Retirement Contract by khi66326

VIEWS: 20 PAGES: 4

Retirement Contract document sample

More Info
									CONTRACT FOR EARLY RETIREMENT
Under Regents' Early Retirement Incentive Program for Tenured Faculty

THIS CONTRACT is made by and between the Board of Regents of the University of Nebraska, a
public body corporate, doing business as the University of Nebraska
_______________________________________ (hereinafter "the University"), and
_______________________________________ (hereinafter "Faculty Member").

WITNESSETH:

WHEREAS, on November 22, 1997, the Board of Regents of the University adopted an early retirement
incentive program for certain eligible tenured faculty (hereinafter "the tenured faculty retirement
incentive program") providing an incentive for early retirement in the form of paid premiums in the
University's group medical and/or dental health insurance programs to the earlier of the dates the retired
faculty member becomes eligible for coverage under Medicare or attains age 67; and

WHEREAS, Faculty Member is employed by the University by a continuous (tenured) appointment;
and

WHEREAS, on the date of retirement hereinafter provided in Section 1 of this Contract Faculty
Member will be at least 59.5 years of age and will have been employed by the University for a period of
at least ten (10) years; and

WHEREAS, on said date of retirement Faculty Member will be eligible to participate in the tenured
faculty retirement incentive program and desires to retire from University service and receive the health
insurance benefit provided by said program;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for other good
and valuable consideration, the University and Faculty Member agree an follows:

  Section 1.
  Retirement of Faculty Member

   In consideration of the early retirement incentive benefit to be provided to Faculty Member under the
tenured faculty retirement incentive program as hereinafter provided in Section 2, Faculty Member
hereby voluntarily resigns from his or her continuous (tenured) appointment as a member of the
academic-administrative staff of the University and retires from University service effective at close of
business on the _____ day of __________________, (hereinafter the "date of retirement").

  Section 2.
  Health Insurance Benefit to be Provided Upon Retirement

  In consideration of Faculty Member retiring from University service as provided above in Section 1,
and in full and complete satisfaction of any and all rights and claims which Faculty Member has to
continued employment by the University after the date of retirement, the University agrees that
beginning on the first day of the month following the date of retirement and continuing during Faculty
Member's lifetime until the earlier of the dates that Faculty becomes eligible for coverage under
Medicare or attains age 67 (a) to provide to Faculty Member coverage under the University's group
medical and/or dental insurance plans under the coverage category and plan option selected by Faculty
Member as of July 1 preceding the calendar year of the date of retirement, and (b) to pay both the cost
that Faculty Member would pay for such coverage, if still employed by the University, and the cost that
the University pays for such coverage as the employer at the applicable retiree rate. In the event of
Faculty Member's death prior to the earlier of the dates that Faculty becomes eligible for coverage under
Medicare or attains age 67, the University's obligation to pay the cost that Faculty Member would pay
for the health insurance coverage specified above in this Section, if still employed by the University, and
the cost that the University pays for such coverage as the employer shall cease on the first day of the
month following the date of death; provided, that Faculty Member's surviving spouse may elect to
continue his or her health insurance coverage for by paying the cost for such coverage normally paid by
the spouse of a deceased retired employee.

  Section 3.
  Waiver of Rights and Claims

   Faculty Member expressly acknowledges and affirms that he or she enters into this Contract
voluntarily. In consideration of the obligations of this Contract to be performed by the University,
Faculty Member hereby waives any and all rights, claims, demands or causes of action which he or she
may now or in the future have, including rights, claims, demands or causes of action under the Federal
Age Discrimination in Employment Act (29 U.S.C. §§ 621 et seq.), as amended, relating to his or her
employment by the University up to and including the date this Contract was signed by Faculty or
relating to Faculty Member's retirement from University employment as provided in this Contract. In
accordance with the requirements of the Federal Older Workers Benefit Protection Act (29 U.S.C. §
626), Faculty Member hereby acknowledges and affirms that prior to signing this Contract he or she was
advised in writing by the University that he or she would have no less than twenty-one (21) calendar
days within which to consider this Contract, and that he or she was further advised in writing by the
University to consult with an attorney of his or her choice prior to signing this Contract.

  Section 4.
  Faculty Member's Right to Cancel Contract

  Notwithstanding any other provision of this Contract, the parties agree that for a period of seven (7)
calendar days following the date that on which Faculty Member signs this Contract, Faculty Member
shall have a unilateral right to revoke and cancel this Contract. Such right may only be exercised in
writing received in the office of the University's Vice Chancellor for Business and Finance.

  Section 5.
  Contract Amendments

  This Contract may be amended at any time by a written instrument duly approved by the University
and accepted in writing by Faculty Member.

  Section 6.
  Full Contract.

  This Contract constitutes the full and complete agreement between the parties with regard to Faculty
Member's early retirement and full and complete financial settlement and satisfaction of Faculty
Member's rights of tenured employment as a member of the academic-administrative staff of the
University.
  Section 7.
  Governing Law - Severability.

  The laws of the State of Nebraska shall govern the validity, performance and enforcement of this
Contract. If any portion of this Contract shall be declared invalid or unenforceable by a court of
competent jurisdiction, such declaration shall not affect the validity or enforceability of the remaining
provisions of this Contract.

IN WITNESS WHEREOF, this Contract has been signed by the parties on the dates set forth below.

Approved:                                                    Approved:
By: ___________________________                              By: ____________________________
 Dean, Faculty Member's College                              Vice Chancellor for Business and finance

Date: ___________________________                            Date: ___________________________


Date: ___________________________                            Date: ___________________________

                                                                   ____________________________
                                                                   Faculty Member

To be completed by the University:

Faculty Member's Expected
Medicare Eligibility Date: ________________________________

Date of Faculty Member's 67th Birthday: ___________________

INSTRUCTIONS FOR CONTRACT FOR EARLY RETIREMENT
Under the Regents Early Retirement Incentive Program for Tenured Faculty

   1. The Contract for Early Retirement should be completed in duplicate original. The printed text of
this contract form may not be changed without the approval of the Executive Vice President and
Provost. Additional copies of the completed contract may be made, if desired by the University or the
faculty member.

  2. Completion of blanks in the contract form

     First blank on page 1
     Insert appropriate campus designation, i.e. at Kearney, at Omaha, -Lincoln, or Medical Center.

     Second blank on page 1
     Insert the name of the tenured faculty member as his or her name appears in University personnel
records.

     First blank on page 2
     Insert the day of the month in which retirement will occur.
     Second blank on page 2
     Insert the calendar month in which retirement will occur.

     Third blank on page 2
     Insert the year in which retirement will occur.

    Last two blanks on page 5 (below line)
    Insert in the fires blank the date on which it is expected Faculty member will become eligible for
Medicare and in the second blank the date of Faculty Member's 67th birthday.


  3. Signing the Contract:

     a. The dean of the faculty member's college and the Vice Chancellor for Academic Affairs should
sign both duplicate originals of the completed contract form where indicated on page 5 to indicate their
approval.

     b. The Vice Chancellor for Business and Finance should date and sign both duplicate originals of
the completed contract form where indicated on page 5 as the officer having authority to sign the
contract on behalf of the university.

     c. The faculty member should personally date and sign both duplicate originals of the completed
contract form. NOTE: It is very important that the faculty member date both duplicate originals of the
contract opposite his or her signature on page 5.

   4. After both duplicate originals of the contract have been dated and signed by the University and the
faculty member, one duplicate original should be delivered to the faculty member for his or her personal
records and the other duplicate original should be maintained by the University in the faculty member's
University personnel record.

								
To top