Common use of Voluntary Separation Incentive Clause in Contracts

Voluntary Separation Incentive. Eligibility – Employees at least 55 years of age with at least ten (10) years of full-time service (or equivalent) with the College shall be eligible for a voluntary separation incentive. An irrevocable notice of intent to exercise this option must be submitted in writing to the President 12 months in advance of the effective date of the separation. Payment – A voluntary separation incentive equal to fifty (50) percent of the difference between the employee’s salary and the midpoint of the salary range for the employee’s grade level, or a minimum of $10,000, for the year in which the separation takes effect, shall be granted to the employee. The employee may elect to receive the incentive payment in one (1) to four (4) payment(s) at times designated by the employee over a period not to exceed three (3) calendar years from the date of retirement.

Voluntary Separation Incentive. Eligibility – Employees at least 55 years of age with at least ten (10) years of full-time service (or equivalent) with the College shall be eligible for a voluntary separation incentive. An irrevocable notice of intent to exercise this option must be submitted in writing to the President 12 months in advance of the effective date of the separation. Payment – A voluntary separation incentive equal to fifty (50) percent of the difference between the employee’s salary and the midpoint of the salary range for the employee’s grade level, or a minimum of $10,000, for the year in which the separation takes effect, shall be granted to the employee. The employee may elect to receive the incentive payment in one (1) to four (4) payment(s) at times designated by the employee over a period not to exceed three (3) calendar years from the date of retirement.