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News & Events

Phased Retirement Pilot Program Announced–June 2013

May 07, 2013

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Next Deadline is June 7

PSC has reached agreement with CUNY on a three-year pilot program of Phased Retirement for full-time instructional staff who participate in the Optional Retirement Plan (primarily TIAA-CREF) and are at least 65 years old. (Current State law doesn’t allow for inclusion of members in the Teachers’ Retirement System.) Faculty can phase at 50% of workload and 50% of pay for one, two or three years; professional staff can phase at 80% of workload and 80% of pay for six months or one year. Read the full agreement here.

Full-time faculty and professional staff interested in participating in the program starting Fall 2013 must express interest in doing so by submitting a notice of intent to their department chair/supervisor by May 15. Interested instructional staff must work with their department chair/supervisor to decide on a mutually agreeable “phased” workload configuration. A formal application must be submitted by June 7. The commitment to retire as part of the program is irrevocable, and Travia Leave, at 100% pay, is incorporated into the program. Participants remain active employees, and therefore access to retirement funds during the phasing period is limited; potential participants are strongly encouraged to meet with a financial counselor in planning for the phased retirement period.

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