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Voluntary Retirement Incentive Program - Deadline May 28, 2010

May 26, 2010

IMPORTANT ANNOUNCEMENT FROM THE OFFICE OF HUMAN RESOURCES

The Pennsylvania State System of Higher Education Voluntary Retirement Incentive Program ends soon. If you wish to express your “Intent to Retire”, contact the Director of Human Resources, Jo-Anne Harris immediately at 610-399-2058 or via email at jharris@cheyney.edu .

The eligible employee groups include: ASFCME, MANAGEMENT, OPEIU, SCUPA and SPFPA.

MONETARY INCENTIVE

13 to 15 Years of Service

  • Receive 10% of annual base salary with a minimum of $6,000 and a maximum of $10,000

More than 15 Years to 20 Years of Service

  • Receive 20% of annual base salary with a minimum of $10,000 and a maximum of $20,000

More than 20 Years of Service

  • Receive 30% of annual base salary with a minimum of $14,000 and a maximum of $30,000

ELIGIBILITY AS OF DATE OF RETIREMENT

Active full-time permanent employee, and;

Age 60 or above, or if under 60, a minimum of 35 years of credited service and

Eligible for majority paid annuitant health care coverage

ACCEPTANCE PERIOD

Ends May 28, 2010

RETIREMENT EFFECTIVE DATE

Separation June 18, 2010 through August 27, 2010