LARAMIE COUNTY COMMUNITY COLLEGE PROCEDURE

 

 

SUBJECT Retirement                         

REFERENCE Policy 4140

DATE 1/3/89

NUMBER 4140

 

I.  Introduction

 

College benefited employees are eligible to participate in the State of Wyoming Retirement System or they may elect to participate in Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA/CREF). In addition to the above, employees who meet eligibility requirements may participate in the college sponsored Transitional Opportunities Plan (refer to Policy and Procedure 4145) or request Phased Retirement.

 

II.  State of Wyoming Retirement System (MRS)

 

Details regarding retirement eligibility and benefits are contained in the "Handbook of the Wyoming Retirement System." Retirement handbooks are available in the Payroll Office.

 

A. Contributions

The college contributes 11.25 percent of the employee's salary to the retirement system and there is no cost to the employee.

 

1. A separate account is maintained for each member of the system which includes total contributions reported for the member and accrued interest.

2. An employee's account on deposit with the WRS cannot be borrowed against, attached or garnisheed, and no additional funds may be contributed in excess of the contribution rate of 11.25 percent.

3. Interest accrues on all active accounts at the rate determined by an eleven member board and is compounded annually.

 

B. Vesting

After participating forty‑eight (48) months in the WRS, an employee has a "vested" right to benefits at age fifty (50) or older which cannot be taken away.

 

C. Eligibility

Employees qualify for retirement payments at age fifty (50) if they have at least four (4) years of service, or they may retire at any age if they have twenty-five (25) years of service.

 

D. Retirement Age

Normal retirement age for purposes of calculating retirement payments is  sixty (60).

 

E. Benefit Calculation and Retirement Options

   The WRS determines a person's retirement benefits by considering 

   years of service, salary during employment, and age at retirement.

   The retiree may chose one (1) of five (5) different benefit options. 

   Details regarding benefit calculations and options are contained in 

   the WRS Handbook.

 

F. Application for Retirement

1. The member of the WRS must submit retirement application on his/her own. The college cannot make application on behalf of the employee.

2. Location, mailing address, and telephone number:

Wyoming Retirement System, Herschler Building, First Floor East, 122 West 25th, Cheyenne, WY 82002, (307) 777-7691

3. Application must be made on a form provided by the retirement system and filed before any retirement allowance can be paid. Retirement may be effective the day following an employee's last working day. An application may be filed anytime, but WRS recommends it be submitted sixty (60) days prior to retirement.

4. Retirement checks are mailed from the WRS office before the end of each month so retirees will receive them by the first of each month. Each check represents the preceding month's retirement allowance.

 

III.  Teachers Insurance and Annuity Association/College Retirement` Equities 

      Fund (TIAA/CREF)

 

Details regarding retirement benefits are contained in TIAA/CREF booklet "Your Retirement Annuity." Employees have a one-time option, at time of initial employment, to participate in the TIAA/CREF Retirement Plan. If the employee elects this option, the college will contribute 11.25 percent of the employee's salary to TIAA/CREF.

 

IV.  Phased Retirement

 

A.  Introduction

    The Phased Retirement plan is designed to allow employees an opportunity to  

    gradually reduce their work load prior to full retirement.

 

B.    Eligibility

1. Employee must have a minimum of seven (7) years of full-time service at the college immediately prior to beginning phased retirement.

2. Employee must be at least sixty (60) years of age to begin reduced service under the Phased Retirement plan.

 

C.  Conditions of Employment

1. Employment may not exceed one-half(1/2) time.

2. Employment will normally continue for a period

   not to exceed three (3) years.

3. The salary for phased retirement service will be based on a pro-rata portion of the employee's full-time salary, including eligible salary increases, if any.

4. Employee on phased retirement is eligible for the same benefits received as a full-time employee, and when applicable, benefits will be prorated based on percent of appointment.

5. Phased retirement will be granted at the convenience of the college and the terms and conditions will be mutually agreed upon by the college and the employee.

 

D. Application

1. Employee is required to submit a written request for phased retirement to the  President at least one hundred twenty (120) calendar days prior to the anticipated last date of full‑time service.

2. A Phased Retirement plan requires the approval of the Board of

   Trustees.

 

   E. Restriction

      An employee granted phased retirement is not eligible to participate

      in the college's Transitional Opportunities Plan.