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

REGENTS’ POLICY MANUALSECTION 3—GENERAL POLICIESU) Years of Service” means for the purpose of calculating eligibility for Benefits underthis Policy only those completed years, months and days for which the EligibleEmployee was a “Benefits Eligible” Eligible Employee at all times or was onsabbatical and military leave from and approved by the University.1) One Year of Service credit will be received for each four years of verifiedemployment service at any accredited institution of higher education other thanthe University, up to a maximum of five additional years. Other higher educationemployment must have been full-time and for not less than nine months eachyear of employment. Credit for service of fractions of less than four full yearswill not be given. This Section V. 1 shall not be applicable with respect to anyEligible Employee hired by the University on or after January 1, 2002.2) If an Eligible Employee terminates employment and is subsequently reemployedby the University, then, unless otherwise credited under this Policy, the periodduring which such Eligible Employee was absent shall be disregarded and theperiod of employment service both before and after such period of absence shallbe aggregated to determine the total number of Years of Service earned by theEligible Employee.IV. RETIREMENTAn Eligible Employee may retire from the University and be eligible for Benefits due to Retirementafter satisfying any of the requirements of the following Subsections A, B, C, D or E, as applicable. Therequirement that an Eligible Employee must satisfy any of the following requirements to be eligible forBenefits does not require that any Eligible Employee retire or terminate employment with the Universityupon attainment of any specified age. Retirement from the University is a voluntary act by the EligibleEmployee, and the University does not have any requirement mandating that an Eligible Employeeterminate employment with the University solely by attainment of a specified age. However, Benefitswill not be paid and/or provided until actual retirement from the University occurs except for EligibleEmployees who qualify for Phased Retirement.A) Optional Retirement Age: An Eligible Employee can retire after attaining at least age62 with at least 10 Years of Service.B) Disability Retirement: An Eligible Employee can retire after earning at least 10 Yearsof Service if the Eligible Employee incurs a Disability.C) Phased Retirement: An Eligible Employee may begin Phased Retirement on the firstof any month after having attained at least age 55, subject to meeting other eligibilityrequirements as provided in Article VIII.D) 25 Years of Service: An Eligible Employee may retire regardless of age after earningat least 25 Years of Service.E) Rule of 80: An Eligible Employee may retire when actual age at last birthday plusYears of Service equals 80 or more.THE UNIVERSITY OF OKLAHOMA 197