Classified Early Retirement
Early Retirement. Effective December 19, 2019, an employee who has completed twenty consecutive years of full-time employment (excluding temporary appointments) with the College AND who has EITHER thirty years of creditable service in the State Public Employee Retirement System OR who is at least 58 and not more than 64 years of age shall have the option of an early retirement program which will provide the employee $733.00 per month for a maximum period of four years. Such payments will terminate at the end of the month in which the employee reaches the age of 65 or at the end of four years, whichever comes first.
The stipend shall be discontinued in the event that the retired employee dies before the end of the completion of the four year maximum period or attains the age of 65.
Employees who retire under these provisions may elect to have their stipend applied to the health insurance premiums for health, dental, prescription and vision care for those insurance programs provided by the College. Insurance programs may be continued by the retiree until the end of the month prior to the month in which the employee reaches age 65. The implementation and continuance of this subsection is subject to approval by the insurance carriers.
This program will be funded at a maximum of $1,000,000 and will end on December 31, 2021. The total cost for each participating retiree will be subtracted from the fund and if there are funds remaining the program will be continued on a first come first served basis through December 31, 2021, as long as funds remain available to fund the retiree’s full benefit in the program.