Retirement Incentive Agreement

Many programs require the faculty to set a retirement date. Some programs require the faculty to apply 90 days to 1 year before the desired retirement date, while others require up to 4 to 10 years` notice. A: The university expects RIO participants to actively work their full working hours on each scheduled work day, from the choice of the program to the date of retirement. The normal and reasonable use of leave and sick days should not jeopardize the authorization of the IRS, unless it is used on the last working day. It is not permissible to take leave, medical leave or any other form of leave for the renewal of the authorization. There are at least four ways to limit the participation of current pension incentive plans. First, programs can target certain departments. One university overcompensated the departments and gave priority to members of the most over-assured departments to participate in a retirement assistance program (Chronister and Clevenger, 1986:29). The Committee recommends that higher education institutions and universities offer pension incentive programs and retirement incentive contracts only for faculties that are willing to think seriously about when they retire. and the first year of full retirement.

This allows retirees to receive their normal pension rather than trying to make the accumulation in a defined contribution program last for a longer number of years. Third, some institutions retain the right to refuse to participate in individuals or to delay their participation. A university reserves the right to delay the acceptance of a faculty member`s declaration of intent by up to 12 months to participate in the pre-retirement program. It exercises this right if it is not possible to replace pre-retirement (Chronister and Clevenger, 1986a:12). One of our uncree-caped case studies at public universities reserves the right to reject certain faculties applying for their incentive program in order to keep the cost of the program at or below their personal budget. Selection is based on a formula that uses age (for cost reasons), years of service, salary history (positive for those receiving lower increases) and an additional optional factor to accommodate “management needs.” The Early Retirement Incentive Program (ERIP) is a unique opportunity for eligible workers to apply for separation and retire earlier than expected.