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Article 29 - Retirement

A. 1. The University shall continue the University of Maine System Retirement Plan for Faculty and
Professional Employees for unit members. Contribution rates shall be as follows:

a. University share 10% of unit member's annual base salary
b. Unit member's share 4% of his/her annual base salary
TOTAL 14% of unit member's annual base salary

2. Existing retirement plans other than the University of Maine System Retirement Plan for Faculty and
Professional Employees in which the University participates shall be continued for covered unit members, so long as such plans permit participation by the University. The University of Maine System Retirement Plan for Faculty and Professional Employees shall consist of TIAA-CREF and alternate vendors whose rules of participation have been mutually agreed upon by the parties.

B. 1. Unit members who participate in the basic TIAA-CREF retirement plan and who are at least fifty-five
(55) years of age and who have at least ten (10) years of continuous, regular service are eligible for the retirement benefits specified below. Unit members on leave of absence are eligible so long as they meet all other eligibility requirements.

a. Upon retirement the unit members shall be eligible to receive a lump sum contribution to the basic retirement plan. The lump sum shall be equal to one and one-half per cent (1.5%) of the unit member's final base salary for each completed year of continuous regular University service up to a maximum of twenty-seven (27) years of service. If a unit member's work year has, been reduced for the benefit of the University, in the three year period prior to retirement, the salary used in calculating the lump sum contribution shall be the final salary increased to reflect the former work year.

b. The lump sum described above shall be deposited in the unit member's basic retirement account up to the maximum amount possible in accordance with regulations of the Internal Revenue Service (IRS). Any remaining amount shall be deposited in the unit member's basic retirement account in the next January following the date of retirement up to the maximum possible in accordance with IRS regulations. If at that time any of the lump sum amount remains to be paid after this second payment to the retirement account, the unit member may elect to receive that amount as taxable income with interest credited from the date of retirement. If the unit member does not elect to receive this amount as income, it shall be deposited in the unit member's basic retirement account in the following January, in accordance with IRS regulations.

c. Employees who retire under these provisions shall be eligible for health insurance continuation in accordance with University policy for retirees.

2. Unit members may participate in the University's Partial/Phased Retirement Program in accordance with existing Program provisions.

C. Employees 55 years of age or older with 25 or more years of service will be provided with health coverage by paying the same premium for full-time active employees for three (3) years after retirement. To receive this incentive employees must retire during the period July 1, 1999 to June 30, 2001. When the employee reaches the age of 65, group health plan participation will be in accordance with the University's policy for retiree health plan coverage.