36-13. PSRP Voluntary Separation Program

Article 36 shall be amended as follows: CPS will offer a voluntary separation incentive to PSRPs who have 10 years of CPS service and who submit their resignation notice on or before March 31, 2017 with an effective retirement date of June 30, 2017 provided that a minimum of 600 PSRPs who are currently eligible to participate. The incentive program will be a one-time non-pensionable lump sum bonus payment equal to the PSRP’s years of CPS service (not including fractions of years), times $750, payable by December 31, 2017. If the minimum isn’t met, the PSRP will be allowed to rescind the retirement notice.