The Human Resources Department will arrange farewell and retirement gifts for full-time and part-time faculty and staff who have been employed by Southern Adventist University for more than one year. Funding shall be provided from the general institutional budget. Additional amounts may not be taken from any institutional funds including departmental budgets.
Farewell Gifts: A farewell cash gift will be given and will be processed through payroll as taxable income. The amount of the gift is based on years of service at Southern Adventist University and is calculated per the following schedule rounded up to the nearest five dollars:
1-20 years of SAU service: Four percent (4%) of the employee’s current base monthly remuneration per year of service up to five years (20%).
21 plus years of SAU service: In addition to the dollar amount calculated above, one-and-one-half percent (1.5%) of the employee’s current basic monthly remuneration per year service beyond 20 years.
Example: For an employee whose current base monthly remuneration is $4,512.58 with 40 years of SAU service.
$4,512.58 X .04 X 5 = $902.52
$4,512.58 X .015 X 20 = $1,353.77
Total Farewell gift $2,256.29 rounded = $2,260
Employees whose base monthly remuneration is less than 100 percent of the base monthly wage factor shall receive a farewell gift amount based on 100 percent of the wage factor.
Retirement Gifts: Employees who are retiring from denominational employment due to retirement eligibility will be given additional cash or “gifts-in-kind” that total in value $100 per year of service at Southern Adventist University. The cash portion of the retirement gift will be processed through payroll as taxable income. The gift-in-kind portion will constitute “tangible, personal property,” will be awarded as part of a meaningful presentation, and will be excluded from the employee’s taxable wages.