Early Retirement Plan
An eligible employee who wishes consideration for early retirement must initiate the request by writing to the President of the University for an appointment to discuss the matter. Eligibility consists of a combination of age and years of service totaling 80 with the minimum age being 62. The offer must be mutually agreeable, and requires at least three months' notice.
Conditions of the offer include the following:
The University would make a lump-sum award of 1% of current salary for each year of service; e.g., $45,000 x 30 years @ 1% = $13,500.
The retiring employee could convert his/her group life insurance to an individual policy at his/her own expense.
The retiring employee would be eligible to begin collecting his/her retirement annuity from TIAA-CREF after termination of employment. S/he would also be eligible to collect Social Security benefits.
Other perquisites include
opportunity to be hired for a part-time position at the discretion of the department chair, dean, director, or supervisor;
100% tuition reduction for the retiree, should s/he ever wish to take a course at Marywood University;
lifetime membership in the Marywood University Recreation Association
ticket to cultural events, including concerts and plays on campus;
use of the Learning Resources Center.
04/20/1996 - Approved by the Board of Trustees for immediate implementation
08/19/2004 - Reviewed and updated; second item under conditions deleted
11/04/2005 - Revision approved to remove the maximum age limit.