As you are all aware, there have been many issues related to the various pension reforms that have had us all scurrying to determine what to do. Please take note of the two issues indicated in this announcement.
- One of our concerns has been about faculty who were retiring after the end of the spring semester. As such, we have worked with HR and Enrollment Services to effect the following: All grades for Summer IA will be due no later than midnight, Monday, 30 June 2014, thus signaling the official end of Summer IA. By making this change, retirees who were unable to teach during Summer IA will be able to do so. These individuals will realize a change only in the percent of pension taken from the 15 July 2014 pay, which will be 7% rather than 8% as a contribution to their pension.
This second piece of information comes from communication with SURS this week.
Individuals who have pre-1998 sick leave that is payable and are considering retiring within the next four years may take a portion of their pre-1998 sick leave as a buyout by 30 June 2014. This will count fully toward their pension. The second payout will be paid out in one of the following two ways: (1) Individuals whose earnings for FY14 (30 July 2013 – 30 June 2014) are less than $110,000, will be allowed to use a portion of their sick leave to bring them to a total of $110,000 for pension purposes. They will, however, receive all the sick leave to which they are entitled monetarily. (2) Individuals whose earnings for FY14 are more than $110,000, will be able to use the remaining sick leave buyout to reach their FY14 earnings for pension purposes only and will receive all of the sick leave to which they are entitled monetarily.
Any faculty member may sign the Irrevocable Intent to Retire in Human Resources and have a payout of pre-1998 sick leave as long as it is in the Collective Bargaining Agreement.
Posted by Ana Villate-Miller on behalf of Richard J. Helldobler, Provost and Vice President for Academic Affairs</blockquote>