Now Open for Applications
Participation in the Phased and Early retirement programs is not an automatic right; it requires administrative approval and a formal contract outlining the terms of the retirement program.
The full or partial termination of regular, compensated employment and the initiation of retirement benefit payments or annuities under an applicable retirement program.
Full-Time Employment - Must be a a full-time employee with benefits, employed at least 75% full-time at the time of application.
Age and Service - Employee must be at least 55 years old and have completed a minimum of 10 years continuous service.
The Phased Retirement Program is designed to offer eligible faculty and staff a flexible transition into retirement, allowing them to reduce their workload while continuing to contribute their expertise to the institution.
Full-Time Employment – Must be full-time employee with benefits, employed at least 75% full-time at the time of application.
Age and Service – Employees must be at least 57 years old and have completed a minimum of 10 years of continuous service at Snow College immediately prior to entering the program.
Administrative Approval – Participation is not an automatic right; it requires administrative approval and a formal contract outlining the terms of the phased retirement.
Term Length – The phased retirement period is defined in a written agreement and cannot extend beyond the employee’s Social Security Full Retirement Age (FRA) as defined by federal law.
Employment Status – Employee agrees to a reduced Full-Time Equivalent (FTE) status, with an initial reduction of more than 25%. This FTE may be further decreased in increments of .25 FTE or more but cannot be increased once set.
Duration – The program can last up to three years.
Work Assignment Feasibility – The nature of the employee’s duties must be conducive to a reduced schedule. Practical considerations, such as departmental impact and resource availability, may influence approval decisions.
Limitations – It is recommended the phased retirement period shall align with administrative processes. Staff will begin on the first of the month. Faculty will begin in alignment with the fiscal year, July 1, or in alignment with the calendar year, January 1.
The Early Retirement Program aims to assist the College in achieving objectives such as reducing wage expenses, restructuring departments, avoiding layoffs, and reallocating positions
Full-Time Employment – Employees must be full-time with benefits, employed at least 75% full-time at the time of application.
Age and Service – The sum of the employee’s age and years of service at the College must equal at least 75 years.
Exclusions – The policy generally excludes at-will employees, positions funded by external sources (e.g., grants), and employees who have not completed a one-year obligation following a sabbatical or professional leave. Early retirement employees will not be eligible for disability benefits, or other similar benefits.
Administrative Approval – Participation is not an automatic right; it requires administrative approval and a formal contract outlining the terms of the early retirement.
Incentives – The primary incentive is presumptive. Alternative incentives may be offered if administration deems it is necessary to achieve the business objectives sought by offering the program.
Primary Incentive – Employee will be kept on payroll and benefits after their retirement date for one week for each year of service, with a minimum of 10 weeks and a maximum of 30 weeks.
Alternative Incentives – One or more of the following incentives may be offered. A monthly stipend of 20% of the employee’s base pay. Group benefits, the employee is responsible for paying part of the premium. Coverage expires upon the earlier of three years or the age of eligibility for Medicare.
Duration – Expires upon the earlier of three years or the age of eligibility for Medicare.
Limitations – It is recommended the initiation of the program shall align with administrative processes. Staff will begin on the first of the month. Faculty will begin in alignment with the fiscal year, July 1, or in alignment with the calendar year, January 1.
