OM 3.3.5 Retirement Benefits
About This Policy
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Effective Date: September 1986 |
Policy Contact: Human Resources |
The University's retirement policy for administrative and supervisory staff and general staff is in compliance with the Federal Age Discrimination in Employment Act of 1967 as amended and revised and New York State law. Definitions of certain sections of these laws as they apply to Clarkson's Policy follow:
- The normal retirement date is the employee's 65th birthday.
- The retirement date for an employee who remains in active service beyond the normal retirement date shall be at the employee's option subject to the terms of any existing contract or letter of appointment.
- Employees who elect to retire as early as their 60th birthday may remain in the Clarkson Group Comprehensive Medical/Dental plan. Employees hired after January 1, 1990, must also have completed ten years of continuous service immediately prior to retirement to remain on the Clarkson Group Comprehensive Medical/Dental plan. Employees reaching their 55th birthday who have completed fifteen years of continuous permanent service immediately prior to their retirement may retire and remain in the Clarkson Group Comprehensive Medical/Dental Plan.
For employees hired on or after July 1, 2006 who retire on or after their 65th birthday all coverage will terminate on their retirement date. Coverage under COBRA will be offered. Survivor dependents of eligible employees hired on or after July 1, 2006 will remain eligible for coverage up to but not including their 65th birthday.