OM 3.2.1 Retirement Benefits
About This Policy
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Effective Date: December 1978 |
Policy Contact: Human Resources |
The University's retirement policy is in compliance with the Age Discrimination in Employment Act of 1967 as amended and revised. Definitions of certain sections of this act as they apply to Clarkson's policy follow New York State law.
- 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 contracts.
- An employee who elects to retire as early as their 60th birthday may remain with the Clarkson Group Comprehensive Medical/Dental plan if hired prior to 1990.
- Employees hired after January 1, 1990, must also have completed ten years of continuous service immediately prior to retirement to remain in 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.
History
December 1978
Approved by Board of Trustees for enactment January 1979
Revised July 1987, July 1989, September 1993, August 1994
Revised July 2006
Revised May 2014