PLANNED RETIREMENT PROGRAM Sample Clauses
The Planned Retirement Program clause establishes the terms and procedures for employees who choose to retire according to a pre-arranged schedule or plan. Typically, this clause outlines eligibility criteria, notice requirements, and any benefits or incentives offered to employees who participate, such as phased retirement options or enhanced pension payouts. Its core function is to provide a structured and predictable process for workforce transitions, helping both the employer and employees plan for future staffing and financial needs.
PLANNED RETIREMENT PROGRAM. 1. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive an additional salary increase of twenty percent (20%) of his/her contractual base salary.
2. To qualify, employees must meet the following criteria:
a. An employee must be qualified to receive a retirement annuity from S.U.R.S. without any reduction or penalties for early retirement by the employee's retirement date.
b. Employed full-time at Lake Land College.
c. Submit signed resignation form to the President up to four (4) years prior to retirement.
d. Retirement must occur within four (4) years of qualifying for S.U.R.S. as required in "a." above.
3. An intent to resign must be submitted to the President by December 31 prior to the year in which a resignation will be given except the first year an employee may submit an intent within thirty (30) days of the effective date of this plan. The salary adjustment will begin within thirty (30) days of Board of Trustee approval of the employee's resignation except the salary adjustment may not commence sooner than four (4) years prior to the effective date of resignation.
4. At the discretion of the Board of Trustees, the number of resignations accepted in advance may be limited to fifteen percent (15%) of employees qualified. Should this option be invoked, resignations will be accepted on a seniority basis within employee group with Lake Land College. Employees denied will have one year added to the four (4) year window of opportunity.
5. Employees who are paid by grant programs may participate in Planned Retirements only if funds are available through their grants to pay the 20% salary increase.
PLANNED RETIREMENT PROGRAM. SECTION 1: Any employee with a start date of employment or rehire date at Lake Land College of July 1, 2017 or after is not eligible for the planned retirement program described in this section. The planned retirement program is only available to those employees who were hired or rehired at Lake Land College with a start date prior to July 1, 2017.
SECTION 2: Purpose. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive a guaranteed 6% raise on their contractual base 6% increase in total creditable earnings annually salary for each of the last four
PLANNED RETIREMENT PROGRAM. SECTION 1: Any employee with a start date of employment or rehire date at Lake Land College of July 1, 2017 or after is not eligible for the planned retirement program described in this section. The planned retirement program is only available to those employees who were hired or rehired at Lake Land College with a start date prior to July 1, 2017.
SECTION 2: For employees already actively participating in the Planned Retirement Program prior to the effective date of this contract, those employees will receive a guaranteed 6% raise on their contractual base salary for each of the last four (4) years of service. In addition, a years-of-service incentive will be paid on the first payroll following the final SURS penalty notice, if any, from SURS. If a full-time employee member gives less than four(4) years notice of his or her retirement under this paragraph or retires prior to his or her Board approved resignation date, any years-of-service incentive described in this section shall not be paid until the SURS penalty, if any, has been determined by SURS. This incentive will be based on the formula described in SECTION 3.
SECTION 3: Purpose. To enhance long-range planning, eligible Lake Land employees not already actively participating in the Planned Retirement Program as of July 1, 2018 are encouraged to submit resignations up to four
PLANNED RETIREMENT PROGRAM. 1. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive an additional salary increase of twenty percent (20%) of his/her contractual base salary.
2. To qualify, employees must meet the following criteria:
a. An employee must be qualified to receive a retirement annuity from S.U.R.S.
b. Employed full-time at Lake Land College for at least six (6) consecutive years, including the year prior to applying for participation in the Planned Retirement Program.
c. Submit signed resignation form to the President up to four
PLANNED RETIREMENT PROGRAM. SECTION 1: Any employee with a start date of employment or rehire date at Lake Land College of July 1, 2017 or after is not eligible for the planned retirement program described in this section. The planned retirement program is only available to those employees who were hired or rehired at Lake Land College with a start date prior to July 1, 2017.
