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| Policy and Procedure Manual | |
| Section - 230 Early Retirement | |
| Source: NDSCS President | |
| Applies to: Tenured faculty and Officers of the Institution | |
| Purpose: | |
| To provide a consistent approach when considering early retirement agreements that conform with SBHE Policy 703.1 and to make available a cost saving tool and a vehicle for the infusion of new thoughts, ideas, and skills by the opening up of positions. | |
| Policy: | |
| Early retirement is for the mutual benefit of the eligible employee and the North Dakota State College of Science. Early retirement is not an entitlement and may be used only when the institution has documented the benefits resulting from the agreement. To be considered for an early retirement agreement the employee’s years of service to the institution and age must be 75 or greater prior to the beginning of the contract year. | |
| Eligible employees wishing to pursue an early retirement agreement to be effective at the end of their current contract or other mutually agreed upon date, shall submit a request to the President’s Office no later than October 1 of the same contract year. The President shall provide notice of a decision on early retirement requests no later than November 1 of that same year. The employee must respond in writing to the President by December 1 of that same year regarding acceptance of the decision. | |
| Employees wishing to pursue an early retirement agreement to be effective during the middle of the next contract year or other mutually agreed upon date, shall submit a request to the President’s Office by April 1 of the current contract year. The President shall provide notice of a decision on early retirement request no later than May 1 of that same year. The employee must respond in writing to the President by June 1 of that same year regarding acceptance of the decision. | |
| After the President approves the early retirement request, both parties shall enter into a contractually binding, written agreement which shall set forth all terms and conditions of the early retirement including, but not limited to, the amount of payment, the payment date(s), and a waiver of all continuing and nonrenewable rights and recall rights. | |
| Officers of the Board, which includes vice presidents and the president will be addressed separately by the SBHE and following the guidelines of SBHE Policy 703.1. | |
| Guidelines: | |
| The maximum benefit given will be health insurance coverage, at the equivalent of two years, at the current health insurance rates as established by NDPERS. In lieu of health insurance coverage for two years, an employee can request a lump sum payment equivalent to one year of health insurance at the institution’s current cost. | |
| Reference: SBHE Policy 703.1 | |
| History: Adopted July 19, 2004 | |
