Grant- and trust-funded staff win shot
at early retirement

by Daniel J. Fitzgibbons, Chronicle staff

n early retirement program aimed at trimming the state workforce has been extended to employees paid through grants, contracts, capital accounts and other non-state funds. The bill was signed into law by Acting Gov. Jane Swift on March 20.
Personnel administrator Jim Coopee said an estimated 300 campus employees are "technically eligible" for the incentive program, but only about half that number have inquired about the program. Once they crunch the numbers on their potential pension benefits, he said, "probably not all will opt for the program."

     Human Resources held information sessions about the program earlier this week. Individual counseling sessions also are being scheduled, according to Coopee.

     Under the terms of the bill, eligible employees can add up to five years to their age or years of service to qualify for higher pension benefits. To apply for the incentive, University employees must be at least 55 years old with 10 full years of creditable service or any age with 20 full years of creditable service and be members of the state retirement system.

     Applications must be received at the state Board of Retirement by April 19. Participants in the incentive program must retire by May 30.

     Coopee said extending the program to non-state funded employees was a matter a fairness, especially to staff who were switched to trust or grant funds after being paid from state funds for many years. "Finally, the opportunity is there," he said. "Everyone's a first-class citizens again, so to speak."