Local 134 Agreement

ARTICLE XIX     RETIREMENT INCOME PLAN

Section 19.1

Effective July 1, 2005, the UniversityÕs contribution to the Defined Contribution portion of ERIP increased from 2% to 2.5%. Employees are eligible to participate in the Retirement Income Plan at age twenty-one (21) or after completion of one year of service. Mandatory enrollment will be at age twenty-one (21) and after one (1) year of service, and such employees shall participate in the program to the same extent as other non-academic University employees.

Employees shall be vested in the Defined Benefit and the Defined Contribution ports of ERIP upon three (3) years participation.

Section 19.2

Any employee who qualifies by age and service for retirement under the Employee Retirement Income Plan and who elects to retire from the University shall at that time become eligible for additional compensation based on all the following:

1. Eligible employees must have a balance of accrued sick leave hours.
2. Eligible employees shall receive additional lump-sum compensation determined by multiplying 40% of up to a maximum of 1,000 hours of their unused accrued sick leave at the time, by the employee's basic straight-time hourly rate (not to exceed 400 hours pay).
3. Such lump-sum compensation shall be paid as terminal compensation, and in addition to working hours and any unused personal holiday time and accrued vacation hours as provided under this Agreement. In the event the employee becomes deceased during active employment, such payout and the compensation listed in this subsection (2) shall be made to the employee's designated beneficiary.