SECTION 2: Purpose. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive a guaranteed 6% increase in total creditable earnings annually for each of the last four (4) years of service (no more than a 6% increase in total creditable earnings based on the prior year’s creditable earnings). In addition, a years-of-service incentive will be paid on the first payroll following the posting of the final annuity, or the final appeal, if necessary. Full-time paraprofessional members should meet with a Human Resources representative and their immediate supervisor five (5) years prior to their anticipated retirement date in order to avoid reduction of the incentive and maximize their potential earnings. If a full-time employee member gives less than four(4) years notice of his or her retirement under this paragraph or retires prior to his or her Board approved resignation date, any years-of-service incentive described in this section shall not be paid until the SURS penalty, if any, has been determined by SURS. This incentive will be based on the following formula: Years -of -Service at LLC % of the Final 12-Month Base Salary 25 & Over 56% of base pay 20-24 50% of base pay 15-19 44% of base pay 10-14 38% of base pay Unused sick days can be accumulated and applied towards the years of service at Lake Land College based on the following scale. Unused sick days cannot be applied in partial increments. 180 unused sick days = 1 additional year of service at Lake Land College 360 unused sick days = 2 additional years of service at Lake Land College If a full-time employee gives less than four(4) years notice of his or her retirement under this paragraph or retires prior to his or her Board approved resignation date and:
A. There is not incurred by the College a SURS penalty because of this action, then the full-time employee shall receive 100% of the applicable years-of-service incentive described above.;
B. There is incurred by the College a S...
PLANNED RETIREMENT PROGRAM. 1. Full-time faculty who have submitted resignations under the terms of the Planned Retirement Program shall remain in their current positions unless a change in position is mutually agreed by the full-time faculty member and the College. It is understood that full-time faculty accepted by action of the Board of Trustees into the Planned Retirement program are subject to job evaluations as provided in Board Policy No. 05 02.09 and are subject to annual offers of re-employment. It is further understood that the Planned Retirement program is a retirement plan, not a contract for employment.
2. Any full-time faculty with a start date of employment or rehire date at Lake Land College of August 18, 2017, or after is not eligible for the planned retirement program described in this section. The planned retirement program is only available to those full-time faculty who were hired or rehired at Lake Land College with a start date prior to August 18, 2017.
3. To enhance long-range planning, full-time Lake Land faculty should submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified full-time faculty will receive a guaranteed 6% raise on his/her contractual base salary for each of the last four (4) years of service. In addition, a years-of-service incentive will be paid on the first payroll following sixty (60) calendar days after the posting of the final annuity, or following the final appeal, if necessary. Full-time faculty members should meet with a Human Resources representative and their immediate supervisor six (6) years prior to their anticipated retirement date in order to avoid reduction of the incentive and maximize their potential earnings. ANY penalty received by the College from SURS will be deducted from the full-time faculty member’s retirement incentive. At the end of the semester of his or her fifth (5th) year prior to retirement, the full-time faculty member should meet with Human Resources to discuss final base earnings and the impact of potential future earnings. This incentive will be based on the following formula: Full-Time Years of Service % of final 12 month base salary for faculty remaining on the 9 Month 1/36 Summer Contract (faculty who elect to stay on the old plan) % of the final 12 month base salary (new retiree on this contract) 25 & Over 56% of base and summer base pay* 56% of base 20-24 50% of base and summer base pay* 50% of base 15-19 44% o...
PLANNED RETIREMENT PROGRAM. 1. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive a guaranteed 6% raise on his/her contractual base salary for each of the last four (4) years of service. In addition, a years-of-service incentive will be paid on the first payroll following sixty (60) calendar days after the retirement date. If a full time faculty member gives less than four (4) years notice of their retirement under this paragraph or retires prior to their Board approved resignation date, any years-of-service incentive described in this section shall not be paid until the SURS penalty, if any, has been determined by SURS. This incentive will be based on the following formula: 20-24 50% of base and summer base pay 15-19 44% of base and summer base pay 10-14 38% of base and summer base pay Unused sick days can be accumulated and applied towards the years of service at Lake Land College based on the following scale. Unused sick days cannot be applied in partial increments. 180 unused sick days = 1 additional year of service at Lake Land College 360 unused sick days = 2 additional years of service at Lake Land College. If a full time faculty member gives less than four (4) years notice of their retirement under this paragraph or retires prior to their Board approved resignation date and:
a. There is not incurred by the College a SURS penalty because of this action, then the full time faculty shall receive 100% of the applicable years-of-service incentive described above.
b. There is incurred by the College a SURS penalty because of this action, then the years-of-service incentive described above shall be reduced by the amount of the penalty.
