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Posted:  May 31, 2007

Retirement Procedures

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  OPTION 1:

Retirees will automatically be mailed a final lump-sum check on June 26, 2007 but must be clear with their campus and the Personnel Department before their final check can be mailed.  No further action is required.

Important Note for Retirees Receiving Automatic Final Lump Sum Check:

   All insurance coverage will discontinue effective June 30, 2007.

   Deductions will stop for Cafeteria 125 reimbursement accounts.  As of June 30, you will have 30 days to claim monies in these accounts.

   Direct deposit will not be in effect for the last check. 

   OPTION 2:

Retirees wanting a final check [“payoff”] as of June 1, 2007 must submit their written request to Debbie Cabrera in the Business Office by May 11, 2007.  After approval, retirees must bring a letter of clearance from the campus to the Payroll Department on June 1st in order to pick up their checks. 

Important Note for Retirees Receiving “Payoff” As of June 1, 2007:

   All insurance coverage will discontinue effective June 30, 2007.

   Deductions will stop for Cafeteria 125 reimbursement accounts.  As of June 30, you will have 30 days to claim monies in these accounts.

   Direct deposit will not be in effect for the last check. 

  OPTION 3:

Retirees wishing to get checks through the summer [“payout”] with their final check on August 27, 2007 must submit a letter to Debbie Cabrera by May 11, 2007.

Import Note for Retirees Receiving “Payout” Through August 27 2007:

   All insurance coverage will continue until August 31, 2007.

   Cafeteria 125 reimbursement accounts will continue.  As of August 31, you will have 30 days to claim monies in these accounts.

   Direct deposit will be in effect through the summer pay period.