Contents:
Buyout
In Progress Passes!
Board
of Governors replies to Assembly
2002-2003 Delegates Accepted
Retiring Early (Editorial)
On
A Personal Note
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The Governor's Early Retirement
Incentive package was passed by the Legislature on Thursday, May 30, =
and signed into law the same day.
Governor
McGreevy announced his plan for a pension buy-out on April 22,
2002. The plan calls for an additional pension amount of 3/55 of the =
compensation on which their retirement
amount is based for PERS members
with 25 years of service if they have reached their 50th
birthday before July 1, 2002. Those retiring before age 55 will
have their maximum pension benefit reduced by ¼ of 1
percent (.25%) for each month under age 55 they are at retirement.
ABP employees who meet the same age and service requirements will
receive 60% of their annual salary in two equal installments, one
at one month after retirement, and one at thirteen months after.
Employees who are age 60 or older, with 20 or more years of
service but less than 25 years will receive a post-retirement
medical benefits package. Employees age 60 or older with from 10
to 20 years of service will receive $500 a month for the first 24
months they are retired added to their pension
check.
Employees
wishing to take advantage of this buyout must notify their
employer by June 14th , (the Rutgers deadline is May
31st to allow Human Resources sufficient time to submit =
necessary documentation) and must
retire before July 1, 2002.
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At
the March 22, 2002 meeting of the Administrative Assembly of
Rutgers, the State University of New Jersey, the body approved the
election by acclamation of four new delegates for Assembly year
2002-2003. These delegates are Janice L. Davey, Assistant Director
of Physical Plant, Newark Campus; Rose Farias, Administrative
Assistant, Dean’s Office, Graduate School of Applied and
Professional Psychology, New Brunswick (Busch) Campus; Charlotte
M. Fuller, Marine Scientist, Institute of Marine and Coastal
Science, New Brunswick (Cook) Campus; and Lisa McCorkle,
Supervisor, RU Dining Services, Cooper Dining Hall, New Brunswick
(Douglass) Campus. Unless otherwise determined by a planned
re-alignment of current Assembly delegate terms, these four
individuals will serve for three years.
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Editorial:
Retiring Early
As
an Administrative Assembly delegate, I have been fielding a lot of
questions lately about Governor McGreevy’s Early Retirement
Incentive (ERI) plan. This is partly, I think, because I have over
30 years service, and am past 60 years old, too.
For
people who have been planning to retire soon anyway, this looks to
be a good deal. These are the folk who have gone to the workshops.
They have checked their own resources, and determined that they
are ready financially to shift from a paycheck to a pension check.
They look forward to reaping the rewards of the extra free time,
whether by moving on to another career, or by enjoying the
leisure.
If you have not done the
planning, though, I urge caution. Although the plan is
now enacted into law, be careful. You do not have much time. Find =
out before you file just
how much income you will get from your pension. Remember, if you
have a spouse or other dependent, you may want to provide for
them. That will reduce your pension amount each month. If you are
under 55, the maximum monthly payment will reduce by a quarter
percent for each month you fall short of that age. Check your
expenses, especially those you will not reduce by eliminating the
daily commute. Can you, and your family, live on what’s left
after taxes and expenses? Do not file until and unless you =
know.
For those who have done their homework, this is a nice addition to =
your retirement. Go for it,
and enjoy your retirement. For the rest, tread
with caution. Remember, while the early bird catches the worm,
the SECOND mouse gets the cheese!
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A while ago, I told some friends and co-workers that I =
intended to stay at Rutgers "until they throw me out, or carry me =
out." That issue now is settled. Barring some catastrophe in the =
next seven months, I won't be carried out. Thanks to University policy =
on notice, I will have time to tie a pillow to my behind to cushion my =
landing when I am thrown out.:-)
My management has informed me that, owing to budgetary =
considerations, my job (which I have held for thirty-two years) is =
being eliminated. My last day with Rutgers will be Friday, January 3, =
2003. I earnestly hope, but kind of doubt, that another place can be =
found for me at the University.
I am writing this piece, not to indulge myself, but to =
offer an object lesson to you, my readers. We have a conceit in this =
country that our job is ours so long as we do it well and keep our nose =
clean. Philosophically, this is a grand ideal. Practically, it could =
not be farther from the truth. All that incumbency in a job entitles us =
to, whether tenure has been for a day or for a lifetime, is our next =
paycheck and such other benefits as may be
assured to us by our employer. We hold a job on an =
"at-will" basis. Unless strong evidence exists that =
membership in one or more protected groups has been the trigger for =
doing so, our boss can walk through the workplace, pointing left and =
right, and end our employment on the spot. There is no law against it. =
It can be due to budget cuts. It can be due to a question of our =
competence or our dedication. It can be the color of our shirt. It can =
just be a bad mood. It can be for no demonstrable reason whatsoever.
The point is, don't get too comfortable. Loyalty, years =
of service, acceptable or even outstanding performance, service to the =
organization within and without the workplace that goes beyond the job =
description, none of these assures anything beyond your next paycheck =
and (at Rutgers) a fixed notice period based on length of service. =
Expect nothing beyond this, and plan your career accordingly.
There are still things to learn here. Over the next seven =
months (possibly less, of course) I will be using the resources of the =
University in seeking employment here or elsewhere. As I venture =
through this experience, I will prepare further "On A Personal =
Note" articles for "The Administrator" to help those who =
may need to follow me in finding their way. This is, after all, not an =
ending, but a change of direction.
Charles
R. Olszewski
Editor,
“The Administrator”
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