2. To qualify, employees must meet the following criteria:
a. An employee must be qualified to receive a retirement annuity from S.U.R.S.
b. Employed full-time at Lake Land College for at least six (6) consecutive years, including the year prior to applying for participation in the Planned Retirement Program.
c. Submit signed resignation form to the President up to four
PLANNED RETIREMENT PROGRAM. 1. Any full-time faculty with a start date of employment or rehire date at Lake Land College of August 18, 2017, or after is not eligible for the planned retirement program described in this section. The planned retirement program is only available to those full-time faculty who were hired or rehired at Lake Land College with a start date prior to August 18, 2017.
2. To enhance long-range planning, full-time Lake Land faculty should submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified full-time faculty will receive a guaranteed 6% raise on his/her contractual base salary for each of the last four (4) years of service. In addition, a years-of-service incentive will be paid on the first payroll following sixty (60) calendar days after the posting of the final annuity, or following the final appeal, if necessary. Full-time faculty members should meet with a Human Resources representative and their immediate supervisor six (6) years prior to their anticipated retirement date in order to avoid reduction of the incentive and maximize their potential earnings. ANY penalty received by the College from SURS will be deducted from the full- time faculty member’s retirement incentive. At the end of the semester of his or her fifth (5th) year prior to retirement, the full- time faculty member should meet with Human Resources to discuss final base earnings and the impact of potential future earnings. This incentive will be based on the following formula: Full-Time 25 & Over 56% of base and summer base pay 20-24 50% of base and summer base pay 15-19 44% of base and summer base pay 10-14 38% of base and summer base pay Unused sick days can be accumulated and applied towards the years of service at Lake Land College based on the following scale. Unused sick days cannot be applied in partial increments. 180 unused sick days = 1 additional year of service at Lake Land College 360 unused sick days = 2 additional years of service at Lake Land College. If a full time faculty member gives less than four (4) years notice of their retirement under this paragraph or retires prior to their Board approved resignation date and:
a. There is not incurred by the College a SURS penalty because of this action, then the full time faculty member shall receive 100% of the applicable years-of-service incentive described above.
b. Any penalty received by the College from SURS will be deducted from th...
PLANNED RETIREMENT PROGRAM. 1. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive a guaranteed 6% raise on his/her contractual base salary for each of the last four (4) years of service. In addition, a years-of-service incentive will be paid on the first payroll following sixty (60) calendar days after the retirement date. This incentive will be based on the following formula: Unused sick days can be accumulated and applied towards the years of service at Lake Land College based on the following scale. Unused sick days cannot be applied in partial increments. 180 unused sick days = 1 additional year of service at Lake Land College 360 unused sick days = 2 additional years of service at Lake Land College.
2. To qualify, employees must meet the following criteria:
a. An employee must be qualified to receive a retirement annuity from S.U.R.S.
b. Employed full-time at Lake Land College for at least six (6) consecutive years, including the year prior to applying for participation in the Planned Retirement Program.
c. Submit signed resignation form to the President up to four
PLANNED RETIREMENT PROGRAM. 1. To enhance long-range planning, Lake Land employees are encouraged to submit resignations up to four (4) years in advance of their retirement date. Upon acceptance of the resignation by the Board of Trustees, qualified employees will receive a guaranteed 6% raise on his/her contractual base salary for each of the last four (4) years of service. In addition, a years-of-service incentive will be paid on the first payroll following sixty (60) calendar days after the retirement date. This incentive will be based on the following formula: 180 unused sick days = 1 additional year of service at Lake Land College 360 unused sick days = 2 additional years of service at Lake Land College.an additional salary increase of twenty percent (20%) of his/her contractual base salary.
2. To qualify, employees must meet the following criteria:
a. An employee must be qualified to receive a retirement annuity from S.U.R.S.
b. Employed full-time at Lake Land College for at least six (6) consecutive years, including the year prior to applying for participation in the Planned Retirement Program.
c. Submit signed resignation form to the President up to four