Date: Mon, 09 Jun 2003
From: "Arline Isaacson" aisaacson@massteacher.org
Subject: Early Retirement Proposals (House & Senate)
Here are brief summaries of the details of the House and Senate proposals on early retirement. The proposals are currently in conference committee.
House version of early retirement proposal:
1) Employees eligible for retirement can add up to 5 years of age or service or a combination thereof not to exceed 5 years.
2) Retirement date - 12/31/03 for higher ed employees
3) Backfill - up to 20% of the annualized cost of employees' regular compensation
4) Trust Fund & Federal Grant employees are specifically excluded
5) Payment of unused vacation and sick leave time over a 5 year period.
Senate version of early retirement proposal:
1) Employees eligible for retirement can add up to 5 years of age or service or a combination thereof not to exceed 5 years.
2) Retirement Deadline - 10/1/03 for higher ed employees
3) Backfill - up to 20% of the annualized cost of employees' regular compensation
4) Trust fund and federal grant employees are specifically included 5) Payment of unused vacation and sick leave time over a 3 year period.