As you know the Governor signed into law new early retirement incentive options for public employees. The NCC Board of Trustees and the Nassau County Legislature have both approved the college’s participation.
The options are confusing and NYSUT has some pages that help explain things. If you are thinking of using these options you should of course also consult NCC’s Human Resources staff who can help you understand your specific situation.
For more information
- New York Teachers Retirement System (TRS)
- New York State and Local Employees Retirement System (ERS)
Meanwhile, our own Human Resources department sent out this announcement by email yesterday:
The following information is regarding the Retirement Incentive offered by the State. Please contact your NCC Human Resources Representative should you have any questions in this regard.
a) Full Time & Part Time employees who are members of Employee’s Retirement System (ERS), Teacher’s Retirement System (TRS), or the Optional Retirement Program (ORP)
b) Age 55 or older with a minimum of 5 years of service, or
c) Age 50 or older with a minimum of 10 years of service
a) Members of Employee’s Retirement System (ERS) or Teacher’s Retirement System (TRS) who are eligible for the incentive would receive one month’s additional retirement service credit for each year of credited service to a maximum of 36 months
b) Members of the Optional Retirement System (ORP) who are eligible for the incentive would receive an employer contribution to the member’s retirement account of one-twelfth for each year of service multiplied by 15% multiplied by the ORP member’s salary as of March 1, 2010, not to exceed 45% of such salary. If this amount exceeds the Internal Revenue Service Section 415 limit, the excess will be contributed to a Section 403(b) tax deferred annuity contract. If the tax deferred annuity contribution exceeds the limits permitted by the Internal Revenue Service Code, the excess will be paid to the employee in three equal installments within a period of 24 months.
c) If you choose Part A, you are still subject to reductions for Tiers 2, 3 & 4 if you are less than 62 years of age and do not have 30 years of service.
a) Coverage includes members of the New York State and Local Employee’s Retirement System (ERS) and the New York State Teacher’s Retirement System (TRS) in Tiers 2, 3, and 4.
b) Eligible employees must be age 55-61and have 25-29 years of service as of the date of retirement.
c) An employee eligible for the incentive would be able to retire without the reductions normally required of Tier 2, 3, and 4 members under age 62 with fewer than 30 years of service.
d) Applicable pension reductions will be eliminated but employee will not receive additional service credit.
From October 3, 2010 to December 31, 2010
How To Participate
a) Members of Employee’s Retirement System (ERS), Teacher’s Retirement System (TRS), or the Optional Retirement Program (ORP) must submit a letter of resignation to the Office of Human Resources. The resignation letter must include the date of retirement. Members of Employee’s Retirement System (ERS) or Teacher’s Retirement System (TRS) must advise the Office of Human Resources whether he/she is selecting Part A or B.
b) Members must send a service retirement application to the appropriate State Retirement System:
– Employee’s Retirement System (ERS): 14-90 days prior to retirement
– Teacher’s Retirement System (TRS): up to 90 days prior to retirement, or as late as your date of retirement
Contact the Office of Human Resources in regards to continuation of your health insurance coverage.