III. Date of Separation
To participate in the Plan, an Eligible Employee must agree to separate from University service. Eligible Employees making an election under this Plan must end employment with the University on June 30, 2020, or such alternative separation date as determined by the University in accordance with the terms of this Plan.
In order to satisfy the educational and operational needs of the University, the University, in its discretion, and with the agreement of the employee, reserves the right to retain employees, who agree to participate in the Plan, through September 30, 2020. Those retained will still receive the same benefit dollar amount based on his or her elected Exit Date, and the benefits will commence according to the schedule provided in Section IV below, applied based on their actual Exit Date.
Following separation from service with the University, an Eligible Employee is free to accept full or part-time employment with any other employer. There is no requirement that an Eligible Employee commence pension benefits under the State Teachers Retirement System, the Ohio Public Employee Retirement System, or the Alternative Retirement Plan.