PE 429 - Early Retirement Program

A. Eligibility

1. Minimum Age – 55 years of age as of the date retirement is to begin.
    
2. Service at EICCD
   1. Minimum of 10 years of service as a full-time employee.
       
   2. Time authorized for leaves of absence is included.
       
   3. “Years of service” refers to years of current continuous service as an employee of EICCD.
       
3. Employment categories include all full-time employees who meet eligibility requirements.
    
4. An eligible employee may apply for and receive this benefit only one time.
    

5. Beginning with employees who become eligible for this program after June 30, 2016, this benefit will terminate at the end of the 10^th year after an employee achieves eligibility for this benefit.

B. Terms and Conditions
 

1. Written application for early retirement shall be submitted to the Director of Human Resources by February 1 of the fiscal or academic year retirement is to begin subject to approval by the Chancellor.*
    
2. Instructional staff must retire at the end of the teaching contract for the academic year Instructor’s salary will continue to be paid per contract for 12 months through the second pay in August of the year retiring. *
3. Administration, professional staff and support staff must retire at the end of the fiscal year.*
    
4. The District will contribute the monthly cost of single health care for those retiring employees who are receiving retirement benefits from IPERS or TIAA and who continue single or family health coverage through the District’s plan. This contribution will continue until the employee’s death or the employee reaches Medicare eligibility, whichever first occurs.
    
5. Early retirement payments shall be paid to the employee through the special pay deferral plan that utilizes IRS Code Section 403(b).
    
6. Upon retirement, any unused vacation shall be paid to the employee through the special pay deferral plan that utilizes IRS Code 403(b).
    
7. The payment, for both early retirement and unused vacation, shall be divided into equal payments over a minimum of two fiscal years in accordance with the timeline in B.9.

8. Upon the death of an employee, any early retirement payments remaining under Paragraph C4 shall be paid to the beneficiary designated under IPERS or TIAA.

9. An employee requesting early retirement on or before February 1 of the current fiscal or academic year will receive the early retirement benefit payment by July 15 of the following fiscal year.  An employee requesting early retirement after February 1 for retirement in the current fiscal or academic year will not receive the early retirement benefit payment until July 15 of the following calendar year.  

C. Other Stipulations

1. An employee who receives this benefit may not be re-employed in a full-time position at EICCD.
    
2. An employee who receives this benefit may be re-employed in a part-time, non-benefit- eligible or contractual position as permitted under the terms of their selected retirement program (IPERS or TIAA).
    
3. Faculty may be re-employed as part-time faculty at a preferred rate to be determined by the Board of Trustees and reserved for faculty retired early under this policy, subject to load limitations for part-time faculty status.
    
4. An employee who is approved for early retirement shall receive a one-time benefit according to the following schedule with payments allocated according to the schedule established in B7:

* Exceptions to the stated timelines must be approved by the Chancellor.

** “Salary” refers to an employee’s base salary for the year prior to retirement. This does not include overtime, supplemental or other pay above and beyond the base salary.

*** Employees with more than 30 years of service as of June 30, 2013, will receive an additional 1.0% of salary for each additional year of service beyond 30 years earned as of that date, but will not accrue additional years of service for this purpose after that date. Their years of service for this calculation will be capped as of June 30, 2013.
 

DATE OF ADOPTION: 10/21/02
REVIEWED: 4/16/12; 1/23/23
REVISED: 4/21/03; 12/18/06; 10/18/10; 4/15/13; 8/17/15; 7/18/16; 12/10/18; 8/17/20; 1/23/23; 08/21/23
LEGAL REFERENCE: (Code of Iowa) 279.46
RELATED ADMINISTRATIVE PROCEDURES:
(Prior policy approved 7/21/86; repealed 10/21/02)