Article 20

 

ARTICLE 20 - RESIGNATION AND RETIREMENT

 

20.1          Resignation

 

20.11      To resign in good standing, an employee will give at least 2 weeks prior written notice unless Management agrees to a shorter period of notice.

 

20.12      Written resignations shall be submitted to the employee's supervisor.

 

20.2          Classified employees who qualify will be retired according to state law and will participate in the various contributory retirement plans provided by the laws of the State of Oregon.

 

20.21   The College shall pay the 6% PERS contribution due from each Classified employee without deduction or withholding of such contribution from pay.

 

20.3          The College shall participate in, and Classified employees be compensated for accumulated unused sick leave in the form of increased retirement benefits in accordance with ORS 237.153.

 

20.4          Early Retirement

 

20.41      A full-time employee who has completed 10 consecutive years of full-time employment with the College and who is at least 55 and not more than 61 years of age or who has 30 years of creditable service in the state PERS, shall have the option of an early retirement program


which will provide the full-time employee $270 per month for a maximum period of 4 years. Such payments will terminate at the end of the month in which the employee reaches the age of 62 or at the end of 4 years, whichever comes first. A full-time employee choosing this option must give written notice to the full-time employee's supervisor at least 90 days prior to the full-time employee’s retirement date if at all possible. The provisions of Article 20.4 shall apply only to employees hired before July 1, 1987, and will not apply to employees hired on or after that date.  Employees who are otherwise eligible for this benefit and who are in a part-time position as a result of layoff at the time they opt for early retirement shall also be eligible for this benefit.

 

20.42      Effective July 1, 2015 for a two-year window through June 30, 2017, an employee who has completed 20 consecutive years of full-time employment with the College and who meets all other requirements of the Early Retirement provision of Article 20.41 above, regardless of date of hire, shall be eligible for this benefit.

 

20.43      Effective July 1, 2015, an employee eligible for the Early Retirement provisions of Article

20.41 or 20.42 above, who elects to retire prior to June 30, 2017, will be eligible to receive as a lump sum, an amount equal to an additional $130 for each month in which they will receive the $270 per month payment.

 

20.5          Employees who retire under the provisions of this Article shall be able to participate in College group health and dental plans, subject to approval by the insurance carriers and provided that the employee pays the premiums.