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In the event technical rules or modifications to Senate Bill 27 do not waive increased pension costs caused by any compensation above 6%, it will be the intent of employment practices to limit the liability of the college where possible.
In the event that the employee's earnings for any academic year used to calculate the employee's final rate of earnings for retirement benefit purposes exceeds by more than 6% of the employee's earnings for the previous SURS academic year, the employee will have one of the two following options:
Option A: Earned unused vacation leave will be paid up to a maximum of 30 days not to exceed 6% of the total annual prior year earnings inclusive of any other salary adjustments (salary increase, overtime, stipends, vacation payout, etc. should not exceed 6%).
Option B: Employee may choose to extend the date of the termination, resignation, or retirement by utilizing earned unused vacation that exceeded 6% of the total annual year's earnings inclusive of any other salary adjustments (salary increase, overtime, stipends, vacation payout, etc. should not exceed 6%).
Effective July 1, 2006, any proposed targeted increase in compensation above 6% may be prorated over subsequent years as long as the proration does not delay the individual's reaching the minimum in a reasonable number of years.Adopted: 2-28-06