Ohio Administrative Code
Title 3359 - University of Akron
Chapter 3359-21 - Early Retirement
Section 3359-21-01 - Early retirement incentive plan
Universal Citation: OH Admin Code 3359-21-01
Current through all regulations passed and filed through September 16, 2024
(A) The university of Akron board of trustees authorize the implementation of the university of Akron early retirement incentive plan, hereinafter referred to as "ERIP" for its employees who are members of the state teachers retirement system and the school employees retirement system respectively. Provisions of the early retirement incentive plan are as follows:
(1)
The program shall
be available to eligible employees, who elect to retire officially through
"STRS" or "SERS" from July 1, 1993, through June 30, 1994; July 1, 1995,
through June 30, 1996; July 1, 1997, through June 30, 1998; and July 1, 1999,
through June 30, 2000.
(2)
The program shall be available to employees who meet
retirement requirements as established by "STRS" or "SERS" during the twelve
month period listed in
paragraph (A)(1) of this rule.
(3)
The board adopts
the following requirements for participation:
(a)
Subject to then
current legal requirements, and the limitations provided herein, participation
shall be open to all eligible members of "STRS" and "SERS." A member is
eligible if the member:
(i)
Is currently contributing to "STRS" or "SERS" and
employed by the university of Akron at the time the early retirement period
commences;
(ii)
Has attained the age of fifty prior to the retirement
date or the date the early retirement period expires; whichever is
earlier;
(iii)
Is eligible or will qualify, after purchase of the
service credit, for retirement under "STRS" or "SERS"
guidelines;
(iv)
Agrees to retire and actually retires within ninety
days after notification that additional service credit has been
purchased;
(v)
Conforms to administrative rules and procedures
promulgated hereunder and necessary to implement the
program.
(b)
Participation in the early retirement period is limited
to five per cent of the total number of members in each retirement system as of
January 1 of the year in which the early retirement period commences as
certified by the retirement systems. If more than five per cent of the total
members of each retirement system elect to participate in the early retirement
period, employees with the greatest amount of retirement service credit earned
at the university of Akron have priority, subject to a first come
basis.
(c)
Pursuant to the respective requirements of rule
3309.33 and rule
3307.35 of the Administrative
Code, the university of Akron shall pay the cost (as determined by "STRS" or
"SERS") of the lesser of five years of service credit or one fifth of each
member's total service credit for all eligible members of "STRS" or "SERS" who
elect to participate.
(d)
Participants in this program are eligible to receive
the total number of years of service credit provided by the plan and not just
the minimal number needed to qualify for retirement.
(e)
The associate
vice president for treasury and financial planning and associate vice
president/controller and employee participants shall file such forms as are
required by "STRS" or "SERS."
(f)
Retirees
participating in the "ERIP" shall be entitled to receive those fringe benefits
normally provided to retirees who do not participate in the "ERIP," provided
such benefits have not been assumed by their respective retirement
system.
(g)
No employee electing the "ERIP" shall be eligible for
the limited teaching for full-time teaching faculty who retire or part-time
employment for full-time non-teaching personnel who retire provisions of the
regulations of the board of trustees. However, in cases of clear and
demonstrated need, as determined by the president or designee, participants in
the program may be employed from time to time on a part-time basis, not to
exceed permissible limits of the respective retirement system. Selection for
these limited appointments and reassignment of duties shall be at the sole
discretion of the university.
(h)
All retirements
under the provision of this resolution shall take effect on the earliest date
on which the retiree complies with the terms of the program, unless otherwise
agreed, in writing, between the university and the retiree. In order to enable
the university to plan efficiently and effectively for future staffing
requirements, an employee electing to participate must file the notice to
employer of interest to participate in. retirement incentive plan as defined in
section 3307.35 of the
Revised Code
and section 3309.33 of the
Revised Code,
and other notices, on the prescribed forms, with the university on or before
the March
first preceding the retirement period listed and January 1,
1994, for subsequent periods. Employees failing to timely file the notices as
required herein, may not be considered an eligible employee to participate in
the plan.
(4)
For the early retirement periods of July 1, 1993, to
June 30, 1994, and July 1, 1995, to June 30, 1996, one half of the positions
represented by retiring employees shall be retained by the unit from which the
employee retires; and one half shall be returned to the president for use as
incentives for diversification of faculty and staff, reallocation to new
program areas or other areas of need. Each "STRS" replacement position will be
funded at sixty-seven per cent of the retiree's salary and each "SERS"
replacement position will be funded at eighty per cent of the retiree's salary.
For the early retirement periods of July 1, 1997, through June 30, 1998, and
July 1, 1999, to June 30, 2000, the positions represented by retiring employees
shall be retained by the responsible vice president of the unit from which the
employee retires for use as incentives for allocation of resources to meet
program or other needs as approved by the president or designee. Each faculty
and contract professional replacement position will be funded at sixty-seven
per cent of the retiree's salary and each classified and unclassified
replacement position will be funded at eighty per cent of the retiree's
salary.
(5)
It is the intent of this resolution that faculty and
contract professional positions shall be filled only with part-time personnel
the first year after retirement; classified and unclassified positions, where
justified, may be authorized to be filled by the president or designee
immediately. If there are faculty and contract professional positions which the
president determines must be replaced the first year after retirement, the
president may authorize funds be committed for that purpose.
(6)
Accounts for
positions and salary savings shall be created at appropriate administrative
levels to fund replacement positions and to provide necessary control and
accountability.
(7)
The president and designees are authorized to
promulgate rules and procedures necessary to implement the foregoing
program.
(8)
The policy on early retirement shall be in effect until
midnight, June 30, 2000, and shall automatically terminate on that hour and
date.
(9)
The implementation of this early retirement incentive
plan by the university shall be contingent upon each of the respective
retirement system's agreement to administer its applicable portion of the plan.
In the event all or any part of this plan shall be declared invalid, contrary
to law or to rules or regulations of the respective retirement systems, the
university reserves the right to amend the plan in order to conform same to
law, or, to vacate the plan in its entirety.
Replaces: 3359-21-01
Disclaimer: These regulations may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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