(A) As long as there is no impact on state appropriations and subject to approval by the governing body of the public institution of higher education, the institution may implement an early retirement plan for its faculty to accomplish the following objectives:
(1) reallocate institutional resources;
(2) provide an equitable method to increase the flexibility of the institution to effect cost-saving measures;
(3) foster intellectual renewal;
(4) provide increased opportunities for promotion of a younger faculty;
(5) improve the opportunity to recruit qualified women and minorities.
(B) An early retirement plan may include provisions for institutions to pay:
(1) actuarial costs required by Sections 9-1-1850 and 9-11-60;
(2) health, dental, and life insurance costs;
(3) incentive payments;
(4) the costs of single premium annuity plans to provide supplemental benefits.
HISTORY: 1987 Act No. 100, Section 1.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.