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.
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