Applicability

This policy applies to all employees of the Research Foundation of the City University of New York unless otherwise provided for in a collective bargaining agreement or other governing document. Any deviations from this policy must be approved in writing by the President of the Research Foundation. Eligibility for retirement benefits is determined by employee status and length of service.

Policy

A Research Foundation employee is considered eligible for retirement with benefits when he/she:

  • A Research Foundation employee hired before July 1, 2012 is considered eligible for retirement with benefits when he/she:
    • has reached age 55, and
    • at the point of retirement has been employed full-time by the Research Foundation for a period of at least 10 years without a break in service, or was a part-time A employee on May 1, 1981 and has since been employed without a break in service, and
    • has a combination of age and years of service which equals 70 or more.
  • A Research Foundation employee hired on or after July 1, 2012 is considered eligible for retirement with benefits when he/she:
    • has reached age 62, and
    • at the point of retirement has been employed full-time by the Research Foundation for a period of at least 10 years without a break in service, or was a part-time A employee on May 1, 1981 and has since been employed without a break in service.

In the case of instructional personnel on a 10-month academic year assignment, 12 months of employment in a 14-month period will be considered the equivalent of one year of service.

Break in Service

A lapse in employment by the Research Foundation lasting more than 30 days constitutes a break in service.

Retirement Benefit

The Research Foundation Retirement Benefit is a one-time cash payment. The employee may choose one of the following options:

OPTION A

A benefit period is derived using the formula of three calendar days of leave for each 12 full months of continuous service up to the last day actually worked, for a maximum of eighty calendar days. Actual payment is figured by determining the number of work days (i.e., Monday through Friday), in the benefit period.

OPTION B

One-half the temporary disability leave (sick leave) balance as of the last day actually worked. The maximum payment permitted is six days for each 12 full months of continuous service, not to exceed a maximum payment of 80 days.

Health Insurance

Upon application, health benefits will be continued by the Research Foundation for retired employees, their spouses, and dependents for the level of coverage for which they are eligible at the time of retirement. The retiree will contribute a share of the health insurance premium that equals the rate of contribution that active employees pay toward their health insurance premium, paid directly to the Research Foundation. The preferred method of payment is by direct debit. Eligible retirees and their spouses must enroll in Medicare. Upon request and with proof of payment, the Research Foundation will reimburse the retiree and their spouse the standard monthly Medicare Part B premium, less an amount that equals the rate of contribution that the retiree pays toward their health insurance premium.

Waiver

Eligible retirees may waive their right to enroll and participate in health benefits. Eligible retirees who waive coverage and later choose to participate in the health insurance plan may do so only during the next scheduled open enrollment period, unless a "qualifying event" occurs.

Death of Retiree

Upon the death of the retiree, the spouse and/or qualified dependent(s) enrolled in a Research Foundation health insurance program may continue coverage in that same health insurance program by making payments pursuant to COBRA. Following the expiration of the COBRA period, the spouse and/or qualified dependent(s) may continue to participate in the health insurance program so long as they continue to satisfy the program's dependent eligibility criteria and make the requisite payments, which shall be equal to the applicable COBRA premium in effect at that time. 

Annual Leave

The accumulation of time and leave benefits terminates on the last day worked. Retiring employees will receive payment for any unused annual leave balance if permitted by the sponsoring agency at the salary rate then in effect.

Reemploying Retirees

Research Foundation retirees may not be rehired by the Research Foundation unless there has been a break in service of at least 180 days. The appointment for which a retiree is being considered may not have been contemplated at the time of retirement. Further, there can be no agreement with a retiree before the end of a required break in service that the Research Foundation will use his or her services after such break.

In the event a retiree has commenced a distribution under the Research Foundation's retirement plans, the retiree may not be reemployed by the Research Foundation prior to the later of (1) the end of the break in service period specified above, or (2) the end of the calendar year in which the retiree received the distribution. If a retiree is reemployed, the retiree is subject to all applicable terms and limitations under the Research Foundation retirement plans relating to rehired employees.

A reemployed retiree may work no more than 19 hours per week (Part-time B).

The Research Foundation may recognize an exception to the 180-day restriction for a retiree who had a bona fide retirement, but unanticipated circumstances require the retiree to seek reemployment (e.g., death or disability of a working spouse). Any exception granted on this basis must be supported by credible evidence of an unanticipated change in circumstances and a legitimate change in plans to seek reemployment. Any exception must be approved by the Senior Director of Human Resources. Exceptions to the 180-day restriction should be rare.

Procedure

Notification

The employee must notify the Research Foundation, in writing, of his/her intention to retire at least 90 days prior to the intended date of retirement.

Implementation

This policy is revised effective May 31, 2017

None of the benefits or policies stated herein are intended to be contractual in nature. They do no confer any right or privilege, but are informational only. RFCUNY retains the absolute right to amend or terminate any benefit or policy at any time.