Can we adopt a resolution that covers only employees who are at least 50 years of age and have 25 years of service?
No. The law does not provide an option wherein a board can only offer the ERIP to one of the categories. Boards that decide to adopt a resolution must extend all specified coverage to all employees defined as eligible under the law. This fact emphasizes the need for boards to give careful consideration to all implications of offering early retirement.
Related Questions
- Must an employer-sponsored retirement plan be designed to cover all employees who meet the plans minimum age and service criteria?
- Can we adopt a resolution that covers only employees who are at least 50 years of age and have 25 years of service?
- Who are the approved dispute resolution service providers?
