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The College is offering a retirement incentive for faculty only<\/strong>, which includes librarians, educational specialists and teaching faculty.<\/p>\n The incentive has two (2) options: one for retirement at the end of this Academic year (2019\/2020) and one with retirement at the end of the next Academic year (2020\/2021).<\/p>\n No matter which option you elect, your irrevocable notice of retirement must be made prior to May 16, 2020.<\/p>\n To be considered eligible, the faculty member must be at least fifty-five (55) years old with twenty (20) years of full-time service at Hudson Valley Community College with a combined total of age and service totaling at least eighty (80) years.<\/p>\n The two (2) options offered are:<\/p>\n 1.\u00a0\u00a0\u00a0\u00a0\u00a0 Retirement at the end of the 2019\/2020 Academic Year with full salary and health insurance through August 31, 2020. A one (1) time payout of up to one-half (1\/2) of the faculty member\u2019s 2019\/2020 annual salary up to a maximum of $40,000, which will be paid by separate check. The payout will be based on annual salary alone (not to include overload, stipends, etc.)<\/p>\n 2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Retirement at the end of the 2020\/2021 Academic Year with full salary and health insurance through August 31, 2021. A one (1) time payout of twenty percent (20%) of the faculty member\u2019s 2020\/2021 annual salary which will be paid by separate check. The payout will be based on annual salary alone (not to include overload, stipends, etc.) And a two (2) semester reduced load of one-half (1\/2) the annual normal assigned workload not to exceed sixteen (16) hours for the 2020\/2021 academic year. The reduced load does not reduce the annual salary to be paid nor does it limit voluntary overload instruction.<\/p>\n