The new Staff Retirement Incentive (SRI) program, announced Feb. 27 by Vice President for Human Resources Mary Opperman, has generated a much interest across campus. To help answer questions about the program, Opperman will host open forums each Friday in March for anyone interested in learning about this program (see below for schedule). Benefit Services staff also will be on hand to provide information on the benefits available for those retiring through the SRI. No registration is necessary.

This past week, employees who are eligible for the SRI received packets of information, which also are available at http://www.ohr.cornell.edu/newRetirement.

Key features of the SRI program:

• The program is entirely voluntary.
• All applications for SRI must be received (hand-delivered, U.S. postmarked, faxed, scanned or e-mailed) no later than March 31, 2009.
• Staff members applying for the SRI do not need supervisory approval.
• Staff members who change their minds after submitting an application -- but no later than March 31 -- can come to Benefit Services and ask for their application to be withdrawn from consideration and be returned to them.
• Once the application window has closed, the university will determine if the cost of the incentives will exceed the funding for the program. If so, applications will be accepted systematically, starting with the applicants with longest Cornell service and continuing until the funding for the program is exhausted.
• If an application is accepted, that staff person will need to retire by June 30. He or she will receive a lump-sum payout equal to one year of his or her base pay, as well as an additional 30 percent contribution to a retirement account set up through the Cornell University Retirement Program.
• If an application is not accepted by the university, the staff member will be notified and will return to the status he or she had prior to the SRI offering.
• The lump-sum payout is subject to taxation, estimated withholding at approximately 40 percent. The contribution to a retirement account is tax-deferred. Staff members are encouraged to talk with their family members and with a financial consultant before applying for the SRI, as individual financial situations vary.
• Retiring staff members in the program will receive the same benefits that are offered to all staff retirees. Details are spelled out in the booklet "Retirement and Beyond" (endowed: http://www.ohr.cornell.edu/benefits/programs/RBEnd.pdf; statutory: http://www.ohr.cornell.edu/benefits/programs/RBContract.pdf).
• Those who accept a retirement incentive can return to work at Cornell in a casual or temporary non-benefits-eligible position, but they will not be able to return to a regular full- or part-time benefits-eligible position for at least three years.

Who is eligible for the new retirement incentive program?

• The SRI program is open to Cornell endowed and statutory staff age 55 and older who have worked at the university for 10 years or more and who receive benefits from Cornell. Those who are not eligible include individuals who are employed in tenured or tenure-track professorial positions; senior staff reporting to the president of the university; individuals funded with more than 25 percent of sponsored monies; Cornell Cooperative Extension Association employees; and those who submitted voluntary resignation letters prior to March 1.
• Staff members who did not receive a packet but think they qualify for the program should speak to their human resource representative (see http://www.ohr.cornell.edu/contactHR/hrAcrossCampus/hrConsultants.html).

Getting your questions answered

• Questions about your eligibility for the SRI or your position? Contact your human resource representative. http://www.ohr.cornell.edu/contactHR/hrAcrossCampus/hrConsultants.html.
• Questions about tax implications? Talk with a financial consultant or legal advisor before applying.
• Questions about your benefits in retirement in the SRI? Contact a Benefit Services consultant, at 255-3936 or benefits@cornell.edu to make an appointment. Or attend one of the open forums or pre-retirement seminars offered in March.
• Questions about retirement funds and distributions? Contact the respective retirement vendor. See box at right. NYSERS participants may also want to make an appointment with a NYSERS representative, who can provide exact details regarding retirement amounts. A 2009 schedule is available at http://www.ohr.cornell.edu/benefits/programs/NYSERS_Schedule.pdf.

The following open forums on the Staff Retirement Incentive Program (SRI), hosted by Mary Opperman, vice president for human resources, are open to the entire Cornell community. Staff members from Benefit Services also will be available to answer questions. No registration is necessary.

Every spring and fall, Benefit Services offers the Pre-Retirement Seminar Series to help faculty and staff plan for a financially secure retirement. Staff members in the endowed or statutory colleges are encouraged to attend a session. Bring your "Retirement and Beyond" brochure; it is the "textbook" for the session. To reserve a space at one of these sessions, register online at http://www.ohr.cornell.edu/benefits/registration or call 607-255-3936.

The following open forums on the Staff Retirement Incentive Program (SRI), hosted by Mary Opperman, vice president for human resources, are open to the entire Cornell community. Staff members from Benefit Services also will be available to answer questions. No registration is necessary.

• March 6, noon-1:30 p.m., 700 Clark Hall
• March 13, 10:30 a.m.--noon, G10 Biotechnology Building
• March 20, 2-3:30 p.m. G10 Biotechnology Building
• March 27, 2-3:30 p.m. Robert Purcell Community Center Auditorium

Every spring and fall, Benefit Services offers the Pre-Retirement Seminar Series to help faculty and staff plan for a financially secure retirement. Staff members in the endowed or statutory colleges are encouraged to attend a session. Bring your "Retirement and Beyond" brochure; it is the "textbook" for the session. To reserve a space at one of these sessions, register online at http://www.ohr.cornell.edu/benefits/registration or call 607-255-3936.

Statutory Benefits Presentations:

• March 9, 2-4 p.m., Lecture Hall I, Vet Education Center (register for session 2)
• March 17, 9-11 a.m., Lecture Hall I, Vet Education Center (register for session 3)
• March 26, 2-4 p.m., Lecture Hall I, Vet Education Center (register for session 6)

Endowed College Benefits Presentations: