|Title: INCENTIVE RETIREMENT PLAN||Identification: 3.43
Effective Date: 4/14/21
FS 1001.64; 1001.65
|Signature/Approval: Dr. Ken Atwater|
The purpose of is to establish guidelines for an Incentive Retirement Plan (Plan) is to reward full-time employees for lengthy service to the College, and judicious use of sick leave, to promote the infusion of new talent and to provide staffing flexibility in response to emerging challenges, shifting enrollments, or changes in funding patterns.
The Plan enrollment period(s) will be established as needed and only when deemed to be in the best interest of the College. The opportunity to participate in the Plan is not guaranteed as an ongoing employee benefit. The President will notify the District Board of Trustees any time a Plan is made available to employees with the results, cost, level of participation, and impact on a department, any time a Plan is made available to employees.
- ELIGIBILITY —Full-time permanent employees eligible to participate in the Plan during the enrollment period(s) are those who have completed five (5) satisfactory years of full-time service at Hillsborough Community College (HCC), earn sick leave, and who:
- have not previous retired from any Florida Retirement System (FRS) defined benefit or defined contribution plan, optional retirement plan (ORP), or College-based retirement replacement plan, and
- have fifteen (15) or more years of creditable service in FRS as defined by the State of Florida Division of Retirement or other retirement programs authorized by legislation for Florida college employees, and are at least 62 years of age; or
- have the minimum number of creditable years of service for full retirement in FRS, and are able to receive benefits without penalty regardless of age as defined by FRS.
- INCENTIVES—Incentives may include payment for a portion of accumulated sick leave, a one-time salary bonus, and/or insurance payments. These incentives will be decided and presented at the time the Plan is made available to employees.
- RESTRICTIONS AND DETAILS
- Retiring employees will not be eligible for re-employment unless a specific critical need is identified by the President or designee.
- Incentives to participate in the Plan for any enrollment period will be outlined in an individual agreement for each participating employee.
- Employees electing not to take advantage of this retirement incentive program will receive terminal pay benefits upon retirement.
- Once an employee elects to participate in the Plan, and both the employee and the College sign the Agreement, the employee becomes ineligible to receive such benefits at any time in the future.
- Should a retired employee under the Plan die prior to collecting all monies due, the balance of the money due to the retired employee will be paid to his/her beneficiary, or in the absence of a beneficiary, be paid to his/her estate.
- Instructional faculty participating in the Plan will be required to complete the duration of their current contract.