What is the age and service requirement for retirement?
Full- or part-time employees who cease employment at age 55 or older and have at least 15 years of full-time service are considered retirees of the College.

Who is eligible for College benefits in retirement?
To be a benefit eligible retiree, non-union employees must have been full-time with at least 15 years of full-time service and have attained at least age 55 at the time of retirement.  Non-union part-time employees who were appointed to a 12 month position for at least 1,365 hours per year, have at least 15 years of service at retirement, and have attained at least age 55 are also considered benefit eligible retirees.

What group term life insurance benefits are provided to retirees?
If an eligible employee (as noted above) retires between age 55 and 65, they are provided with $50,000 of group term life insurance.  This coverage is provided at no cost and will cease at age 65.  The retiree has the option of purchasing this coverage directly from the insurance company within 30 days of their 65th birthday.  If they were covered by supplemental life insurance as an active employee, they also have the option of purchasing the supplemental group term life insurance coverage directly from the insurance company at the time of their retirement.

Are health care benefits provided in retirement?
Eligible employees (as noted above) who were hired on or before September 3, 2008, with the minimum age and service requirements previously stated, are eligible for partial or full funding of health care benefits in retirement.  Employees hired after September 3, 2008, are not eligible for health care coverage in retirement.  However, the College will make an annual contribution of an amount equal to 1% of base salary to one of our tax-deferred retirement plans to defray health care costs in retirement for those employees hired after September 3, 2008.  For more information please read the article Plan Today for Retirement's Healthcare Costs.

Are dependents covered for post-retirement health care benefits?
Family members who are eligible for health care coverage at the time of the employee's retirement will be eligible for health care coverage under the rules and regulations of the health care plan during the employee's retirement. 

What level of health care benefits is provided to retirees?
While an employee may retiree at the age of 55, post-retirement health care benefits funded by the College will begin at age 60 for those eligible according to the following schedule for the retiree and eligible dependents:

Years of Service                         Percentage of Premium Paid
                                                                        by College
20 years of full-time service                  100%
19 years of full-time service                    90%
18 years of full-time service                    80%
17 years of full-time service                    70%
16 years of full-time service                    60%
15 years of full-time service                    50%

Under this plan, a retiree will receive the above percentage of premium paid by the College the month following attaining age 60 and throughout his/her retirement years.  For example, if an employee chose to retire at age 55 and at that time had 20 years of full-time service, the College would begin to pay 100% of cost for the College funded health care plan or its equivalent the month following the retiree's 60th birthday.  If, on the other hand, the same employee had 18 years of full-time service at retirement, the College would begin paying 80% of cost for the College funded health care plan or its equivalent the month following their 60th birthday.  The premium contribution level of 80% would continue throughout his/her retirement years.  

In both instances the retiree would be eligible to continue his/her health care coverage until the month following their 60th birthday by paying the full monthly health care premium.  Anyone who chooses to interrupt coverage until age 60 or later will be allowed back into the plan when elected.

There is an exception to the above eligibility rules and schedule of health care contributions.  Eligible employees may retire at age 55, and the College will provide 100% premium of the College funded health care plan or its equivalent at retirement provided:

1.  The eligible employee completed at least twelve (12) years of full-time service by January 1, 1995; and

2.  The eligible employee meets the following "rule of 62" equation:

Rule of 62

Minimum 12 years of full-time service
plus
Employee's age as of January 1, 1995
plus
Additional years of full-time service (beyond 12) as of
January 1, 1995