If there is no surviving spouse or other eligible individual, eligible dependents may elect Cobra continuation coverage, if applicable. 2) The surviving spouse or other eligible individual cannot subsequently add a new spouse or other eligible individual and/or dependent(s) to their MSU health care and dental plan coverage. -270 Employer contributions for retiree health and dental plan coverage are not provided for employees hired on or after July 1, 2010. -000 Xxxx official retirement from MSU (age 62 with at least 15 years of service credit or 25 years of service credit at any age), an official retiree hired on or after July 1, 2010 may then enroll (or continue enrollment) in the health care and dental plan coverage available to MSU retirees at the employee’s expense. Enrollment in MSU health care and dental plan coverage may be continued for any eligible spouse, other eligible individual and/or dependent(s) if the official MSU retiree pays the full applicable premium cost for the coverage. -272 Effective January 1, 2015, for benefits eligible employees hired on or after July 1, 2010 the University will, upon completion of probation, contribute 0.5 % (one-half percent) of the employee’s retirement eligible earnings into an account within the existing MSU 403(b) Retirement Plan on a pay period basis until one hundred twenty (120) vesting service months are reached; after one hundred twenty (120) vesting service months of service the University’s contribution increases to 0.75% (three-quarter percent) of retirement eligible earnings. a. MSU’s contributions will be deposited into a default investment fund initially at an MSU designated retirement vendor; the employee can redirect to fund(s) of their choice by selecting from core options available in the 403(b) Retirement Plan including the brokerage accounts. Additional information on the default and optional investments is available at xxxxx://xxx.xx.xxx.xxx/benefits/retirement/documents/Retirement_Enrollment_ Guide.pdf. 1) The method used to calculate the one hundred twenty (120) vesting service months shall mirror the method used to determine vacation service months. 2) For the implementation phase, July 1, 2010 through December 31, 2014, these provisions shall be applied to the employees’ benefits eligible date of hire and payment shall be made in a lump sum during the first calendar quarter of 2015. The amount shall be determined as a calculation based upon the employee’s retirement eligible earnings times one half percent (.5%) for the benefits eligible employment period. The Employer shall inform each affected employee of the amount of the deposit.

University Retirement. 258 273 University Retirement Defined - University retirement shall be defined as at 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 -274 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 -275 An employee who retires under the definition in Paragraph 258 262 shall be paid for fifty (50) percent of his/her unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 -276 An employee who does not meet the definition of University Retirement in Paragraph 258 261 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 263 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she has received a University contribution to TIAA-CREF base retirement program and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260264. -262 -277 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 263 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 263 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter. -278 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements will remain eligible to maintain group health and dental care for the employee, spouse and dependents and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan. -279 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements on or before January 1, 2009 and who identified another eligible individual prior to January 1, 2009, will be eligible to maintain group health and dental care for the other eligible individual and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan. -280 Retiree health care and dental plan coverage for regular employees hired on or after July 1, 2002, but prior to July 1, 2010. a. Upon official retirement from MSU (age 62 with at least 15 years of service credit or 25 years of service credit at any age), an official retiree may then enroll (or continue enrollment) in the health care and dental plan coverage available to MSU retirees. MSU will contribute, only for the official MSU retiree, 100% of the University contribution (excluding any Medicare premiums) toward the lowest cost MSU health care and dental plan. Enrollment in MSU health care and dental plan coverage may be continued for any eligible spouse, other eligible individual and/or dependent(s) if the official MSU retiree pays the full applicable premium cost for the coverage. b. In the event of the death of an official MSU retiree, or an employee who meets the requirements to be an official MSU retiree, the surviving spouse, other eligible individual, and/or dependent(s), if any, may continue health care and dental plan coverage through MSU by paying the full applicable premium cost. 1) If there is no surviving spouse or other eligible individual, eligible dependents may elect Cobra continuation coverage, if applicable. 2) The surviving spouse or other eligible individual cannot subsequently add a new spouse or other eligible individual and/or dependent(s) to their MSU health care and dental plan coverage. -281 Employer contributions for retiree health and dental plan coverage are not provided for employees hired on or after July 1, 2010. -000 Xxxx official retirement from MSU (age 62 with at least 15 years of service credit or 25 years of service credit at any age), an official retiree hired on or after July 1, 2010 may then enroll (or continue enrollment) in the health care and dental plan coverage available to MSU retirees at the employee’s expense. Enrollment in MSU health care and dental plan coverage may be continued for any eligible spouse, other eligible individual and/or dependent(s) if the official MSU retiree pays the full applicable premium cost for the coverage. -283 Effective January 1, 2015, for benefits eligible employees hired on or after July 1, 2010 the University will, upon completion of probation, contribute 0.5 % (one-half percent) of the employee’s retirement eligible earnings into an account within the existing MSU 403(b) Retirement Plan on a pay period basis until one hundred twenty (120) vesting service months are reached; after one hundred twenty (120) vesting service months of service the University’s contribution increases to 0.75% (three-quarter percent) of retirement eligible earnings. a. MSU’s contributions will be deposited into a default investment fund initially at an MSU designated retirement vendor; the employee can redirect to fund(s) of their choice by selecting from core options available in the 403(b) Retirement Plan including the brokerage accounts. Additional information on the default and optional investments is available at xxxx://xxx.xx.xxx.xxx/benefits/retirement/ Retirement_Enrollment_Guide.pdf. 1) The method used to calculate the one hundred twenty (120) vesting service months shall mirror the method used to determine vacation service months. 2) For the implementation phase, July 1, 2010 through December 31, 2014, these provisions shall be applied to the employees’ benefits eligible date of hire and payment shall be made in a lump sum during the first calendar quarter of 2015. The amount shall be determined as a calculation based upon the employee’s retirement eligible earnings times one half percent (.5%) for the benefits eligible employment period. The Employer shall inform each affected employee of the amount of the deposit.

