Teacher & Employee Retention Incentive (TERI): X. How does participation in the TERI program affect retirement agreements between the University and individual faculty members?
If an employee has signed a retirement agreement that contains a date the employee intends to retire, the employee is expected to retire as specified in the agreement.
If an employee has signed a retirement agreement for two years in the future, and if they are eligible to participate in the TERI program, there is nothing about the retirement agreement that would preclude their participation in the TERI program. A critical point to consider is that the average final compensation is calculated at the time the employee enters the TERI program, so subsequent salary increases could still be given but would not count toward the final average compensation.