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  PENSION PAGE: EARLY RETIREMENT INCENTIVE

 

Early Retirement Incentive.

The CUNY B.O.T. voted on Monday. 6/28/10, to allow all fulltime members of the instructional staff who have at least 10 years of service and are at least 50 years old as of January 27, 2011 to consider taking the state sponsored early retirement incentive.

Two separate PSC information brochures on CUNY’s 2010 Early Retirement Incentive (ERI) are now available.

  • TRS brochure for members of the Teachers Retirement System.
  • ORP brochure is for members of TIAA-CREF and other plans in CUNY’s Optional Retirement Program (ORP). 

ERI information is also available on the CUNY website.

The incentive will provide for members of the NYC Teachers Retirement System additional service credit of one month for each year of service to a maximum of 36 months for 36 years of service.  Members of TIAA/CREF will receive 1/12xyears of servicex15% salary to a maximum of 45% of salary with 36 years of service. This lump sum will go directly into the TIAA/CREF pension plan in late spring of 2011.  Travia and annual payments will be spread out over 3 payments in late spring of 2011, 2012 and 2013. There will be January, 2011 deadline dates by which forms will have to be filed with both the university and the retirement system. The PSC will be setting up meetings in the fall on each campus for those interested. CUNY will also be holding meetings in all 5 boroughs and TIAA/CREF individual counselors will be on campus continuously to meet with instructional staff.  For those interested in making an appointment with a TIAA/CREF counselor please call 1-800-732-8353.

 



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