Page 159 - 2016-2021-ASU

Ten years of service, 10 Weeks of Base Pay

but less than fifteen

years of service.

Fifteen years of service, 12 Weeks of Base Pay
but less than twenty

years of service.

Twenty or more years 14 Weeks of Base Pay
of service.

b. Affected employees 50 years of age or over may choose the schedule

in (a) above or the following at their option:

• employees with 10 years of service, but less than 15 are eligible to
receive 20 percent of base annual salary;

• employees with 15 years of service, but less than 20 are eligible to
receive 30 percent of base annual salary;

• employees with 20 years of service, but less than 25 are eligible to
receive 40 percent of base annual salary;

• employees with 25 years of service or more are eligible to receive 50

percent of base annual salary.
(4) Payment Conditions

a. All payments made to affected employees under the Severance Option
shall be reduced by such amounts as are required to be withheld with respect

thereto under all federal, state and local tax laws and regulations and any
other applicable laws and regulations. In addition, the severance payment

made pursuant to §3 of this Severance Option shall not be considered as part
of salary or wages for the purposes of determining State and member

pension contributions and for the purposes of computing all benefits
administered by the New York State Employees’ Retirement System.

b. All payments made to affected employees under this Severance Option
are considered to be one-time payments and shall not be pensionable. Each

affected employee must execute a Severance Agreement (sample hereto)
prior to separation from State service in order to be eligible to receive said

payment.
c. In no event shall an affected employee who returns to State service

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