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University Policy Office

Shelly G. Gonzalez, Policy Officer
Administration 208
Warrensburg, MO 64093
Phone: 660.543.4730
Fax: 660.543.8022
sgonzalez@ucmo.edu





Faculty Early Retirement Incentive Program
Board of Governors Policy 2.2.070.1
Approved by the Board of Governors on May 31, 2011

Purpose

The Board of Governors of the University of Central Missouri recognizes that early retirement should be for the mutual benefit of the faculty member and the university. This policy permits some tenured faculty members another alternative in planning for retirement.

I. Time Limits

The Early Retirement Incentive option is available to eligible fulltime faculty members, with a separation/retirement date of December 31, 2011.

II. Eligibility

Eligible for the program are all fulltime tenured faculty members currently employed at UCM, of at least 55 years of age, with 10 or more net years of service at UCM as of May 31, 2011. The Early Retirement Incentive is not a guaranteed benefit. Eligible faculty members must request the Early Retirement Incentive in writing to the Office of Human Resources not later than August 23, 2011. The program is limited to ten (10) applicants. Therefore, if interest exceeds ten (10) applicants, selection will be based upon years of service at the University of Central Missouri as calculated from May 31, 2011. Such definition of "seniority" is used solely for the purpose of this program. In the event two applicants have the same seniority date, then the first come, first serve criteria will apply if necessary. Approved applicants will be notified by Human Resources and must complete and sign the Retirement Agreement and Release along with Attachment A within ten (10) working days of notification of approval.

III. Incentive Options

The Retirement Incentive consists of one of two options:

Option one: A cash incentive payment of fifty percent (50%) of the retiring member’s contracted or base salary in FY11 and retention of UCM’s individual health insurance premium benefit of $455 per month for five consecutive years or age 65. Members would be responsible for the remaining portion of their premium.

Option two: A cash incentive payment of fifty percent (50%) of the retiring member’s contracted or base salary in FY11 plus $25,000. Under this option qualified retirees will be eligible to participate in UCM’s health insurance benefit only by paying the full cost of the premium established for pre-Medicare eligible retirees.

IV. Enrollment Period

This incentive is being offered beginning July 1, 2011. Applications for early retirement must be received by August 23, 2011.

Approved by the Board of Governors on May 31, 2011

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