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Nunez Retirement Incentive Plan - 5/1/2013 -

The Department of Civil Service has approved the Retirement Incentive Plan for classified employees. Please click here to view the approval letter.

Any classified employee who is currently eligible for retirement and elects to retire on or before May 20, 2013 will receive an incentive of $5,000 or 8% of his/her salary (whichever is greater) in one lump sum payment on the pay period after the retirement becomes effective. The deadline is shorter than previously announced, at Civil Service’s direction, so that we can factor in retirements before submitting our plan to layoff classified employees to Civil Service.

If you are eligible to retire and decide to take advantage of this opportunity, please make sure you meet the deadline of May 20, 2013.

Please remember, too, that classified employees who retire are eligible to receive a lump sum payout for your accrued annual leave, up to 300 hours. For more information about applying for retirement, please see Yolanda Feast Holmes in the HR Office or call her at 504-278-6488.

Today, the LCTCS Board passed our request to offer a retirement incentive to all unclassified faculty and administrative staff. The incentive is available to any unclassified employee who retires prior to the end of the academic year which is May 22, 2013 (for faculty) or fiscal year which is June 30, 2013 (for unclassified administrative staff.)

In addition to the payouts for accrued leave, employees who retire before the deadlines mentioned above will receive a flat rate in the amount of $5,000. The retirement incentive and the leave payout will be combined into a lump-sum payment made after the employee has retired. The lump sum payment is subject to applicable state and federal taxes.

Leave is paid out in the following amounts: up to 200 hours of accrued sick leave for faculty and up to 300 hours accrued annual leave plus 200 hours of accrued sick leave for administrative staff. Naturally, if you have accrued less than the maximum allowable number of hours, your leave payout will be based upon the number of leave hours you have on your last day as an active employee.

If you have questions about the application process for retiring or if you would like to see a computation of the lump-sum amount you could receive upon retiring, please see Human Resources.


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