The objective of the College’s Retiree Program is to provide a program which recognizes longevity of service and provides important benefits for eligible employees.
Official retirees from Ithaca College are eligible for Ithaca College retiree benefits. There are two ways to become an official retiree:
|1.||Complete at least 20 years of benefits-eligible service at the College and be at least age 55, or|
|2.||Complete at least 10 years of benefits-eligible service at the College and be at least age 60|
To find out if you qualify as an official retiree, contact the Employee Benefits & Work/Life Department.
How Length of Service is Calculated for Retirement Eligibility:
Benefits-eligible employees who work 100% full-time are credited with one year of eligible service each fiscal year. Employees who work less than 100% full-time have their eligible service prorated based on their percent of full-time each fiscal year. For example, if an employee works 75% full-time from June 1 – May 31, they would be credited with 9 months of eligible service (12 months X 75% = 9 months or .75 years). If an employee is granted an official leave of absence without pay at any time during their employment with Ithaca College, the calculation to determine length of service will be adjusted and they will not receive credit for the time they are officially on a leave of absence without pay.
Transitioning to Retirement Program
All staff and faculty are eligible to submit a proposal to participate in the Program if they meet the following criteria as of September 1st of the first academic year in which they will be less than 100% full-time:
|1.||Are an active, benefits-eligible faculty or staff member|
|2.||Will have completed at least 20 years of benefits-eligible service (or equivalent) at the College; and|
|3.||Are age 59 or older and will be at least age 60 at the time of separation|
Terms of the Program:
The faculty or staff member who elects to participate in the Transitioning to Retirement Program will enter into an agreement with the College to retire at a specific future date and to reduce the overall workload from the initial date of the agreement until the date of separation.
The effective date of separation will be specified in the Agreement ("Separation Date").
In no case shall the overall annual workload during the Transition Period be less than half the annual workload of a full-time staff or faculty member. For a faculty member, the percent of full-time shall be 58-75% during the Transition Period and the responsibilities will be specified in the Agreement between the faculty member and the Provost and Vice President for Educational Affairs.
During the Transition Period, a Participant may continue to participate in the College’s benefit plans for active employees.
Conditions of the Program:
No additional budget funds will be provided to the participant’s school or department to cover replacement costs during the Transition Period.
The College reserves the right to discontinue the Program, but will give one year's notice of such termination.
Please click here to view the Ithaca College Faculty and Staff Transitioning to Retirement Program Summary.