RATIFICATION VOTE FOR RETIREMENT INCENTIVE PLAN

Ratification Vote
for
Retirement Incentive Plan
Wednesday, April 15
11-2 p.m., Room 9725, Pensacola Campus

If you are unable to vote at the designated time and location, please contact Charlotte Sweeney (csweeney@pjc.edu) for a ballot.


Bargaining Results for Retirement Incentive Plan
The Negotiation team met Tuesday, April 7, at 2:00 p.m. to finalize the details of the Retirement Incentive Plan offered by Administration. The details of the plan are as follows:

1. Eligibility: Must be a full-time PJC employee and 62 years of age OR 30 years creditable service in FRS with at least six (6) years full-time employment at
PJC as of June 30, 2009.

2. Employee Participation: Participation is voluntary. The decision of an employee to participate is irrevocable. Employees choosing to participate may begin enrolling at 3:30 p.m. on Friday, April 17 at Human Resources.

3. Effective Date: Employees electing to participate will choose an effective date of termination no later than June 30, 2009. If a faculty member is teaching a
guaranteed summer contract, he or she may elect to leave at the end of that contract.

4. Benefits: Participants will receive the following benefits:
a. A one-time incentive payment equal to 100% of the employee’s sick leave balance as of the date of termination, not to exceed 125% of the employee’s annual salary, or 164 day contract for full-time faculty members. To the extent possible, the
incentive payment will be handled in a taxadvantaged manner by being placed in the existing Bencor 401(a) Plan and/or an employer sponsored 403(b) Plan.

b. The college will pay the employee’s monthly health insurance premium for a period of three years, or until the employee reaches the age of 65, whichever comes first.

5. Employees who choose to participate in this incentive program will NOT be eligible to participate in the Optional Phased Retirement Program (OPRP).

6. In addition to the incentive payments described above, employees participating in this program will be paid annual leave payoffs in accordance with College policy.

7. The college reserves the right to limit its liability for the incentive program to the lesser of $500,000 or an amount that does not reduce the fund balance below 5%. If this limit is reached, employee participation will be based on the order in which applications were received by Human Resources.

Each employee must present his or her own application for the Retirement Incentive. No proxies will be permitted. Group submissions will not be allowed. Representatives from PJCFA will be on hand to observe the registration process.

Additional information will be forthcoming from Human Resources will be contacting eligible employees to provide them with an application form and pertinent information.
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