University to Offer Retirement Package
A one-time financial retirement incentive will be offered to eligible non-faculty employees this fiscal year
By
A one-time financial retirement incentive will be offered to eligible non-faculty employees this fiscal year, a program that administrators say is designed to help address financial concerns facing employees and the University.The incentive will consist of a lump-sum payment equal to an employee’s annual (benefits base) salary, and will be open to active full-time employees, excluding executive-level and externally-funded
personnel, who will be at least 65 years of age by May 31, 2010, and who will have completed at least 15 years of continuous full-time service at the University on that date.
“We created this voluntary option to help individuals who may be considering retirement, but who may be hesitant to do so because of economic concerns,” said Vice President for Human Resources Leo V. Sullivan, who announced the program in a letter to the University Community this week.
“We realize that the decision to retire is one of the most important decisions an employee will make. We hope this incentive program will enable some employees to make the transition to retirement with a better sense of security.”
In addition, Sullivan said, the Voluntary Retirement Incentive program could allow Boston College to reduce institutional expenses through position restructuring, modification or even, in some cases, elimination.A one-time financial retirement incentive will be offered to eligible non-faculty employees this fiscal year, a program that administrators say is designed to help address financial concerns facing employees and the University.
The incentive will consist of a lump-sum payment equal to an employee’s annual (benefits base) salary, and will be open to active full-time employees, excluding executive-level and externally-funded personnel, who will be at least 65 years of age by May 31, 2010, and who will have completed at least 15 years of continuous full-time service at the University on that date.
“We created this voluntary option to help individuals who may be considering retirement, but who may be hesitant to do so because of economic concerns,” said Vice President for Human Resources Leo V. Sullivan, who announced the program in a letter to the University Community this week.
“We realize that the decision to retire is one of the most important decisions an employee will make. We hope this incentive program will enable some employees to make the transition to retirement with a better sense of security.”
In addition, Sullivan said, the Voluntary Retirement Incentive program could allow Boston College to reduce institutional expenses through position restructuring, modification or even, in some cases, elimination.
“Boston College remains committed to operating as efficiently and effectively as possible in this challenging economic climate,” he said. “Programs like these have been offered at other universities and add to a list of strategies the University has implemented to contain or reduce expenses over the past several years.”
Under the program, a participant’s retirement date would be May 31, 2010. Benefits for retirees who opt to take advantage of the incentive will remain the same as they are for retirees not under the program, including eligibility for the retiree medical plans offered by the University.
During February, full-time employees deemed eligible will be sent a letter with guidelines and an election form that must be submitted to the Benefits Office by April 30.
Prior to the deadline, counselors from TIAA-CREF or Fidelity will be available to help eligible employees who are interested in the program assess whether it is appropriate for their particular needs.
Employees with questions about the program should contact Benefits Office Associate Director Ann Crowley at ext.2-3329 or
ann.crowley@bc.edu.