Purpose
The College recognizes the importance of a sound retirement benefits program and endeavors to provide a comprehensive program of benefits to employees who satisfy the retirement eligibility standards contained herein.
This policy is intended to convey a summary of retiree benefit coverage provisions. In situations where a question or dispute arises, the plan contract or specific benefit policy will be the official and ruling instrument concerning this plan.
Effective January 1, 2021, regular, full-time employees (.75 FTE and above) are eligible for retirement benefits as early as age 55, provided the combined credited service and age at termination equal or exceed the sum of 75. The minimum years worked shall be equal to 10 years. For purposes of this policy, service is defined as years of continuous employment in a benefits eligible capacity, commencing with the employee's adjusted service date.
Grandfathered group: Employees hired prior to June 1, 1995, are eligible to participate in the retiree benefits program if separating from service at age 55 with 10 years of service or at age 60 with 5 years of service. For purposes of this policy, service is defined as years of continuous employment in a benefits eligible capacity, commencing with the employee's adjusted service date.
See the attachments section to view the full policy.