Voluntary Retirement Program. (a) A member who was employed by the College prior to December 31, 2009 and gives formal written notice of retirement to the Board of Trustees at least six (6) months prior to their retirement date shall be eligible for a retirement supplement to acquire additional years of service credit. Eligibility is subject to the following: 1. The member must be eligible for and choose to begin drawing a retirement annuity from the Michigan Public Schools Employees Retirement System (MPSERS) immediately upon leaving the employment of the College or be enrolled in TIAA-CREF and having the age and service requirements to immediately begin drawing an annuity from MPSERS as if the member had been enrolled in MPSERS. 2. The member must have been an employee of the College for a period of fifteen (15) consecutive years immediately preceding the announced retirement date. 3. Each member who selects the retirement supplement shall be treated as a resignation and shall not be eligible for any benefits or employment rights including Unemployment Compensation except those expressly provided herein. 4. Any member who has applied for this retirement supplement must be actively employed on regular status on the effective date of the employee's retirement. (b) The Board shall remit a sum of money to the eligible employee according to the following years of the College service schedule: At least fifteen (15) but less than eighteen (18) $ 3,000 At least eighteen (18) but less than twenty-one (21) $ 6,000 At least twenty-one (21) but less than twenty-three (23) $ 9,000 At least twenty-three (23) but less than twenty-five (25) $12,000 At least twenty-five (25) $15,000
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Voluntary Retirement Program. (a) A member who was employed by the College prior to December 31, 2009 and gives formal written notice of retirement to the Board of Trustees at least six (6) months prior to their retirement date shall be eligible for a retirement supplement to acquire additional years of service credit. Eligibility is subject to the following:
1. The member must be eligible for and choose to begin drawing a retirement annuity from the Michigan Public Schools Employees Retirement System (MPSERS) immediately upon leaving the employment of the College or be enrolled in TIAA-CREF and having the age and service requirements to immediately begin drawing an annuity from MPSERS as if the member had been enrolled in MPSERS.
2. The member must have been an employee of the College for a period of at least fifteen (15) consecutive years immediately preceding the announced retirement date.
3. Each member who selects the retirement supplement shall be treated as a resignation and shall not be eligible for any benefits or employment rights including Unemployment Compensation except those expressly provided herein.
4. Any member who has applied for this retirement supplement must be actively employed on regular status on the effective date of the employee's retirement.
(b) The Board shall remit a sum of money to the eligible employee according to the following years of the College service schedule: At least fifteen (15) but less than eighteen (18) $ 3,000 At least eighteen (18) but less than twenty-one (21) $ 6,000 At least twenty-one (21) but less than twenty-three (23) $ 9,000 At least twenty-three (23) but less than twenty-five (25) $12,000 At least twenty-five (25) $15,000
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
