Common use of Phased Retirement Program Clause in Contracts

Phased Retirement Program. 19.4.1 The University will make a phased retirement program (“Program”) available to Members who satisfy the following conditions. The Member must: (i) hold a full-time appointment. Full-time for the purposes of the Program is defined as having been hired into a position that is greater than a .75 FTE; (ii) have completed at least ten (10) years of service in a full-time appointment with the University on the date on which they notify the Employer of their intention to participate in a Program; and (iii) be eligible to begin receiving a pension payment under the UNBC pension plan (“Plan”) on the date on which their Program starts (i.e., age 55 or older). 19.4.2 A Member who wishes to participate in a Program must notify the Employer in writing of their intention to do so at least one year before the date on which their Program will start. Such notice of intention will be irrevocable, but with sufficient notice the phased retirement period may be shortened. 19.4.3 A Member’s Program must start on January 1 or July 1 and have a duration of one (1), two (2), or three (3) years. Is to be amended as follows:

Phased Retirement Program. 19.4.1 The University will make a phased retirement program (“Program”) available to Members who satisfy the following conditions. The Member must: (i) hold a full-time appointment. Full-time for the purposes of the Program is defined as having been hired into a position that is greater than a .75 FTE; (ii) have completed at least ten (10) years of service in a full-time appointment with the University on the date on which they notify the Employer of their intention to participate in a are to initiate the Program; and (iii) be eligible to begin receiving a pension payment under the UNBC pension plan (“Plan”) on the date on which their Program starts (i.e., age 55 or older). 19.4.2 A Member who wishes to participate in a the Program must notify the Employer in writing of their intention to do so at least one year before the date on which their Program will start. Such notice of intention will be irrevocable, but with sufficient notice the phased retirement period may be shortened. If the planned program is approved, the notice of intended retirement will be irrevocable. With sufficient notice the phased retirement period may be shortened. 19.4.3 A Member’s Program must start on January 1 or July 1 and have a duration of one (1), two (2), or three (3) years. Is to be amended as follows:.