At its March 25 meeting, the Hudson Valley Community College Board of Trustees approved the following retirement incentive program.
The program consists of a one-time payout of one-half (1/2) of the employee’s 2024/2025 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.
The effective date of your retirement must be between May 19, 2025 and August 30, 2025.
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, 2025.
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 2025 Retirement Incentive Program if on your date of retirement you are:
- At least age 60 with a number of full-time equivalent service at Hudson Valley Community College and/or the Educational Opportunity Center, for a combined total of age and years of service totaling at least 80 years, i.e. 60 years of age with 20 years of service = 80; 66 years of age with 14 years of service = 80.
Additional Information for Employees Retiring Under the Incentive
- The College has allocated $750,000 dollars for this incentive and will distribute based on a first-come, first-served basis on date of written notification to the Officer in Charge 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 and vision benefits 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 and vision plans with Hudson Valley Community College under COBRA for up to 18 months.
- 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.