AG 1997 04 21 - Laserfiche WebLink

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Memorandum Page 3 March 24, 1997 Part-time employees are not impacted by these changes except that the new vacation accrual schedule shall apply. VACATION ACCUMULATION RATE Two options will exist. The first is for current employees electing not to participate in the post retirement health/life insurance coverage plan. Those taking this option will remain under the current schedule: Years of Service Less than 2 years 2 but less than 5 years 5 but less than 10 years 10 but less than 15 years 15 but less than 20 years 20 years plus Vacation Days Annually 10 days 12 days 15 days 18 days 21 days 24 days Current employees selecting to participate in the retiree health/life insurance coverage program and all new employees hired after the implementation date will abide by the new schedule: Years of Service Less than 5 years 5 but less than 10 years 10 but less than 15 years 15 but less than 20 years 20 years plus Vacation Days Annually 10 days 13 days 15 days 17 days 20 days RETIREMENT INCENTIVE PLAN To encourage current eligible employees to consider either regular or early retirement options, a financial incentive is proposed. Employees already qualified to receive full retirement benefits under NCLGERS choosing to retire shall be eligible to receive up to the equivalent of one (1) full year longevity payments at the current level to be paid upon the date of retirement. Additionally any employee eligible for early retirement electing to retire shall receive up to. the equivalent of five (5) full years longevity payments plus the equivalent of one (1) full year longevity payment as a bonus incentive at the current level paid upon the date of retirement. Longevity payments will be based upon the time period an employee has remaining until he/she qualifies for full retirement benefits (i.e., an employee retiring five years early receives the equivalent of six years longevity payments; retiring four early, five years longevity, etc.) /&