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V703.01 VCSU EARLY RETIREMENT

 
VCSU Guidelines - The Valley City State University guidelines are in addition to the guidelines of the North Dakota State Board of Higher Education Policy Section 703.1 Early Retirement.

VCSU Eligibility – Any tenured faculty member, vice president or eligible officer of the institution who has served at least fifteen (15) years at Valley City State University shall be eligible for early retirement.

VCSU Procedure:
  • Any eligible personnel shall provide written notification to the appropriate office by January 1 st (or the first day of January term) for early retirement starting the following semester (Fall). October 1 st for those applying for early retirement starting second semester January 1 st or first day of the term. Exceptions to the January 1 st (or first day of January term) deadline will be considered on the basis of extraordinary circumstances.
  • An eligible tenured faculty member wishing to pursue an early retirement agreement shall submit a formal request to the Vice President for Academic Affairs.
  • An eligible Vice President or Officer of the Institution wishing to pursue an early retirement agreement shall submit a formal request to the President or appropriate Vice President.
  • If the appropriate officer recommends that VCSU enter into an early retirement agreement, the person receiving the request or designee negotiates the terms with the employee and routes the proposed Early Retirement Agreement ( form to be added to VCSU policy manual) for final action.
VCSU Approval:
  • The final decision for early retirement rests with the President.
  • The president will prioritize application(s) on the basis of years of experience and documented benefits to the institution.
  • The President may deny an application and will provide a written rationale for the denial. Examples of reason for denial would include:

    The President determines that granting the application will lead to difficulties in meeting contractual, financial, legal, or other obligations by which the University is bound.

    The President determines that granting the application will negatively affect an audit, accreditation or any other review to which the University or any of its programs may be subject.

    The President determines that granting the application would seriously disrupt the conduct of a University operation or program.
  • A denied applicant will be eligible to resubmit an application in the subsequent year.
VCSU Compensation:
  • An agreement may be negotiated providing for payment up to 100% of the employees final year contract salary. The administration may compensate the participant's base salary minus 10% of his/her base salary for each employment year beyond the age of sixty-two (62).
  • In the event a faculty member has a valid early retirement agreement as provided in this Section, and dies before his/her separation date, the early retirement payment shall be made to his/her beneficiary.
  • Early retirees shall be eligible to receive all other Universities benefits and privileges as are received by retirees.

Sponsored by: Faculty Senate
Reviewed: March 2003
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