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Faculty Early Retirement Incentive Program
Board of Governors Policy 2.2.070
Approved by the Board of Governors on February 24, 2011
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 May 31, 2011 through December 31, 2011 for 9-month contracts and June 30, 2011 through December 31, 2011 for 12-month contracts.
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 April 15, 2011 for those retiring May 31, 2011 and not later than May 1, 2011 for those retiring after May 31, 2011. The program is limited to 25 applicants. Therefore, if interest exceeds 25 applicants, selection will be based upon the first 25 who apply regardless of retirement date. Approved applicants will be notified by Human Resources and must complete and sign the Retirement Agreement and Release along with Attachment A within ten 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 March 1, 2011. Applications for early retirement must be received by May 1, 2011.
Approved by the Board of Regents on May 20, 1987
Approved by the Board of Regents on February 28, 1996 (Amended to be effective July 1, 1997)
Indefinitely suspended by the Board of Governors on March 20, 2002
Formatting updated August 1, 2007
Approved by the Board of Governors on February 24, 2011, rescind and terminate the current provisions enacted February 28, 1996 and March 20, 2002 and in its place, provide for the new Faculty Early Retirement Incentive Program which includes the 2011 Faculty Early Retirement Incentive.