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II-65 Retirement
A. GENERAL
Retirement of a Senior Manager may occur as a result of an election on the part of the member to retire, in which case it is referred to as voluntary retirement, or as a result of a requirement of The Regents, in which case it is referred to as mandatory retirement. A Senior Manager who is subject to mandatory retirement as set forth below in Section C, will receive written notification by the campus Senior Management Coordinator at least six months in advance of the date on which retirement will commence.
B. VOLUNTARY RETIREMENT
Separation from the University for the purpose of retirement will be at the option of the Senior Manager except for those members who are subject to the mandatory retirement provisions outlined below in Section C.
C. MANDATORY RETIREMENT
1. Senior Management appointees in the University of California Retirement System shall retire the July 1 coinciding with or next following the date on which the Senior Manager :
- a) is at least 67; and
- b) has served in this capacity as a bona fide Senior Manager for two years immediately preceding; and
- c) is eligible to receive an immediate non-forfeitable annual retirement benefit, prior to the election of any options, of at least $44,000.
In calculating the Senior Manager's annual retirement benefit entitlement, benefits attributable to Social Security and to employee contributions are excluded. Determination of contributions attributable to the employee and to the employer shall be in accordance with applicable Federal law and the regulations thereunder.
2. Senior Management appointees not in the University of California Retirement System shall retire the July 1 coinciding with or next following the date on which the Senior Manager :
- a) is at least age 70; and
- b) has served as such a bona fide Senior Manager for two years immediately preceding; and
- c) is eligible to receive an immediate non-forfeitable annual retirement benefit, prior to the election of any options, of at least $44,000.
In calculating the Senior Manager's annual retirement benefit entitlement, benefits attributable to Social Security and to employee contributions are excluded. Determination of contributions attributable to the employee and to the employer shall be in accordance with applicable Federal law and the regulations thereunder.
D. REAPPOINTMENT
Reappointment following retirement shall be in conformance with the Standing Orders of The Regents, the regulations of the employee's retirement system, and established University procedures.