Common use of University Retirement Clause in Contracts

University Retirement. 258 University Retirement Defined - University retirement shall be defined as 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 An employee who retires under the definition in Paragraph 258 shall be paid for fifty (50) percent of his/her unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 An employee who does not meet the definition of University Retirement in Paragraph 258 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she has received a University contribution to TIAA-CREF and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260. -262 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter.

University Retirement. 258 276 University Retirement Defined - University retirement shall be defined as at 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 -277 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 -278 An employee who retires under the definition in Paragraph 258 276 shall be paid for fifty (50) percent of his/her her/their unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 -279 An employee who does not meet the definition of University Retirement in Paragraph 258 276 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 276 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she the employee has received a University contribution to TIAA-CREF base retirement program and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260278. -262 -280 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 276 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 276 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter. -281 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements will remain eligible to maintain group health and dental care for the employee, spouse/OEI and dependents and receive the employer's proportional contribution toward the lowest cost MSU retiree health care and dental plan. -282 Retiree health care and dental plan coverage for regular employees hired on or after July 1, 2002, but prior to July 1, 2010.

University Retirement. 258 ‌ -273 University Retirement Defined - University retirement shall be defined as at 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 retirement.‌ -274 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 Employer.‌ -275 An employee who retires under the definition in Paragraph 258 262 shall be paid for fifty (50) percent of his/her unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 separation.‌ -276 An employee who does not meet the definition of University Retirement in Paragraph 258 261 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 263 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she has received a University contribution to TIAA-CREF base retirement program and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260264. -262 -277 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 263 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 263 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter.thereafter.‌ -278 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements will remain eligible to maintain group health and dental care for the employee, spouse and dependents and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan.‌ -279 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements on or before January 1, 2009 and who identified another eligible individual prior to January 1, 2009, will be eligible to maintain group health and dental care for the other eligible individual and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan.‌ -280 Retiree health care and dental plan coverage for regular employees hired on or after July 1, 2002, but prior to July 1, 2010.‌

University Retirement. 258 262 University Retirement Defined - University retirement shall be defined as at 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 -263 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 -264 An employee who retires under the definition in Paragraph 258 262 shall be paid for fifty (50) percent of his/her unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 -265 An employee who does not meet the definition of University Retirement in Paragraph 258 261 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 263 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she has received a University contribution to TIAA-CREF and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260264. -262 -266 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 263 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 263 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter. -267 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements will remain eligible to maintain group health and dental care for the employee, spouse and dependents and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan. -268 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements on or before January 1, 2009 and who identified another eligible individual prior to January 1, 2009, will be eligible to maintain group health and dental care for the other eligible individual and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan. -269 Retiree health care and dental plan coverage for regular employees hired on or after July 1, 2002, but prior to July 1, 2010.

University Retirement. 258 273 University Retirement Defined - University retirement shall be defined as at 1) attainment of age 62 or older with 15 years of service, or 2) at any age with 25 years of service. Interruptions in employment of less than one (1) year duration shall not constitute a break in service as it pertains to retirement. -259 -274 Employees meeting the minimum retirement requirements will remain eligible to maintain group health care and dental plan coverage and receive the health care and dental plan coverage and receive the Employer contribution. Employees participating in the Employee-Paid Life Plan at the time of retirement or terminating at age 65 or thereafter and who were enrolled prior to July 1, 1977, shall receive a $2,000 life benefit fully paid by the Employer. -260 -275 An employee who retires under the definition in Paragraph 258 262 shall be paid for fifty (50) percent of his/her unused sick leave, but not to exceed a maximum of fifty (50%) percent of twelve hundred (1200) hours, as of the effective date of separation. -261 -276 An employee who does not meet the definition of University Retirement in Paragraph 258 261 but has at least five (5) years, but less than ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid fifty (50%) percent of their unused sick leave as of the effective date of separation. An employee who does not meet the definition of University Retirement in Paragraph 258 263 but has at least ten (10) years of continuous service and has attained 65 years of age at the time of their separation shall be paid one hundred (100%) percent of their unused sick leave as of the effective date of separation but not to exceed a maximum of one hundred (100) days, unless he/she has received a University contribution to TIAA-CREF base retirement program and was employed after 1-1-73 in which case the employee shall be paid as in Paragraph 260264. -262 -277 Prorated longevity payments shall be made to those employees who retire under the definition of University Retirement in Paragraph 258 263 prior to October first of any year. This also applies to those employees not under the definition of University Retirement in Paragraph 258 263 but who are 65 years of age at the time of their separation. Such prorated payments as indicated above shall be based on the number of calendar months of full-time service credited to an employee from the preceding October first to the date of retirement or separation and shall be made as soon as practicable thereafter. -278 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements will remain eligible to maintain group health and dental care for the employee, spouse and dependents and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan. -279 Employees hired prior to July 1, 2002 and meeting the minimum retirement requirements on or before January 1, 2009 and who identified another eligible individual prior to January 1, 2009, will be eligible to maintain group health and dental care for the other eligible individual and receive the employer's proportional contribution toward the lowest cost MSU health care and dental plan. -280 Retiree health care and dental plan coverage for regular employees hired on or after July 1, 2002, but prior to July 1, 2010.