The City University of New York board of trustees approved a plan last week to offer early retirement to full-time faculty and staff at senior and community colleges this summer and fall.
Queens institutions included in the plan are Queens College, York College, LaGuardia Community College, Queensborough Community College and the CUNY School of Law.
“CUNY’s participation in the plan, which was approved by the New York state Legislature and signed by the governor, will provide the university with greater flexibility to address the current fiscal challenges,” CUNY Chancellor Matthew Goldstein said.
Employees who are 50 years old or older and have worked for at least 10 years in the CUNY system will be offered additional pension service credit. If they are a member of TIAA/CREF, the optional retirement program, they can receive an additional contribution to their pension account based on salary and years of service.
Individuals who are 55 or over and have at least 25 years of service will be offered retirement without benefit reductions that would ordinarily be applied to those who retire before the age of 62.
CUNY did not specify how many individuals they want to accept the early retirement.
— Anna Gustafson