University Retirement. 258 276 University Retirement Defined - University retirement shall be defined as at 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 -277 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 -278 An employee who retires under the definition in Paragraph 258 276 shall be paid for fifty (50) percent of his/her her/their unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 -279 An employee who does not meet the definition of University Retirement in Paragraph 258 276 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 276 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she the employee has received a University contribution to TIAA-CREF base retirement program and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260278. -262 -280 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 276 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 276 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter. -281 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements will remain eligible to maintain group health and dental care for the employee, spouse/OEI and dependents and receive the employer's proportional contribution toward the lowest cost MSU retiree health care and dental plan. -282 Retiree health care and dental plan coverage for regular employees hired on or after July 1, 2002, but prior to July 1, 2010. a. Upon official retirement from MSU (age 62 with at least 15 years of service credit or 25 years of service credit at any age), an official retiree may then enroll (or continue enrollment) in the health care and dental plan coverage available to MSU retirees. MSU will contribute, only for the official MSU retiree, 100% of the University contribution (excluding any Medicare premiums or fees) toward the lowest cost available MSU retiree health care and dental plan. Enrollment in MSU health care and dental plan coverage is available for any eligible spouse, other eligible individual and/or dependent(s) if the official MSU retiree pays the full applicable premium cost for the coverage. b. In the event of the death of an official MSU retiree, or an employee who meets the requirements to be an official MSU retiree, the surviving spouse, other eligible individual, and/or dependent(s), if any, may continue/enroll in health care and dental plan coverage through MSU by paying the full applicable premium cost. 1) If there is no surviving spouse or other eligible individual, eligible dependents may elect Cobra continuation coverage, if applicable. 2) The surviving spouse or other eligible individual cannot subsequently add a new spouse or other eligible individual and/or dependent(s) to their MSU health care and dental plan coverage. -283 Employer contributions for retiree health and dental plan coverage are not provided for employees hired on or after July 1, 2010. -284 Upon official retirement from MSU (age 62 with at least 15 years of service credit or 25 years of service credit at any age), an official retiree hired on or after July 1, 2010 may then enroll in the health care and dental plan coverage available to MSU retirees at the employee’s expense. Enrollment in MSU health care and dental plan coverage is available for any eligible spouse, other eligible individual and/or dependent(s) if the official MSU retiree pays the full applicable premium cost for the coverage. -285 Effective January 1, 2015, for benefits eligible employees hired on or after July 1, 2010 the University will, upon completion of probation, contribute 0.5 % (one-half percent) of the employee’s retirement eligible earnings into an account within the existing MSU 403(b) Retirement Plan on a pay period basis until one hundred twenty (120) vesting service months are reached; after one hundred twenty (120) vesting service months of service the University’s contribution increases to 0.75% (three-quarter percent) of retirement eligible earnings. a. MSU’s contributions will be deposited into a default investment fund initially at an MSU designated retirement vendor; the employee can redirect to fund(s) of their choice by selecting from core options available in the 403(b) Retirement Plan including the brokerage accounts. Additional information on the default and optional investments is available at xxxx://xxx.xx.xxx.xxx/benefits/retirement/ Retirement_Enrollment_Guide.pdf. 1) The method used to calculate the one hundred twenty (120) vesting service months shall mirror the method used to determine vacation service months. 2) For the implementation phase, July 1, 2010 through December 31, 2014, these provisions shall be applied to the employees’ benefits eligible date of hire and payment shall be made in a lump sum during the first calendar quarter of 2015. The amount shall be determined as a calculation based upon the employee’s retirement eligible earnings times one half percent (.5%) for the benefits eligible employment period. The Employer shall inform each affected employee of the amount of the deposit.