(a) Notwithstanding any other provisions of this code to the contrary, each state institution of higher education may develop plans that offer various incentives for voluntary, early, or phased retirement of employees or voluntary separation from employment when necessary to implement programmatic changes effectively pursuant to the findings, directives, goals, and objectives of this article: Provided, That such incentives for voluntary, early, or phased retirement of employees or voluntary separation from employment must be approved by the institution’s governing board and presented to the legislative Joint Committee on Pensions and Retirement and approved before such plans are implemented by the institution.
(b) The plans may include the following provisions:
(1) Payment of a lump sum to an employee to resign or retire;