Common use of Window Retirement Program for Faculty Clause in Contracts

Window Retirement Program for Faculty. A. Program Definition And Eligibility Criteria The University will provide a Window Retirement Program for full-time faculty. Since this is a window program, this means entry into the program is limited to a specified period of time. This is a voluntary window retirement program and it must be requested in writing by the eligible faculty member. The open enrollment period for an eligible faculty member to submit an irrevocable written declaration to the Pxxxxxx/VPAA regarding his/her desire to retire is from September 1, 2016 to November 30, 2016. The written declaration must specify the date (as specified below) when retirement will commence. This single open window period applies to faculty who want to retire on any of the two dates listed below. Faculty members who are eligible to participate in this Window Retirement Program for Faculty must: a. have completed at least 20 years of full-time service with this University by August 31st of the calendar year in which the faculty member wants to retire; and b. have a date of birth that is before September 1, 1950. 5. Faculty members who had full-time service in an administrative capacity at the University will have that time counted towards the 20 years of full-time service criteria. 6. Eligible faculty members who meet the above criteria may elect to commence retirement on: a. September 1, 2017; or b. September 1, 2018; 7. Upon retirement, the faculty member’s employment and tenure with the University is officially terminated.

Window Retirement Program for Faculty. A. Program Definition And Eligibility Criteria Criteria 1. The University will provide a Window Retirement Program for full-time faculty. Since this is a window program, this means entry into the program is limited to a specified period of time. 2. This is a voluntary window retirement program and it must be requested in writing by the eligible faculty member. 3. The open enrollment period for an eligible faculty member to submit an irrevocable written declaration to the PxxxxxxXxxxxxx/VPAA regarding his/her desire to retire is from September 1, 2016 to November 30, 2016. The written declaration must specify the date (as specified below) when retirement will commence. This single open window period applies to faculty who want to retire on any of the two dates listed below. 4. Faculty members who are eligible to participate in this Window Retirement Program for Faculty must: a. have completed at least 20 years of full-time service with this University by August 31st of the calendar year in which the faculty member wants to retire; and b. have a date of birth that is before September 1, 1950. 5. Faculty members who had full-time service in an administrative capacity at the University will have that time counted towards the 20 years of full-time service criteria. 6. Eligible faculty members who meet the above criteria may elect to commence retirement on: a. September 1, 2017; or b. September 1, 2018; 7. Upon retirement, the faculty member’s employment and tenure with the University is officially terminated. B. Program Structure 1. Cash Payment: A cash payment equal to the lesser of the following two items will be paid to the retiree: a. The retiree’s annual base salary for the academic year immediately preceding retirement, e.g., the retiree’s annual base salary for academic year 2016-17 if retiring on September 1, 2017 or; b. A payment of $5,000 per year for each year of full-time service.