Common use of Transition to Retirement Clause in Contracts

Transition to Retirement. A tenured faculty member wishing to transition to full retirement may do so under the following conditions: • attains age 59 1/2 or older • be a participant in the USNH approved retirement plan for at least 10 years • not be participating in a USNH early retirement program • not be on long-term disability or worker’s compensation The faculty member must reduce employment to part-time (not to exceed 50 percent time). The faculty member’s salary base will be pro-rated based on the percent time of employment. Participating faculty will be eligible to continue their USNH group medical and dental coverage at the same contribution rate as a full-time faculty member until full retirement. However, long-term disability, life insurance, and contributions to the USNH retirement plan will be based on the pro-rated salary. The University will continue its contribution to medical and dental benefits coverage for up to three years beginning on the effective date of part-time employment.

Transition to Retirement. A tenured faculty member wishing to transition to full retirement may do so under the following conditions: • ▪ attains age 59 1/2 or older • ▪ be a participant in the USNH approved retirement plan for at least 10 years • ▪ not be participating in a USNH early retirement program • ▪ not be on long-term disability or worker’s compensation The faculty member must reduce employment to part-time (not to exceed 50 percent time). The faculty member’s salary base will be pro-rated based on the percent time of employment. Participating faculty will be eligible to continue their USNH group medical and dental coverage at the same contribution rate as a full-time faculty member until full retirement. However, long-term disability, life insurance, and contributions to the USNH retirement plan will be based on the pro-rated salary. The University will continue its contribution to medical and dental benefits coverage for up to three years beginning on the effective date of part-time employment.

Transition to Retirement. A tenured faculty member wishing to transition to full retirement may do so under the following conditions: • attains •attains age 59 1/2 or older • be •be a participant in the USNH approved retirement plan for at least 10 years • not •not be participating in a USNH early retirement program • not •not be on long-term disability or worker’s compensation The faculty member must reduce employment to part-time (not to exceed 50 percent time). The faculty member’s salary base will be pro-rated based on the percent time of employment. Participating faculty will be eligible to continue their USNH group medical and dental coverage at the same contribution rate as a full-full- time faculty member until full retirement. However, long-term disability, life insurance, and contributions to the USNH retirement plan will be based on the pro-rated salary. The University will continue its contribution to medical and dental benefits coverage for up to three years beginning on the effective date of part-time employment.