During the terminal appointment, the faculty member may resign at any time, effective with the completion of teaching in the current term or session, to accept another position or to accept retirement. As an alternative to termination with severance pay, a faculty member eligible for retirement whose appointment is to be terminated may elect to retire. Upon retirement, he may be offered a part-time University appointment at a salary and fringe benefits, and for a period mutually agreed upon by the University and the faculty member. Tenured faculty who are eligible to retire under an early retirement incentive plan may elect to do so in lieu of severance pay. Termination Due to Reorganization or Termination of Academic Programs.
Severance pay is calculated in accordance with one of the following methods.
Select the method producing the maximum amount. Professor Jones received no other salary from the University during this three-year period. 26 months severance pay 3. 34 months severance pay Maximum of 24 months severance pay limited by retirement.