Employee Benefits for CALS Retirees
Employees who meet the Rule of Seventy are eligible for the following benefits. To satisfy the Rule of Seventy a person must meet all of the following criteria.
The person's combined age and years of regular employment must total seventy.
The person must be at least fifty-five.
In calculating the Rule of Seventy, the library will use the person's actual hire date as a regular employee. Employment as a Page or Temporary Employee is not considered regular employment. Years of service will be calculated for the total years employed, whether that service is consecutive or non-consecutive.
Employees retiring under the City of Little Rock Non-Uniform Employees Pension Plan are entitled to the benefits listed in A and B below.
Part-time, regular employees can qualify for certain retirement benefits if they meet the Rule of Seventy. In calculating the Rule of Seventy for part-time employees, each year of part-time service will be calculated at 50%, regardless of the number of hours worked per pay period. Part-time employees reaching the Rule of Seventy are entitled to the benefits listed in A and B below. Part-time employees are not eligible for participation in CALS’ pension program.
A. SEPARATION PAY The first 2,080 hours of a retiring employee's Frozen Sick Leave will be transferred to that employee’s Separation Fund. The value of the fund will be calculated by multiplying the average hourly rate of the employee during that person’s tenure with CALS by the number of transferred Frozen Sick Leave hours. This calculation shall be made by adding together the person’s lowest and highest per hour rate and dividing by two. CALS will pay to the retired employee the money in that person’s Separation Fund at the rate of eighty hours per pay period until the balance is exhausted. The retiree will not accrue PTO hours or receive any other benefits except for medical/dental insurance as defined in section B.
B. PTO OPTION Accrued PTO hours will be paid in a lump sum when the employee retires unless the retiring employee requests that the amount be paid in eighty hour pay periods. The payout of the latter option will be made prior to the beginning of the Separation Fund payout. During the PTO payout, CALS shall continue to pay the retired employee’s and dependent medical coverage at the current percentage rate of CALS employees.
The continuation of these benefits is dependent on the availability of funds, and may be modified or repealed at the discretion of the Board of Trustees. Section 3.3 (Retirement) of the Personnel Manual is repealed.