Reporter Volume 26, No.22 March 30, 1995

By CHRISTINE VIDAL
Reporter Editor
A new group has been put together to assist faculty and staff who wish
to take advantage of the state's retirement incentive plan.
	The Retirement Task Force, appointed recently by Provost Aaron
N. Bloch, will be working to help ease the transition for those who
express an interest in retiring.
	Chaired by Senior Vice Provost Kenneth Levy, the committee
includes William Fischer, vice provost for faculty development; Elmira
Magnum-Daniel, assistant to the provost; Voldemar Innus, senior
associate vice president for University Services; Ellen McNamara,
assistant vice president for Human Resources; and Nancy Kielar, senior
staff associate, University Services.
	Those considering retirement, but worried that they can't
afford it, could be surprised at how affordable it can be. Case in
point: when asked why he chose to retire, a psychology professor told
Levy that his decision became clear when he realized that he actually
would receive a higher income from his TIAA/CREF annuity than from his
salary.
	In other words, in his case, it paid to retire.
	"I don't think faculty and staff are fully aware of how much
their income is likely to be from an annuity relative to what their
income currently is. We'll be working to close that gap for them and
to smooth the transition," Levy said.
	"There are different needs for different faculty, and those go
beyond money. We're exploring ways to meet those needs."
	Faculty who choose to take advantage of the state's retirement
incentive plan may be able to come back and teach a class, he noted,
or use lab facilities, which would allow them to continue their
research and to interact with students and colleagues.
	"The decision to retire is a major life decision and I can
understand faculty and staff being hesitant to take that step," Levy
said. "We just want to encourage anyone who's eligible to find out
more about it" so they will be able to make an informed decision.
Faculty and professional staff interested
	in taking advantage of the state's early retirement incentive
plan have until the close of business on April 19 to file a
non-binding Notice of Interest with Personnel Services. An irrevocable
written notification of retirement must be provided to the employee's
retirement system no later than the close of business on July 19. The
open period for retirement is May 12-Aug. 10, 1995.
	Eligibility criteria for the early retirement incentive
program are based on an employee's age and years of service. Employees
who have 10 years of state (and/or participating employer) service,
are at least 50 years of age and were on the payroll or paid leave as
of Feb. 1, 1995 are eligible.
	TIAA-CREF will hold group and individual information sessions
April 28, May 3, June 7 and July 12 in 102 Crofts Hall on the North
Campus. Interested employees enrolled in TIAA-CREF can call
1-800-842-412 to schedule an appointment for a session. A private
consultation is about 30 minutes.