CCRI Pushing for Faculty Buyouts
Saturday, January 28, 2017
The Community College of Rhode Island is seeking state approval for a "retirement incentive program" for its faculty, according to an email obtained by GoLocalProv.com.
The following message was sent to the CCRI community on Friday afternoon by CCRI Vice President Dave Patten.
Email to CCRI Faculty on Buyouts
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTDear CCRI community,
The college is seeking approval from the Council on Postsecondary Education to offer a Retirement Incentive Program for faculty and non-classified staff at CCRI who meet certain criteria. The program is intended to allow the college to recognize the long-term service of our employees and provide them the financial flexibility to retire. The program is not intended to create a net reduction in faculty and non-classified staff positions, but rather to provide the college the flexibility to rehire at competitive salaries in a manner that effectively supports strategic initiatives.
If approved by the Council, eligible employees would be offered a one-time-only payout of 50 percent of their current salary, with a minimum payout of $20,000. In addition to being eligible for Social Security, the CCRIFA and CCRIPSA bargaining agreements set out certain retiree health insurance benefits for eligible faculty and eligible non-classified staff, and provide the terms and conditions regarding that benefit. Eligible non-classified staff who are not subject to a collective bargaining agreement will be subject to the terms and conditions of the Council’s retiree health plan.
To be eligible for the retirement incentive program, employees must:
- Be 65 years or older and have 20 years of service at CCRI by June 30, 2017.
- Be employed for a minimum of 20 hours per week.
- Work in a position that is not funded by grants or auxiliary funds.
- Participate in the Council’s Alternate Retirement Plan (the 403(b) plan, i.e. TIAA-CREF, VALIC or Met Life).
The PSC is expected to review the proposal at its February 1, 2017 meeting next week. If approved by the PSC, we will host a Q&A for eligible employees prior to the April enrollment period. If you have additional questions, please email Human Resources.
Sincerely,
Dave Patten
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