12.07.2015 Views

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

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

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

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

REGENTS’ POLICY MANUALSECTION 3—GENERAL POLICIESSALARYFor the purpose <strong>of</strong> Phased Retirement, the percentage is applied against the individual’s last annualappointed base salary prior to entering the Phased Retirement as adjusted by the average salary increasefor the Eligible Employee since phasing began. Actual salary based upon merit considerations mayexceed the appointed base salary, except that any additional salary increment above that described in thetable above will not be considered for computation <strong>of</strong> Benefits.LIFE INSURANCESooner Credits under The University <strong>of</strong> Oklahoma Sooner Options Plan will be provided in anamount equal to 1.5 times last annual appointed base salary prior to entering Phased Retirement roundedto nearest thousand.HEATH AND DENTAL INSURANCEFull Sooner Credits, regardless <strong>of</strong> FTE will be provided by the University. If the individual isenrolled in the HMO, Sooner Credits up to the amount required for the primary health program will beprovided by the University.AD&D INSURANCESooner Credits will be provided for $ 20,000 <strong>of</strong> AD &D Insurance coverage.DEFINED CONTRIBUTION PLAN:Percentage is percent <strong>of</strong> the final full worked year preceding the calendar year in which the EligibleEmployee enters Phased Retirement. The Defined Contribution Plan contribution is made for theindividual (adjusted by the average percent increase given the Eligible Employee since the individualbegan Phased Retirement). See Defined Contribution Plan for details <strong>of</strong> Defined Contribution Plancontribution during Phased Retirement.LONG-TERM DISABILITY:Salary continuance insurance upon occurrence <strong>of</strong> long-term disability, if elected, will be at the rateactually being paid, not to exceed policy limitations.PAID LEAVE AND EXTENDED SICK LEAVE BENEFITS:The accrual rate will be based on the appointed FTE. However, eligibility for maximum paid leaveaccumulation will not be reduced as a result <strong>of</strong> entering into this Policy. An Eligible Retiree participatingin the Phased Retirement will remain eligible and entitled to the University’s extended sick leave benefits.VIII. RETURNING TO EMPLOYMENTPOLICY:Based on needs <strong>of</strong> the University, Eligible Retirees may be appointed without affecting theirUniversity retired status. However, these individuals should familiarize themselves with the earningsconstraints <strong>of</strong> both Social Security and TRS which could adversely impact monetary benefits payablefrom these authorities. Also TRS requires a 60-day waiting period before a retiree can acceptemployment with a State educational institution.THE UNIVERSITY OF OKLAHOMA 205

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!