The 2020 Retirement Incentive Program would consist of a one-time payout of one half (1/2) of the employee’s 2019/2020 regular annual salary (no overtime, overload, stipends or additional earnings) up to a maximum of $40,000, which may be paid by separate check OR added to an account (sick bank) for the purpose of payment of insurance premiums during retirement.
Eligible employees may retire under the Retirement Incentive Program only during the open period.
If you have already elected to or participated in the Faculty Retirement Incentive offered this past spring [Option 1 or Option 2] you are not eligible to participate in this Summer Incentive.
The Open Period is July 1, 2020 through Aug. 30, 2020.
Your effective date of retirement is the day after your last day on the payroll. (I.e. if your effective date of retirement is July 16, then your last day on the payroll is July 15.) Your last day cannot be later than August 30, 2020.
Employees must notify Hudson Valley Community College in writing of their intent to retire no less than 20 days before the effective date of retirement. This will be considered an irrevocable notice to retire.
Who is eligible?
You may participate in the 2020 Retirement Incentive Program if on your date of retirement you are:
- At least age 55 with at least 20 years of full-time equivalent service at Hudson Valley Community College and/or the Educational Opportunity Center, with a combined total of age and years of service totaling at least 75 years, i.e. 55 years of age with 20 years of service = 75; 60 years of age with 20 years of service = 80.
Additional Information for Employees Retiring Under the incentive
- The College has allocated one million dollars for this incentive and will distribute based on a first come first serve basis on date of written notification to the President of irrevocable intent to retire.
- Employees who retire under this incentive will still follow the terms and conditions for retirement in accord with their respective collective bargaining agreements, including but not limited to the requirements for sick bank creation and accrued leave payouts.
- Employees who retire under the incentive need to be aware of certain reductions for early retirement based on their Tier and should contact their retirement system for that information.
- Employees retiring under the incentive will not receive additional service credit with their retirement system. This is not a state incentive.
- Your dental benefit will extend through the end of the month in which your last day of work falls. You will have the ability to continue your Dental Plan with Hudson Valley Community College under COBRA for up to 18 months at a cost of $23 per month.
- Your health insurance will extend through the end of the month in which your last day of work falls. You have the irrevocable option of applying the dollar value of your accumulated sick leave to an account for the purpose of payment of insurance premiums during retirement. The ‘sick bank’ options vary by bargaining unit. Please refer to your collective bargaining agreement or contact the Office of Human Resources if you have any questions on your options.
Published: Tue, 07 Jul 2020 13:23:42 +0000 by k.paquette