To be eligible for the incentive, employees enrolled in TIAA-CREF must be at least 50 years of age with at least 10 years of SUNY service while enrolled in TIAA-CREF as of the date of retirement. The incentive allows those employees to retire and receive an incentive calculated by the following formula: one-twelfth for each year of service multiplied by 15 percent multiplied by the employee's earnable annual salary up to a maximum of 45 percent of salary in effect on Feb. 1, 1996. The incentive will be paid in three installments at two months, 14 months and 26 months following retirement.

Employees enrolled in the Employees' Retirement System (ERS) and Teachers' Retirement System (TRS) must be at least 50 years of age with at least 10 years of retirement service credit as of the date of retirement. The incentive allows ERS and TRS employees to retire with one month of additional service credit for each year of pension service already credited as of the date of retirement, to a maximum of three years (36 months).

For all employees considering the retirement incentive, eligible titles shall be determined by the SUNY Board of Trustees.

The law provides for more than one open period, i.e., the period during which employees may retire and receive the incentive. The open period(s) for SUNY Buffalo will be determined by the SUNY Board of Trustees.

Employees interested in participating in the incentive must file a Notice of Interest with Personnel Services. Further details on the retirement incentive will be forthcoming from Personnel Services as soon as additional information has been received.