UMPSA is the collective bargaining agent for the professional staff of the Universities of Maine System. Our mission and purpose includes promoting the professional welfare of the members of the University of Maine System Professional Staff by improving salaries, job security, retirement systems and other conditions of employment including those for professional research and scholarship so as to attract and retain highly qualified professional staff.
Your negotiation team is pleased to announce that we have reached a tentative agreement on two retirement incentives for professional staff. Depending on your age and years of service you may qualify for both incentives. The Board of Trustees still needs to approve the agreement at their meeting on Monday (9/22), but the expectation is it will pass.
There are two key dates to remember for both incentives:
October 20, 2014 – You must notify UMS by this date that you plan to retire.
June 30, 2015 – You must retire no later than this date to receive the incentives.
Unit members who are 62 years or older and have 20 or more years of continuous regular service of the date of the retirement shall receive 1.25% of their final base salary for each completed year of continuous, regular service up to 27 years paid into their basic 403B retirement account. This is in addition to the 1.5% paid each year upon retirement that is already part of our contract. Those eligible for this incentive would end up getting a total of 2.75%.
Unit members who are age 62 or older and who have 10 or more years of continuous regular service as of the date of retirement will be eligible to remain on the active employee healthcare plan until they reach the age of 65 and will only have to pay the active employee rate that is in effect while receiving coverage.
UMS will send out information to employees on the process for participating in these incentives after the Board of Trustees approves the agreement.