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    Goshen College Early Retirement Policy

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    Janry Simanungkalit
    Goshen College provides an early retirement policy for faculty and administrators who have worked at the college for at least 20 years. To qualify, employees must be at least 60 years old. Upon early retirement, the college will pay a lump sum into the employee's retirement fund based on a percentage of their last year's salary that decreases the earlier they retire before age 65. The college also pays individual health insurance premiums for early retirees until they reach age 65, while family premiums are paid by the employee. The early retirement policy is reviewed by the Board of Directors at least every three years.

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    Goshen College Early Retirement Policy

    Uploaded by

    Janry Simanungkalit
    49 views1 page
    Goshen College provides an early retirement policy for faculty and administrators who have worked at the college for at least 20 years. To qualify, employees must be at least 60 years old. Upon early retirement, the college will pay a lump sum into the employee's retirement fund based on a percentage of their last year's salary that decreases the earlier they retire before age 65. The college also pays individual health insurance premiums for early retirees until they reach age 65, while family premiums are paid by the employee. The early retirement policy is reviewed by the Board of Directors at least every three years.

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    Goshen College provides an early retirement policy for faculty and administrators who have worked at the college for at least 20 years. To qualify, employees must be at least 60 years old. Upon early retirement, the college will pay a lump sum into the employee's retirement fund based on a percentage of their last year's salary that decreases the earlier they retire before age 65. The college also pays individual health insurance premiums for early retirees until they reach age 65, while family premiums are paid by the employee. The early retirement policy is reviewed by the Board of Directors at least every three years.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    49 views1 page

    Goshen College Early Retirement Policy

    Uploaded by

    Janry Simanungkalit
    Goshen College provides an early retirement policy for faculty and administrators who have worked at the college for at least 20 years. To qualify, employees must be at least 60 years old. Upon early retirement, the college will pay a lump sum into the employee's retirement fund based on a percentage of their last year's salary that decreases the earlier they retire before age 65. The college also pays individual health insurance premiums for early retirees until they reach age 65, while family premiums are paid by the employee. The early retirement policy is reviewed by the Board of Directors at least every three years.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Goshen College Early Retirement Policy

    An early retirement policy is provided which allows those persons who have given a significant
    portion of their working career to Goshen College to take early retirement while preserving their
    retirement fund contribution to age 65. Any teaching faculty or administrator who has worked full
    time at least 20 years and is age 60 or older is eligible to participate. Upon an employee's early
    retirement, the College will pay to the employee's retirement fund a lump sum amount equal to a
    percentage of the retiree's last academic year's salary in accordance with the following schedule:

    Fraction
    Age at which an academic year salary
    employee retires paid at early retirement
    60 45%
    61 36%
    62 27%
    63 18%
    64 9%
    65+ 0%

    Note: This is not seen as an inducement for early retirement but a way for persons to shift to other
    opportunities after age 60 and not lose Goshen College benefits.

    Health Insurance for the employee taking early retirement will be paid by the college until he/she
    reaches the 65th birthday. Family premiums will be paid by the employee.

    The Board of Directors will review this policy not less frequently than once every three years.

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