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Section G
Employee Retirement and Early Retirement Benefits

G-3: Employee Retirement and Early Retirement Benefits

Adoption Date: 09/17/90  |  Revision Date: 01/21/03  |  Revision Date: 05/10/04  |  Revision Date: 08/26/08  |  Revision Date: 02/22/11 |  Revision Date: 02/28/12

Prairie State College shall provide regular and early retirement benefit plans for eligible employees through participation in the State Universities Retirement System (SURS) pension plan.

Additionally, the College offers retirement benefits to eligible employees (as provided in their respective collective bargaining agreements or as contained herein).

College Retirement Benefits

  1. Faculty: Refer to the appropriate collective bargaining agreement.
  2. Contractual Support Staff: Refer to the collective bargaining agreement.
  3. Confidential Support Staff: Same as provided in the support staff collective bargaining agreement.
  4. Campus & Public Safety Officers: Refer to the collective bargaining agreement.
  5. Grant Funded Employees: Same as provided for the employees in the same employee group, subject to limitations of the applicable grant.
  6. Manager/Professional Employees
    1. Eligibility
      1. This program shall be open to all manager/professional employees who are at least 55 years of age or have attained 30 years of service on July 1 of the year of retirement. To be eligible, employees must have been employed by the College for the preceding ten (10) years.
    2. Benefits
      1. Retirees are expected to join the Illinois College Insurance Program (CIP), or any other coverage of their own choice.
      2. Retirees will receive a one-time lump sum payment of $3,500 at the time of retirement, subject to the ten (10 year provision noted in A above.

        Similarly. long-term part-time employees who elect to retire, will receive a prorated portion of this lump sum per definition of proration. This distribution will occur after the last official check from the College has been issued
  7. Administrative Employees
    1. Eligibility
      1. An employee must have been employed full-time by the College for the preceding ten (10) years and must be at least fifty-five (55) years of age on July 1 of the year in which participation is requested.
    2. Benefits
      1. Participants will be allowed to enroll in a College HMO (Health Maintenance Organization) or PPO (Preferred Provider Organization) insurance plan until the age of sixty-five (65) so long as the insurance company writing the coverage continues to approve such participation. The retiree will be responsible for paying the full amount of the premiums.
      2. A lump sum payment based on the retiree's last full-time annual salary rate will be made at the time of retirement equal to the following:
        1. Consecutive years of service preceding the date of retirement, 25-29; percentage, 85%
        2. Consecutive years of service preceding the date of retirement, 20-24; percentage, 75%
        3. Consecutive years of service preceding the date of retirement, 15-19; percentage, 65%
        4. Consecutive years of service preceding the date of retirement, 10-14; percentage, 55%

403(b) and 457(b) Plans
The College may offer 403(b) and 457(b) Plans to employees of the College and as approved by the Board of Trustees. The contribution will be the responsibility of the employee.

Longevity Bonus

  1. Contractual Support Staff: Refer to the collective bargaining agreement.
  2. Confidential Support Staff: Same as provided in the support staff collective bargaining agreement.
  3. Campus & Public Safety Officers: Refer to the collective bargaining agreement.
  4. Grant Funded Employees: Same as provided for the employees in the same employee group, subject to limitations of the applicable grant.
  5. Manager/Professional Employees: Manager/professional employees hired prior to January 1, 2012 will receive the same longevity bonus benefits as approved in the contractual support staff collective bargaining agreement.