Reporter Volume 26, No.21 March 23, 1995

1995 Retirement Incentive Legislation
Governor Pataki has signed the retirement incentive bill and it is now
Chapter 12 of the Laws of 1995. This retirement incentive program for
State employees in SUNY consists of two components: a retirement
incentive for employees already eligible to retire, and an early
retirement incentive for employees at least age 50 with 10 or more
years of service who would not have otherwise been eligible to retire.
The following are highlights of this incentive:

o	Employees must be members of the Optional Retirement Program
(TIAA-CREF), Employees' Retirement System (ERS), or Teachers'
Retirement System (TRS).
o	Eligible employees must be at least age 50 with 10 years of
service credit on the effective date of retirement and encumber an
eligible title.
o	Eligible titles are to be chosen by the SUNY Chancellor.
o	Eligible TIAA-CREF members may retire and receive three equal
cash payments 2, 14, and 26 months after retirement based on the
formula:  one-twelfth (1/12) for each year of service, multiplied by
15%, multiplied by the annual salary rate in effect on February 1,
1995, up to a maximum of 45% for the total of payments. 
o	Faculty and professional staff must file a Notice of Interest
with Personnel Services by April 19, 1995.  An irrevocable Notice of
Retirement must be filed with Personnel Services and TIAA-CREF by July
19, 1995 with a retirement date on or before August 10, 1995.
o	For eligible Employees' Retirement System (ERS) and Teachers'
Retirement System (TRS) members, the incentive allows one to retire
with an additional one-twelfth (1/12) of a year of service for each
year of service credit one has as of the date of retirement, up to a
maximum of three years.
o	Classified service employees had to file a Notice of Interest
by March 17, 1995.  An irrevocable application for retirement must be
filed by April 7, 1995 with a retirement date on or before April 21,
1995.
o	Unclassified service employees must file a Notice of Interest
with Personnel Services by April 19, 1995.  An irrevocable Notice of
Retirement must be filed with Personnel Services and the eligible
employee's retirement system (ERS or TRS) by July 19, 1995 with a
retirement date on or before August 10, 1995.
For more information, eligible employees should call Jerry Linder,
Manager of Retirement Administration, Personnel Services, 645-2646,
ext. 103