Partial Retirement. 26.01 A full-time employee of the bargaining unit, with permanence, who is eligible for retirement under the CBU Pension Plan and who has a minimum twenty years of service at the University is eligible to apply for partial retirement for a period of up to four (4) years. At the end of the four years period, the Employee will fully retire. 26.02 The workload of an employee who has been approved for partial retirement shall be x% of workload as outlined in Article 44 for x% + 10% of salary. For example: (a) The workload of an employee with a normal teaching workload of 30-credit hours, taking partial retirement of 60% of the workload shall be 18-credit hours at 70% of salary. (b) 50% of the workload outlined in Article 44, or full workload for six months of the year commencing either 1 July or 1 January, each year at 60% of salary. Other suggested percentages of workload may be considered where the percentage involved makes logistical sense and shall be compensated accordingly, i.e. x% of workload for x% + 10% of salary. (a) The Employer and the Employee will continue to make contributions to the Employee’s Pension on the Employee’s prorated salary as in Article 27.01.
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Sources: Collective Agreement, Collective Agreement, Collective Agreement