RECRUITMENT ALLOWANCE RECOVERY AGREEMENT
FOR PAYMENT MADE PRIOR TO HIRE DATE
RECRUITMENT ALLOWANCE RECOVERY AGREEMENT
FOR PAYMENT MADE BEFORE HIRE DATE
Conditional Obligation of XXXXXX to Repay to The Regents of the University of California (“University”) the Faculty Recruitment Allowance Further Described Herein.
In conjunction with your employment by the University, you have become eligible for a Faculty Recruitment Allowance (“Allowance”) to assist you in purchasing a home near UCSD. Because the Allowance is a payment by your employer in consideration of your services, the University will treat all Allowance disbursements as ordinary income for tax purposes in the year in which such Allowance payment is actually received by you.You will be entitled to retain the Allowance, less applicable withholding, when you begin your employment with UCSD in accordance with the existing accepted offer letter dated XXXXX and if you remain employed by UCSD for at least five years, through June 30, 20xx. However, if you leave University employment before the end of the five year period, the full Allowance, or a portion of the Allowance, less any withholding, will be subject to repayment, as though it had been a loan from the outset (See details below). The amount of the Allowance, before withholding, is Campus Maximum $66,700. It is awarded to you on the following terms and conditions:
1. The Allowance, less applicable withholding, will be paid to you as follows:
The Allowance, less applicable withholding, in the amount of $XXXX, will be paid through UCSD Payroll approximately on PAY DATE.
2. If you voluntarily elect to terminate your employment with the University prior to June 30, 20XX, you agree that you will repay a percentage of the Allowance, less applicable withholding, based on the following schedule, within sixty (60) days after the termination date:
Termination before June 30, 2018: 50 %
Termination before June 30, 2019: 25 %
Termination before June 30, 2020: 12.5 %
Termination before June 30, 2021: 6.25 %
Termination before June 30, 2022: 3.125 %
3. All sums due under this Agreement not received by University within the 60-day period specified above will accrue simple interest daily at an annual rate of 10.00%, commencing on the day after the anticipated hire date or the day after the termination date, as applicable. Following the expiration of the above referenced 60-day repayment period, the University may pursue all remedies available to it to collect the sums then due under this Agreement.
As a condition of receiving the Allowance, please indicate (a) your acceptance of the terms and conditions set forth above and (b) your promise to repay any amounts that may become due, by signing below.
______
Signature Date Signature Date
Carol Padden, Dean of Social Sciences
XXXXXXX
______
First Name Last Name
Recruitment Allowance Recipient
2 of 2|