Retirement incentive offered

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: 1/12th 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 Feb. 1, 1997. 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 the 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 or 36 months.

For all employees considering the retirement incentive, eligible titles and the open period during which an employee may retire and receive the incentive for UB will be determined at the May 28 meeting of the SUNY Board of Trustees.

Employees interested in participating in the incentive must file a "Non-Binding Notice of Interest" with Personnel Services. Further details regarding the retirement incentive will be forthcoming from Personnel Services as soon as additional information is received.