VESIP

This Agreement is entered into between the Imperial Community College District (District) and any qualifying District employee (Employee) who chooses to voluntarily participate. All conditions of this agreement relate solely to the offering of the incentive and are not intended to impact bargaining agreements or retirement programs (i.e. CalSTRS or CalPERS).

The District hereby offers a one-time incentive program.

A)Eligibility
1)Current, Full-Time IVC employee as of April 1, 2013.
2)Worked continuously for the District for at least 8 years by April 30, 2013.
3)Will separate from employment from IVC on or before July 1, 2013.

 B)Incentive
1)20% of the employee's current annual base salary (without deduction for any current year furlough) will be paid, in equal payments, annually over the next 4 years (2013-2016).
a.The annual salary used in the calculation is the current 2012-2013 schedule (reference Notice of Employment) and excludes overload, stipends, or any other payments.
b.The annual payments will be reduced by all applicable taxes.
c.For those who are retiring – up to a 1 year (12 month) reduction in the required years of service to receive retirement health benefits through the District (aka Lifetime benefits).

C)Process and Timing
1)Employees must submit their letter of Intent to Participate (form attached) by May 15, 2013.
2)By May 20, 2013 all eligible employees will then be issued a Final Notification form with details.
3)Employees who decide to take the offer outlined in the Final Notification form must sign and submit the form to the Human Resources Department by May 24, 2013.
4)The District will evaluate the plan savings (see section D below) a make a recommendation to the Board of Trustees on or prior to June 19, 2013.

D)Certification of Plan Savings
1)This incentive offer is conditional upon the proof of employer savings at a level determined by the Board of Trustees.
2)Management will analyze the actual Final Notification forms to evaluate potential cost savings.
3)Savings will be evaluated on an agency-wide basis, not by collective bargaining group.
4)If the plan produces an appropriate level of positive savings (at the Boards' discretion), the plan will go into effect.
5)If the plan does not produce adequate savings, as determined by the Board of Trustees, the plan is voided, and all retirement / resignation announcements issued under the plan are voided. Nothing in this agreement will prevent an employee from retiring or resigning under normal circumstances should the incentive plan be voided.

E)Replacement of Positions
1)Positions vacated due to this incentive program will be filled at the sole discretion of the employer.

F)Conditions
1)Nothing in this agreement shall be precedent setting.
2)This agreement is for the limited duration of this incentive only.
3)Employees accepting a separation incentive are ineligible for unemployment compensation. Following receipt of any separation payment, employees who are permitted to return to service within five years (other than as a part-time faculty member) must repay the entire incentive back to the District.
4)Retirees will need to verify eligibility of employment under the Public Employees' Pension Reform Act (PEPRA) before returning to work as a part-time faculty member.

The District understands that there will be a variety of questions related to this program and encourage you to simply contact a Human Resources Analyst to get specifics about your individual employment status. Additionally, we can assist with scheduling meetings with retirement representatives (PERS and STRS). Completing the attached Letter of Intent to Participate is the first step in getting more detailed information about qualifications and to learn more about what the program terms /conditions would mean to you.

Please click here for the letter of intent form.