All full-time employees are required to participate in the retirement income program. The institution also makes a contribution to both retirement plans in an amount not less than the employee's contribution. The employee contribution is made on a pretax basis. The formula allows full benefits with 30 years' service, at age 60 with at least 25 years' service, or at age 65 with 5 years of service. Early retirement with a reduction in benefits is also available for employees who reach age 50 and complete 20 years of creditable service and those who reach age 60 with 5 years of creditable service.
Retirement always begins on the first day of the month.
Benefits may be increased periodically after retirement to keep abreast with the cost of living. Increases depend on changes in the Consumer Price Index, the availability of funds, and how much actively working members of the System receive in salary increases. The Optional Retirement Program is designed especially for administrators, librarians, and faculty with the rank of lecturer or instructor and above, including visiting faculty. Eligible administrators include those who hold faculty rank and who are expected to teach in a specific discipline. Faculty rank cannot be granted solely for making an administrator eligible for the Optional Retirement Program.