Ohio Administrative Code › Title 3359 - University of Akron › Chapter 3359-21 - Early Retirement › Section 3359-21-01 - Early retirement incentive plan

Current through all regulations passed and filed through July 1, 2024
(A)
								The university of
			 Akron board of trustees authorize the implementation of the university of Akron
			 early retirement incentive plan, hereinafter referred to as "ERIP" for its
			 employees who are members of the state teachers retirement system and the
			 school employees retirement system respectively. Provisions of the early
			 retirement incentive plan are as follows:
(1)
									The program shall
			 be available to eligible employees, who elect to retire officially through
			 "STRS" or "SERS" from July 1, 1993, through June 30, 1994; July 1, 1995,
			 through June 30, 1996; July 1, 1997, through June 30, 1998; and July 1, 1999,
			 through June 30, 2000.
(2)
									The program shall be available to employees who meet
			 retirement requirements as established by "STRS" or "SERS" during the twelve
			 month period listed in
									paragraph (A)(1) of this rule.
(3)
									The board adopts
			 the following requirements for participation:
(a)
										Subject to then
			 current legal requirements, and the limitations provided herein, participation
			 shall be open to all eligible members of "STRS" and "SERS." A member is
			 eligible if the member:
(i)
											Is currently contributing to "STRS" or "SERS" and
			 employed by the university of Akron at the time the early retirement period
			 commences;
(ii)
											Has attained the age of fifty prior to the retirement
			 date or the date the early retirement period expires; whichever is
			 earlier;
(iii)
											Is eligible or will qualify, after purchase of the
			 service credit, for retirement under "STRS" or "SERS"
			 guidelines;
(iv)
											Agrees to retire and actually retires within ninety
			 days after notification that additional service credit has been
			 purchased;
(v)
											Conforms to administrative rules and procedures
			 promulgated hereunder and necessary to implement the
			 program.
(b)
										Participation in the early retirement period is limited
			 to five per cent of the total number of members in each retirement system as of
			 January 1 of the year in which the early retirement period commences as
			 certified by the retirement systems. If more than five per cent of the total
			 members of each retirement system elect to participate in the early retirement
			 period, employees with the greatest amount of retirement service credit earned
			 at the university of Akron have priority, subject to a first come
			 basis.
(c)
										Pursuant to the respective requirements of rule
			 3309.33 and rule
			 3307.35 of the Administrative
			 Code, the university of Akron shall pay the cost (as determined by "STRS" or
			 "SERS") of the lesser of five years of service credit or one fifth of each
			 member's total service credit for all eligible members of "STRS" or "SERS" who
			 elect to participate.
(d)
										Participants in this program are eligible to receive
			 the total number of years of service credit provided by the plan and not just
			 the minimal number needed to qualify for retirement.
(e)
										The associate
			 vice president for treasury and financial planning and associate vice
			 president/controller and employee participants shall file such forms as are
			 required by "STRS" or "SERS."
(f)
										Retirees
			 participating in the "ERIP" shall be entitled to receive those fringe benefits
			 normally provided to retirees who do not participate in the "ERIP," provided
			 such benefits have not been assumed by their respective retirement
			 system.
(g)
										No employee electing the "ERIP" shall be eligible for
			 the limited teaching for full-time teaching faculty who retire or part-time
			 employment for full-time non-teaching personnel who retire provisions of the
			 regulations of the board of trustees. However, in cases of clear and
			 demonstrated need, as determined by the president or designee, participants in
			 the program may be employed from time to time on a part-time basis, not to
			 exceed permissible limits of the respective retirement system. Selection for
			 these limited appointments and reassignment of duties shall be at the sole
			 discretion of the university.
(h)
										All retirements
			 under the provision of this resolution shall take effect on the earliest date
			 on which the retiree complies with the terms of the program, unless otherwise
			 agreed, in writing, between the university and the retiree. In order to enable
			 the university to plan efficiently and effectively for future staffing
			 requirements, an employee electing to participate must file the notice to
			 employer of interest to participate in. retirement incentive plan as defined in
			 section 3307.35 of the
										Revised Code
			 and section 3309.33 of the
										Revised Code,
			 and other notices, on the prescribed forms, with the university on or before
			 the March
										first preceding the retirement period listed and January 1,
			 1994, for subsequent periods. Employees failing to timely file the notices as
			 required herein, may not be considered an eligible employee to participate in
			 the plan.
(4)
									For the early retirement periods of July 1, 1993, to
			 June 30, 1994, and July 1, 1995, to June 30, 1996, one half of the positions
			 represented by retiring employees shall be retained by the unit from which the
			 employee retires; and one half shall be returned to the president for use as
			 incentives for diversification of faculty and staff, reallocation to new
			 program areas or other areas of need. Each "STRS" replacement position will be
			 funded at sixty-seven per cent of the retiree's salary and each "SERS"
			 replacement position will be funded at eighty per cent of the retiree's salary.
			 For the early retirement periods of July 1, 1997, through June 30, 1998, and
			 July 1, 1999, to June 30, 2000, the positions represented by retiring employees
			 shall be retained by the responsible vice president of the unit from which the
			 employee retires for use as incentives for allocation of resources to meet
			 program or other needs as approved by the president or designee. Each faculty
			 and contract professional replacement position will be funded at sixty-seven
			 per cent of the retiree's salary and each classified and unclassified
			 replacement position will be funded at eighty per cent of the retiree's
			 salary.
(5)
									It is the intent of this resolution that faculty and
			 contract professional positions shall be filled only with part-time personnel
			 the first year after retirement; classified and unclassified positions, where
			 justified, may be authorized to be filled by the president or designee
			 immediately. If there are faculty and contract professional positions which the
			 president determines must be replaced the first year after retirement, the
			 president may authorize funds be committed for that purpose.
(6)
									Accounts for
			 positions and salary savings shall be created at appropriate administrative
			 levels to fund replacement positions and to provide necessary control and
			 accountability.
(7)
									The president and designees are authorized to
			 promulgate rules and procedures necessary to implement the foregoing
			 program.
(8)
									The policy on early retirement shall be in effect until
			 midnight, June 30, 2000, and shall automatically terminate on that hour and
			 date.
(9)
									The implementation of this early retirement incentive
			 plan by the university shall be contingent upon each of the respective
			 retirement system's agreement to administer its applicable portion of the plan.
			 In the event all or any part of this plan shall be declared invalid, contrary
			 to law or to rules or regulations of the respective retirement systems, the
			 university reserves the right to amend the plan in order to conform same to
			 law, or, to vacate the plan in its entirety.
Replaces: 3359-21-01