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Contact: Office of Human
College Offering Expanded Early Retirement Program
State officials this week announced an early retirement incentive program. The college has
reviewed extensively its options for early retirement offerings in light of recent budget
Vice President of Administrative Services, Dean Froehlich said, The purpose of the
program is to afford those faculty and staff who want to retire, an opportunity to do so
with added economic incentives.
Retirements of longtime employees may help cushion the funding blow to strapped
departments, who are looking at potential cuts in personnel. The early retirement program
provides employees with financial assistance while providing the college the
opportunity to prepare for changing workforce needs, Froehlich said.
Faculty and staff must meet certain criteria by September 1st of this year to
be eligible to participate in the program: They must have at least 30 years (net) of
full-time service at LCSC or, be 64 years old with 15 years of full-time service or, be at
least 55 years old with years of full-time service that total 80 when that number is added
to their age.
Participants retiring under this years program will continue to be eligible
for all other retirement benefits they may have earned under LCSC policy, Froehlich
Applications to participate in the program will accepted until April 5, 2002. The program
is being offered in part due to the budget crunch faced by the college as result of state
funding reductions. It is not expected to become a continuing feature of college benefits.
Provost and Vice President for Academic Affairs, Rita Morris, is encouraging anyone
interested in taking advantage of the program to seek advice on their early retirement
options. There are a lot of things to consider and we want people to make informed
choices, she said. The colleges human resources office will be working to have
representatives from the state employee retirement fund and other financial management
institutions available for consultation.
Employees interested in the early retirement program are invited to contact the Office of
Human Resources at 208/792-2269.