|
ARCHIVE |
||
MnSCU-IFO Master Agreement 1995-1997
ARTICLE 15 - Retirement
Section A. Phased Retirement Program.
Subd. 1. Eligibility. Pursuant to Minnesota Statutes § 354.66, faculty members who have twenty (20) or more FTE years of service in the Minnesota State Universities, or who have reached age fifty-five (55) and have fifteen (15) or more FTE years of service in the Minnesota State Universities shall be eligible for phased retirement.
Subd. 2. Implementation. A faculty member requesting phased retirement shall submit his/her request to the President one (1) year in advance of the year in which phased retirement would take effect. The length of the phased retirement period and the work schedule for the faculty member shall be mutually agreed to by the faculty member and the President. At the end of the phased retirement period the faculty member must move to full retirement. In no event shall the length of time for phased retirement exceed the number of years mutually agreed to or the workload of the faculty member be less than point thirty-three (.33) FTE or greater than point sixty-seven (.67) FTE. Faculty members electing phased retirement shall be entitled to all rights and benefits of full-time faculty members.
Subd. 3. Benefits. The Employer retirement contributions necessary to accrue allowable service credit in the retirement fund during the period of part-time employment shall be paid by the Employer at the same amounts as would have been paid had the faculty member been employed full-time. Faculty members electing phased retirement shall be eligible for Employer-paid insurance benefits as if the faculty member were employed full-time. Employee contributions necessary to maintain benefits as if the faculty member were employed full-time shall be the responsibility of the employee.
Upon completion of phased retirement, a faculty member who participates in phased retirement shall be eligible for the separation incentive in Article 16, Section D, if the age and service requirements are met. Computation of the separation incentive shall be based on the percentage decline contained therein, and the faculty member shall not under any circumstances be eligible for designation at one hundred percent (100%) of salary.
Subd. 4. Faculty members participating in phased retirement shall be permitted to withdraw up to twenty-five percent (25%) of their supplemental retirement funds yearly during phased retirement by submitting a written request to the President. Withdrawal is subject to applicable state and federal laws and to conformity with State Board of Investment or other third-party provider requirements, if applicable. The faculty member and the IFO agree to indemnify and hold the university and the Employer harmless against any and all claims, suits, orders or judgments brought or issued against the Employer by a faculty member as a result of any action taken in accordance with the withdrawal of supplemental retirement funds.
Section B. Supplemental Retirement. Pursuant to Minnesota Statutes § 136.80, 136.81, and 356.24, in FY 98 and FY 99 the Employer shall deduct from the salary of each full-time faculty member a sum equal to five percent (5%) of the annual salary paid after the first six thousand dollars ($6,000), up to a maximum of one thousand six hundred dollars ($1,600) for academic year 1997-98 and up to a maximum of one thousand seven hundred dollars ($1,700) in academic year 1998-99 to be paid into the state university supplemental retirement account of the retirement fund. During Fiscal Year 1999 only, the Employer shall deduct up to an additional one hundred dollars ($100) beyond the seventeen hundred dollar ($1,700) cap set forth herein from the salary of each faculty member covered by this Section. The Employer shall make a contribution in an amount equal to the deductions made from the faculty member's salary. Deductions shall begin in the faculty member's third year of full-time employment in the System.