A voluntary early retirement program went into effect in January for eligible full-time members of the professional staff at Franklin & Marshall College.
Through the program, eligible members receive salary continuation for six months following retirement. They also receive continued health and prescription drug coverage at the same premiums offered to retirees who are enrolled through Medicare. To take part in the program, employees must retire by July 31, 2012.
"This is a rare opportunity for those considering retiring," says Nancy Eshleman, director of human resources. "For individuals not yet eligible for coverage through Medicare, the savings on health and prescription drug premiums are significant."
Both "non-exempt" and "exempt" members of the professional staff are eligible, providing they meet each of the following stipulations:
- Employees must be currently and remain classified by the College as employed on a full-time basis and eligible for fringe benefits coverage;
- They must be at least 60 on their last day of full-time employment (the retirement date); and
- They must have at least 10 consecutive full years of full-time employment at the College after the age of 50 on their last day of full-time employment.
A detailed look at the early retirement program, including the registration process, fringe benefits and additional information, is available at: http://www.fandm.edu/x14472.