Unlimited Faculty who Provide Early Notice of Retirement. Unlimited faculty members who elect to retire with at least fifteen years (15.0 FTE) of service at any colleges of Minnesota State and who are at least age fifty-five (55) shall receive an incentive of two thousand dollars ($2,000.00). The incentive will be paid over the final two (2) academic year semesters of employment following notice or at the option of the faculty member, paid in a one-time lump sum at the end of employment. To receive this benefit the affected faculty member must submit a written letter of retirement to the college president or designee by September 15th if the retirement will occur at the end of the following spring semester, or by January 15th if the retirement will occur at the end of the subsequent fall semester. Such notice of retirement is irrevocable upon written acceptance by the college president or designee. However, upon application to the Vice Chancellor of Human Resources or his/her designee, this notice may be rescinded. If the Vice Chancellor or his/her designee agrees to rescind the early notice of retirement submission, any portion of the two thousand dollar ($2,000.00) incentive already paid to the faculty member as a result of the faculty member’s early notice shall be refunded by the affected faculty member to the college in a timely manner as determined by the college president. Faculty members who are taking part in the Phased Retirement program under Article 16, Section 7 are not precluded from receiving the two thousand dollar ($2,000.00) early-notice-of-retirement incentive. However the faculty member’s Phased Retirement Agreement will not satisfy the notice-of-retirement requirement described in the previous paragraph. A faculty member on Phased Retirement who wishes to receive the two thousand dollar ($2,000.00) early-notice-of- retirement incentive must submit a separate, irrevocable letter of retirement by the applicable deadline in the previous paragraph.
Unlimited Faculty who Provide Early Notice of Retirement. Unlimited faculty members who elect to retire with at least fifteen years (15.0 FTE) of service at any colleges of Minnesota State and who are at least age fifty-five (55) shall receive an incentive of two thousand dollars ($2,000.00). The incentive will be paid over the final two (2) academic year semesters of employment following notice or at the option of the faculty member, paid in a one-time lump sum at the end of employment. To receive this benefit the affected faculty member must submit a written letter of retirement to the college president or designee by September 15th if the retirement will occur at the end of the following spring semester, or by January 15th if the retirement will occur at the end of the subsequent fall semester. Such notice of retirement is irrevocable upon written acceptance by the college president or designee. However, upon application to the Vice Chancellor of Human Resources or his/her designee, this notice may be rescinded. If the Vice Chancellor or his/her designee agrees to rescind the early notice of retirement submission, any portion of the two thousand dollar ($2,000.00) incentive already paid to the faculty member as a result of the faculty member’s early notice shall be refunded by the affected faculty member to the college in a timely manner as determined by the college president.
