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VOLUNTARY CASH SEPARATION INCENTIVE

On May 26th. 2011, the Columbus State Board of Trustees passed the Voluntary Cash Separation Incentive.The Incentive is for employees who are already eligible to retire.The Incentive will help serve to slow the growth of the college's payroll, the most significant expense in the operating budget.

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VOLUNTARY CASH SEPARATION INCENTIVE

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    1. VOLUNTARY CASH SEPARATION INCENTIVE

    2. On May 26th. 2011, the Columbus State Board of Trustees passed the Voluntary Cash Separation Incentive. The Incentive is for employees who are already eligible to retire. The Incentive will help serve to slow the growth of the college’s payroll, the most significant expense in the operating budget. The Incentive will create opportunities to reorganize or reallocate positions to more effectively meet the college’s student success objectives.

    3. WHO IS ELIGIBLE Only Full time employees of CSCC who meet the retirement requirements of the State Teachers Retirement System of Ohio (STRS), The School Employees Retirement System of Ohio (SERS), and The Public Employees Retirement System of Ohio(PERS) and/or The Alternative Retirement Plan (ARP). The employee must have a combination of age and service years with the college and/or any other public employer and political sub-division to qualify for retirement. The employee must qualify in the year the incentive is offered.

    4. EMPLOYEES NOT ELIGILBE Employees who have already retired from a public employee retirement system. Part time employees and adjunct.

    5. EFFECTIVE DATE OF SEPARATION The employee will be required to have an effective date of separation no later than six(6) months from the date the incentive is officially offered if the employee is already eligible to retire, or from the date they become qualified.

    6. SERS/STRS ELIGIBILITY 5 Years of service credit at age 60: or 25 Years of service credit at age 55: or 30 Years of service credit at any age.

    7. INCENTIVE Full-time employees who qualify and volunteer in year one of the incentive, shall be given a cash incentive of one year salary up to a maximum of: $75,000 for faculty (3 quarters or 2 semesters) $55,000 for administrators $25,000 for staff

    8. INCENTIVE If offered in year two one year’s salary up to a maximum of: $50,000 for faculty $25,000 for administrators $10,000 for staff

    9. INCENTIVE If offered in year three, one year’s salary up to a maximum of: $20,000 for faculty $10,000 for administrators $5,000 for staff

    10. How does it work? Employee volunteers must identify their interest in the program during a 60-day window beginning July 1, 2011 thru August 31st, 2011. You will come to the Human Resources Department and sign a letter of Intent. It will then be signed by Tim Wagner, Lou Ann Carman, or Twila Wiley and be date stamped. You will then receive an official letter from the college stating we have received your letter of intent.

    11. HOW IT WORKS Once you have signed your intent letter, you will receive a packet of information explaining what you will need to do to certify you are eligible to retire. This packet will explain in great detail all the information you will need to be able to take advantage of this incentive.

    12. CONTACT INFORMATION I will be glad to answer any questions or concerns you may have. Please contact me, Lou Ann Carman, at 2416 or lcarman@cscc.edu. (I will be on vacation from June 29th, thru July 12th.) You may also contact Twila Wiley at 2422, or Twiley4@cscc.edu

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