Incentive for Early Retirement Commitment

Full-time TMCC academic and administrative faculty are eligible to receive an incentive payment for early notification of their pending retirement date to facilitate budget and personnel planning.

Eligibility

All full-time academic and administrative faculty meeting one of the following conditions: 

  1. The employee must have attained the age of 65 and completed at least 5 years of service with TMCC at the date of retirement; or
  2. The employee must have attained the age of 60 and completed at least 10 years of service with TMCC at the date of retirement; or
  3. The employee would have completed 30 years or more of service with the institution at the date of retirement

Benefit

$1,500 incentive will be paid to eligible individuals who submit their application for retirement early.

  1. The incentive will be added to the employee’s paycheck in the pay period following the date when the employee can rescind their original notification to the Human Resources office.
  2. The incentive is considered compensation and will be subject to all applicable taxes.

Restrictions

  1. For academic faculty, eligible employees must submit their official application at least three months prior to the start of their final semester (excluding Summer Session). 
    • For the 2019-20 academic year, applications will be accepted until Nov. 1, 2019, for retirements at the conclusion of the 2020 Spring Semester.
  2. For administrative faculty, eligible employees must submit their official application at least six (6) months (not to exceed one (1) year) prior to their retirement date.
  3. Employees who fail to submit their application within these established guidelines will not be eligible for the incentive.
  4. Employees initiating a phase-in retirement plan are not eligible for this benefit.

Procedure

Complete the required forms. Contact the TMCC Human Resources Office for more information.

Note: This program is subject to change without advance notification.