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<br />B. EARLY RETIREMENT <br />If an employee retires before age 65, he or she may be eligible for a reduced benefit <br />provided they are at least age 55 and have three or more years of service. If the <br />employee has 30 or more years of service and retires before the age 65, he or she <br />may be eligible for a reduced benefit at any age, provided the employee was first <br />hired prior to July 1, 1989. <br /> <br />C. DEFERRED COMPENSATION <br />Deferred compensation is an IRS approved method for deferring federal and state <br />income taxes on savings until retirement. Taxes are paid on the savings and <br />earnings when withdrawn, usually during retirement when the employee is <br />presumably in a lower tax bracket. <br /> <br />Two plans are currently available including ICMA Retirement Corporation (RC), and <br />Minnesota State Deferred Compensation Plan. You may defer a maximum of 100% <br />of your total salary or a maximum amount as set by Federal regulations, whichever is <br />less, with a minimum of $10.00 per payroll period. Specific information pertaining to <br />either plan is available from the Finance Department. <br /> <br /> <br /> <br />POLICY: SICK LEAVE SECTION: 3.35 <br /> <br />Regular full-time and part-time employees averaging more 20 hours or more per week are <br />eligible to receive sick leave with pay after completion of their initial six-month probationary <br />period. Although new probationary employees are not entitled to use paid sick leave, sick <br />leave hours begin accruing on the first day of employment. Promotional probationary <br />employees may make use of sick leave. However, if the sick leave exceeds a total of five <br />working days, the probationary period shall automatically be extended for an equivalent <br />period of time. <br /> <br />A. ACCRUAL <br />Sick leave accrues at the rate of 8 hours per month unless otherwise established by a <br />collective bargaining agreement. Regular part-time employees eligible for paid leave <br />earn it on a pro-rated basis. Sick leave may be accumulated to a maximum of 120 <br />days. <br /> <br />B. BANKED SICK LEAVE <br />Employees who have accumulated the maximum 120 days sick leave shall be <br />permitted to accrue an additional "bank" of sick leave at the rate of one day per <br />month. Additional Banked Sick Leave will not be counted in the calculation of <br />severance benefits, except as noted in Section 3.45. <br /> <br />C. USE <br />Sick leave should not be considered a privilege or vested right that may be used at an <br />employee’s discretion but shall be considered as a type of insurance used for the <br />case of an illness, disability of the employee, or to receive dental or medical care <br />when approved by the employee’s Supervisor.