April 11, 2009

Cornell Grants Retirement Incentives to all Employee Applicants

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All 423 employees who applied for the optional Staff Retirement Incentive initiative announced in February were accepted into the program, according to a statement released by Vice President for Human Resources Mary Opperman today. The soon-to-be retirees, who were notified of their acceptances this afternoon, will each receive more information in the mail on how to proceed with their retirement.

All employees over the age of 55 who have been working at Cornell for more than 10 years, were open to apply for the incentive program throughout the month of March. The accepted employees will receive an “enhanced contribution” to their retirement accounts and an additional lump-sum payment based on their base salary.

Decisions regarding the second Staff Phased Retirement Program, which will allow employees to reduce their hours to half time, have yet to be announced. This program was also put into effect at the end of February.

“These options are being offered now because it is clear that Cornell needs to reduce its workforce over the next few years to bring our budget into equilibrium,” Opperman stated in a release on Feb 28. “I am pleased that our leadership found a way to offer this choice to staff and believe it is a mutually beneficial option in a difficult time.”

Opperman stated today that the University will begin to conduct group meetings to keep employees informed during the retirement process. All employees must vacate their positions by June 30th.

Check back for updates on this breaking story.