| he Board of Trustees recently approved a special Planned Retirement Program for Administrative, Professional, and Non-Union Classified employees on September 22. In case you are interested in the program, please read the following information. All eligible full-time employees may submit an irrevocable written notice of retirement to the Director of Human Resources up to three years in advance of their retirement date. Upon acceptance of the retirement by the Board of Trustees, qualified employees will receive a raise up to 3% on their base salary for each of the last years of service. This salary increase will default to an annual 3% if the employee’s annual earnings are equal to or less than the previous year’s earnings. If the employee’s annual earnings otherwise increase in a given year due to circumstances other than this planned retirement program, the retirement program raise will be reduced so that the annual increase equals 3%. Earnings for the purpose of this provision are defined as any earnings used to calculate the Final Rate of Earnings (FRE) as defined by SURS. An employee may participate in the Planned Retirement Program for less than three years, but may not exceed three years. At the discretion of the Board of Trustees, the number of planned resignations may be limited to 5 individuals per year. Should the Board exercise this option, resignations will be accepted on a seniority basis. To be eligible for the Planned Retirement Program, employees must submit an irrevocable written notice of retirement to the Human Resources Director up to two years in advance of their retirement date and meet one of the following criteria at the time of the notice of retirement is presented: a. At least 62 years old and 15 years of SURS or any reciprocal pension system service credit; or b. At least 55 years old and 20 years of SURS or any reciprocal pension system service credit or c. Any age with 30 years of SURS or any reciprocal pension system service credit. Participation in the Planned Retirement Program will have no effect on the accumulation of accrued unused sick days or the conversion of sick days toward years of service for retirement. Beginning October 1, 2020, an eligible employee desiring to enroll in the Planned Retirement Program will submit an irrevocable written notice of retirement at least 60 days prior to the beginning of the next quarter. The program end date will be June 30, 2021. For planned retirement program information for full-time faculty and custodial/maintenance, please refer to the respective union contract. |
