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My faculty member would like to retire in the next couple of years and wants to know if the new plan will be available in the future?

April 26, 2017Couple faculty future Plan retire wants

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My faculty member would like to retire in the next couple of years and wants to know if the new plan will be available in the future?

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The new plan went into effect July 1, 2010 and we anticipate that it will continue through the foreseeable future, at least several years.However, the new plan is only available to faculty members who are 65 or older and who have not turned 70.When they pass their 70th birthday, they are no-longer eligible for the new plan.Also, the new plan is designed to give them the maximum bonus when the faculty member signs at age 65 (1.5 years of FTE salary).The bonus declines with the faculty member’s age so that at age 69 it is only year of FTE salary.