Subd. 1. Sunset Provision.

A Faculty member hired after June 30, 1995, shall not be eligible for the provisions outlined in Section 2., Subd. 2, and Section 3.

Subd. 2. Payment of Benefits.

Faculty members shall receive compensation for the benefits outlined in Section 2 and Section 3 in three (3) equal payments, the first upon separation, the second on or about the first anniversary of separation and the remainder the following year not later than one day prior to the second anniversary of separation. Faculty members who become eligible for severance pay pursuant to Section 2., Subd. 1.(1.) (a.) (c.) shall receive a lump sum payment during the pay period immediately following their last pay period.

Subd. 1. Basic Severance Pay.

1. Eligibility. Severance pay shall be granted to faculty members who complete ten (10) years of service under the following provisions:
   1. All faculty members who have completed ten (10) years of FTE service shall receive basic severance pay upon permanent separation from state service.
   2. All faculty members who are mandatorily retired from state service or are separated by reason of death shall receive basic severance pay. In the event of death, such payment shall be made to the beneficiary designated by the faculty member under the Minnesota Teacher's Retirement Association, Retirement Plan in a city of the first class, or Individual Retirement Account Plan.
   3. All eligible unlimited full-time and unlimited part-time faculty members who are laid off from service in the technical colleges shall receive basic severance pay.
   4. Faculty members who retire from state service after ten (10) years of continuous state service and who are immediately entitled at the time of retirement to receive an annuity under a state retirement program shall, notwithstanding an election to defer payment of the annuity, also receive basic severance pay.
2. Benefits. The faculty member shall receive basic severance pay in an amount equal to forty percent (40%) of the faculty member's accumulated but unused sick leave balance (not to exceed one hundred twelve (112) days) plus twelve percent (12%) of the faculty member's accumulated but lapsed unused sick leave times the faculty member's regular daily rate of pay at the time of separation. If necessary, accumulated but unused bank days shall be added to the sick leave balance to attain the one hundred twelve (112) days maximum.

Subd. 2. Enhanced Severance Pay.

1. Eligibility. Faculty members hired prior to July 1, 1995 who have reached age fifty-five (55) and have fifteen (15) years of service shall be eligible for enhanced severance pay under the following provisions:
   1. All faculty members hired before July 1, 1995 who have reached age fifty-five (55) and have fifteen (15) years of service shall be eligible for enhanced severance pay upon permanent separation from state service.
   2. All faculty members who are mandatorily retired from state service or are separated by reason of death shall receive enhanced severance pay. In the event of death, such payment shall be made to the beneficiary designated by the faculty member under the Minnesota Teacher's Retirement Association, Retirement Plan in a city of the first class, or Individual Retirement Account Plan.
   3. All eligible unlimited full-time and unlimited part-time faculty members who are laid off from service in the technical colleges shall receive enhanced severance pay.
   4. Faculty members who retire from state service after ten (10) years of continuous state service and who are immediately entitled at the time of retirement to receive an annuity under a state retirement program shall, notwithstanding an election to defer payment of the annuity, also receive enhanced severance pay.
2. Benefits. The faculty member shall receive enhanced severance pay in an amount equal to fifty percent (50%) of the faculty member's accumulated but unused sick leave balance (not to exceed one hundred twelve (112) days) plus twelve percent (12%) of the faculty member's accumulated but lapsed unused sick leave times the faculty member's regular daily rate of pay at the time of separation. If necessary, accumulated but unused bank days shall be added to the sick leave balance to attain one hundred twelve (112) days maximum.

Subd. 3. Reinstatement.

Should any faculty member who has received basic or enhanced severance pay be subsequently reappointed to state service, eligibility for future severance pay shall be computed upon the difference between the amount of accumulated but unused sick leave restored to the faculty member's credit at the time the faculty member was reappointed and the amount of accumulated but unused sick leave at the time of the faculty member's subsequent eligibility for basic or enhanced severance pay. However, if the faculty member has bought back the total amount of sick leave previously paid off on severance, eligibility for future severance pay shall be computed upon the amount of accumulated but unused sick leave to the faculty member's credit at the time of the faculty member's subsequent eligibility for severance pay.

Subd. 1. Eligibility.

Unlimited faculty members who as of July 1, 1995, have served at least ten (10) years in Minnesota Technical College(s), and/or in a K-12 district(s) which was the Employer for a technical college, shall be eligible for the retirement incentive and severance except for post age sixty-five (65) insurance. The aggregate from the above-described Employers shall be considered as single eligibility for the purposes of this section where no break in service occurred. This section shall include Farm Business Management (FBM), Small Business Management (SBM), or any other instructor who became the employee of a technical college when a program was transferred, or is transferred, to a technical college from a K-12 district. Those faculty who have ten (10) years of service as defined above by July 1, 1995 will have a choice at the time of retirement to choose the early retirement and severance provisions of their member district 1993-1995 contract from which they transferred to the state on July 1, 1995, or the enhanced severance pay as provided in Section 2., Subd. 2. In no event, however, will a faculty member be allowed to receive Employer provided health insurance beyond age sixty-five (65). The Employer contribution shall continue at the Employer dollar contribution in effect on the date of retirement.

Subd. 1. Eligibility.

Pursuant to M.S. 354.66, unlimited full-time faculty members who are fifty-five (55) years of age and who have at least ten (10) FTE years of service credit in the Minnesota State Colleges and Universities shall be granted, upon application, a phased retirement subject to the provisions below.

Subd. 2. Application Procedure.

Faculty members who are eligible may request in writing to take part in the phased retirement program. Such written request shall be submitted prior to the end of Fall semester in the academic year prior to the year the reduction is going to start. The length of the phased retirement period and the faculty member's annual workload shall be mutually agreed to by the faculty member and the College President, subject to the limitations in Subd. 3. below. The agreed upon arrangements shall be made in writing between the faculty member and the College President. A copy of the phased retirement agreement shall be forwarded to the Chancellor's designee and the UTCE President.

Subd. 3. Terms of Program.

The phased retirement agreement must meet the following terms:

1. A length of time no less than one (1) year and no more than ten (10) years.
2. An annual workload no less than .33 FTE and no more than .67 FTE.

The level of reduction and the length of time phased retirement may change upon mutual agreement of the faculty member and the College President. At the end of the phased retirement period the faculty member must retire from MnSCU.

Subd. 4. Benefits.

The faculty member shall continue to receive insurance benefits and payment toward their Teacher's Retirement, City of the First Class Teacher Retirement Account or IRAP as if working full-time. Any employee contributions toward insurance premiums will continue to be deducted from the faculty member's paycheck. The faculty member shall be directly responsible for payment of the faculty member's portion of TRA or IRAP.