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Cuesta College explores Early Retirement Incentive program
Posted: Apr 14, 2010 4:06 PM by Bethany Tucker
Updated: Apr 14, 2010 4:06 PM
Cuesta College's Board of Trustees is looking at a measure that could save money and other jobs in the future.
A retirement incentive program is being introduced at Wednesday night's board meeting. It's a move that would save the college more money in the long run. Administrators say if revenues do not change, then Cuesta can expect a $13.4 million dollar deficit over the next three years.
College officials say the early retirement incentive plan would eventually save the college more than $1.2 million, by allowing employees to collect 80 percent of their salaries over five years if they retire early. All full-time faculty and certificated management employees would be eligible for the program, if they are at least 55-years-old with five years of service or 50-years-old with 30 years of service. For classified employees and managers to take part in the program, they would have to be at least 50-years-old with five years of service.
A final decision on this program could be made at the board's next meeting in May.
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