Common use of Incentive for Full Clause in Contracts

Incentive for Full. time members: ▇. ▇▇▇▇▇▇▇▇ full-time members who elect to retire in Window #1, defined as: August 1, 2008 through August 31, 2008 shall receive payments under a Supplemental Employee Retirement Plan (SERP) under which the District will pay a plan provider 65% of the member’s salary. The District shall choose the plan provider. ▇. ▇▇▇▇▇▇▇▇ full-time members who elect to retire in Window #2, defined as: 1. The District shall purchase two additional years of service credit for the member under the STRS “Plus 2” retirement incentive program. Note: under the STRS provisions of this program, the member is not eligible to accept any type of employment from the District for a minimum of five years and they are not eligible to accept employment from any public agency in California for oneyear. OR 2. The District shall make a bonus lump sum cash payment to the member equal in amount to 65% of the member’s regular salary, payable within 60 days after the member’s effective retirement date. OR 3. The District shall make a bonus lump sum cash payment to the member equal in amount to 65% of the member’s regular salary payable prior to the member’s effective retirement date. Prior to their effective retirement date the member shall enroll in and shall direct a portion of this bonus payment to a District 403(b) and/or 457 plan(s) up to the statutory limit(s) and subject to those plan provisions. Faculty who elect this option shall have the responsibility for enrolling in the 403(b) and/or 457 plans(s) in compliance with IRS and other legal requirements. Said funds shall be deposited in accordance with IRS regulations. The difference between the bonus cash payment and the amounts directed to a 403(b) and/or 457 plan(s) shall be paid in a lump sum cash.

Incentive for Full. time members: ▇. ▇▇▇▇▇▇▇▇ A. Eligible full-time members who elect to retire in Window #1, defined as: August 1, 2008 through August 31, 2008 shall receive payments under a Supplemental Employee Retirement Plan (SERP) under which the District will pay a plan provider 65% of the member’s salary. The District shall choose the plan provider. ▇. ▇▇▇▇▇▇▇▇ B. Eligible full-time members who elect to retire in Window #2, defined as: 1. The District shall purchase two additional years of service credit for the member under the STRS “Plus 2” retirement incentive program. Note: under the STRS provisions of this program, the member is not eligible to accept any type of employment from the District for a minimum of five years and they are not eligible to accept employment from any public agency in California for oneyearone year. OR 2. The District shall make a bonus lump sum cash payment to the member equal in amount to 65% of the member’s regular salary, payable within 60 days after the member’s effective retirement date. OR 3. The District shall make a bonus lump sum cash payment to the member equal in amount to 65% of the member’s regular salary payable prior to the member’s effective retirement date. Prior to their effective retirement date the member shall enroll in and shall direct a portion of this bonus payment to a District 403(b) and/or 457 plan(s) up to the statutory limit(s) and subject to those plan provisions. Faculty who elect this option shall have the responsibility for enrolling in the 403(b) and/or 457 plans(s) in compliance with IRS and other legal requirements. Said funds shall be deposited in accordance with IRS regulations. The difference between the bonus cash payment and the amounts directed to a 403(b) and/or 457 plan(s) shall be paid in a lump sum cash.

Incentive for Full. time members: ▇. ▇▇▇▇▇▇▇▇ A. Eligible full-time members who elect to retire in Window #1, defined as: August 1, 2008 through August 31, 2008 shall receive payments under a Supplemental Employee Retirement Plan (SERP) under which the District will pay a plan provider 65% of the member’s salary. The District shall choose the plan provider. ▇. ▇▇▇▇▇▇▇▇ B. Eligible full-time members who elect to retire in Window #2, defined as: 1. The District shall purchase two additional years of service credit for the member under the STRS “Plus 2” retirement incentive program. Note: under the STRS provisions of this program, the member is not eligible to accept any type of employment from the District for a minimum of five years and they are not eligible to accept employment from any public agency in California for oneyear. OR 2. The District shall make a bonus lump sum cash payment to the member equal in amount to 65% of the member’s regular salary, payable within 60 days after the member’s effective retirement date. OR 3. The District shall make a bonus lump sum cash payment to the member equal in amount to 65% of the member’s regular salary payable prior to the member’s effective retirement date. Prior to their effective retirement date the member shall enroll in and shall direct a portion of this bonus payment to a District 403(b) and/or 457 plan(s) up to the statutory limit(s) and subject to those plan provisions. Faculty who elect this option shall have the responsibility for enrolling in the 403(b) and/or 457 plans(s) in compliance with IRS and other legal requirements. Said funds shall be deposited in accordance with IRS regulations. The difference between the bonus cash payment and the amounts directed to a 403(b) and/or 457 plan(s) shall be paid in a lump sum cash.