Revisions to 3.25100 Retirement
On December 15, 2011 the Board of Trustees revised policy 3.25100 Retirement. The revisions will enable all employees eligible for the early retirement program to receive 75% of the final contract amount or annual salary. The revisions are retroactive to December 31, 2010.
Early Retirement Resolution Chancellor Mark James presented his recommendation regarding changes to MCC’s retirement program at the MCC board of trustees meeting on Thursday, May 12, 2011. The board accepted the chancellor’s recommendation and passed the resolution unanimously.
Below is the PowerPoint presentation delivered by Vice Chancellor Tuesday Stanley regarding the state of MCC’s budget, including information on the early retirement program. (To view the second slide, click on the triangle ‘play’ button on the right-hand side of the slide. To view in a larger format, click on the “view in slideshare” icon in the lower left-hand corner of the slide.)
To view the spreadsheet analysis that shows the cost of grandfathering early retiree premium pay, click here.