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Summary:
Early Retirement
Incentive program(ERIP)
for any Group 1
employee in the
State Retirement
system. Members
eligible for the
incentive are those
eligible to retire,
those at age 55
with 10 years of
service or with
20 years of service,
and active on the
effective date of
act. Members exempted
from (ERIP) are
judges, elected
officials and employees
paid from a federal
trust.
Limits the number
of applicants
to 6,700, however,
members who entered
state service
before January
1, 1984 would
not be restricted
by the 6,700 limitation.
It provides for
an additional
5 years of service
or age or any
combination not
exceeding the
sum of 5 as an
early retirement
incentive. Includes
an application
period from January
1, 2002 to February
15, 2002 and requires
a retirement date
of March 15, 2002.
U-Mass applicants
retirement date
would be June
15, 2002, unless
the Chancellor
determined such
retirement could
be earlier.
Contains limitations
on the filling
of vacancies created
by program. Allows
for the filling
of positions,
not exceeding
20% of the salary
amount reduced
through ERI program.
Also requires
participants to
accept staggered
payment of vacation,
sick and other
accrued benefits
over three years
to be eligible
for program.
PERAC required
to analyze the
actuarial liabilities
attributable to
the incentive
program by November
30, 2002.
(See amendments
made under Chapter
62 of Chapter
2002 )
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EARLY
RETIREMENT FOR
CERTAIN
STATE EMPLOYEES CHAPTER 219
