35.3 Rules

35.3.1 Retirement Plan

The Employee Retirement Allowance Plan (ERAP) provides eligible employees with a retirement benefit (lump-sum payment) based on their years of service with the University as employees.
For a smooth transition from the OIST Promotion Corporation to the OIST School Corporation, eligibility for the ERAP is limited to Permanent Employees employed as of the day before the transition (for the time being). During the period until the implementation of a new plan(s), the ERAP will be administered pursuant to the Rules of Retirement Allowance whose provisions are basically the same as the rules before the transition.

 

35.3.2 Retirement Plan for Officers

The Officer Retirement Allowance Plan (ORAP) provides full-time Officers with a retirement benefit (lump-sum payment) based on their years of service with the University as officers.

35.3.2.1 Calculation. Amount of the retirement allowance under the ORAP is determined by the following formula;
[Monthly Base Salary as of the date of retirement] multiplied by [months of service] multiplied by 0.125 multiplied by 83.7/100 multiplied by [Performance Evaluation Rate] 

35.3.2.1.1 The number of months of service is calculated from the date of appointment. Fractions of less than 1 month are counted as 1 month.

35.3.2.1.2 The Performance Evaluation Rate (PER) is determined between 0.0 and 2.0 by a committee designated by the Board of Governors.

35.3.2.2 Payment. Retirement Allowance is paid to Officers when they retire or they are dismissed, or to their bereaved family should they die. However, the allowance is not paid to Officers who are dismissed under the Item 1, Article 11 of the Bylaws of the OIST School Corporation.
Retirement Allowance is paid within 1 month after the date of the retirement or the dismissal unless there are special circumstances. The allowance is paid after deducting all amounts to be deducted pursuant to the relevant laws.

35.3.2.3 Implementation. The payment procedures, exceptional cases, and other necessary items for the implementation of the ORAP are defined in the guidelines established by the Vice President for Human Resource.

35.3.2.3.1 Transitional measure: In applying the provision of 35.3.2.1, the term “83.7/100” in the provision shall be “98/100” from April 1, 2013 to September 30, 2013, shall be “92/100” from October 1, 2013 to June 30, 2014, and shall be “87/100” from July 1, 2014 to December 31, 2017.

 

35.3.3 University Housing Program

The University owns several houses (Seaside Faculty Housing) at the Seaside Campus, some of which is available for residential use of eligible members of the University community. In addition, the University may rent houses (Rental Housing) in the area surrounding the campus for the same purpose.The Division of Buildings and Facilities Management is in charge of the management and standards regarding the management and the administration of Rental Housing are laid out in the Off-Campus Rental Housing Regulations.

 

35.3.4 Special Assistance

The University provides special assistance to eligible University members when it is considered particularly necessary to achieve the University’s mission of recruiting and retaining highly talented individuals.

35.3.4.1 Eligibility. Full-time Officers and other individuals as determined by the CEO/President.

35.3.4.2 Special assistance includes: lending of cars, furniture, and other similar items, as well as providing childcare and other services, deemed necessary by the CEO/President. Such assistance must be within socially acceptable limits.

35.3.4.3 Details of special assistance must be clearly defined in the employment contract.