Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

REGENTS’ POLICY MANUALSECTION 3—GENERAL POLICIES3.3—RETIREMENT POLICYThe provisions of The University of Oklahoma Retirement Policy (“Policy”) shall be effective July 1,2002.I. SUPERCEDEDFrom the Effective Date, all previous versions of the Policy are hereby superseded.II. GENERALEligible Employees of the University are entitled to certain benefits following the completion of adesignated number of years of employment, the attainment of specified ages, or satisfaction of otherrequirements as set forth in this Policy.The full text of the Retirement Policy is included in the Staff Handbook.The text below will be included in Handbooks as noted above:III. DEFINITIONSUnless a different meaning is clearly indicated by the context, certain terms used in this Policy willhave the following meanings:A) “Benefits” means those benefits which are provided Eligible Retirees under thisPolicy.B) “Benefits Eligible” means the determination by the University in accordance with itsstandard personnel policies applicable to similarly situated Eligible Employees thatan Eligible employee is eligible for benefits under this Policy.C) “Board” means the Board of Regents of The University of Oklahoma.D) “Defined Contribution Plan” means The University of Oklahoma DefinedContribution Retirement Plan which is a fully funded benefit program made availableto Eligible Employees who satisfy the eligibility requirements set forth in the plan.E) “Disability” means either a Temporary Disability or a Permanent Disability incurredby an Eligible Employee with at least 10 Years of Service. A “TemporaryDisability” is defined as the inability to perform on a full-time basis the essential,regular occupational duties because of sickness or injury for up to a 24-month periodafter paid leave and extended sick leave have been exhausted. “PermanentDisability” is defined as the inability to perform the essential, regular duties of anyoccupation for wage or profit due to an illness or injury of a terminal or degenerativenature.THE UNIVERSITY OF OKLAHOMA 194