RIP: Retirement Incentive Program approved

From tonight’s Board report:

AUDIT, BUDGET & FINANCE

Approval of the Alamo Colleges 2014 Retirement Incentive Program

The Alamo Colleges Board of Trustees approved the Alamo Colleges 2014 Retirement Incentive Program as presented, that provides a total incentive bonus to employees on a first-come, first-served basis up to a total of $6,500,000 in Retirement Incentive Bonuses.

The Chancellor is authorized to promulgate necessary rules, forms, and other documentation and to expend up to $6,500,000 to implement The Alamo Colleges Retirement Incentive Bonus Program, to be offered in 2014 to all full-time employees who meet the following criteria:

1. Will, by December 31, 2014 reach a combined total of 80 years of age and years of service with the College District, as determined by the personnel records of the College District.

2. Is working for the Alamo Community College District on a regular full-time basis (not temporary full-time), or is on an approved Leave of Absence, and has not already resigned in writing on the date of the irrevocable election described below.

3. Is not employed as a College President, Vice Chancellor or Chancellor.

4. Does not hold a grant-funded position.

5. Retires by one of the following Program Retirement Dates: August 31, 2014 or January 9, 2015.

6. Signs and submits all other Program documentation, including a Release, within 45 days after the elected Program Retirement Date and does not apply for reemployment or revoke the signed Release by the Incentive Payment Date. Revocation of an election will result in termination of the applicant’s employment.

7. Does not apply for full-time employment (on a regular full-time or temporary or adjunct basis) with the Alamo Community College District during the two-year period following the elected Program Retirement Date.

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