Retirement Education

MCC Retirement Benefits

For information about MCC's Retirement Incentive Program, please review Board Policy 3.1.5 The entire Board Policy 3.1.5, Retirement Incentive Program, will be deleted from Board Policy effective July 1, 2008.

MCC Early Retirement

Full-time employees of the College who retire and are:

1. aged 55 years or older;

2. have a minimum of ten (10) years of service in the District;
shall be eligible to receive a payment from the College* in one sum
or in equal payments over four (4) years, at the employee’s option,
equivalent to the following:

10 yrs. of full-time service at MCC**=50% of the employee’s highest
salary of the last 4 calendar years.
15 yrs. of full-time service at MCC**=75% of the employee’s highest
salary of the last 4 calendar years.
20 yrs. of full-time service at MCC**=100% of the employee’s highest
salary of the last 4 calendar years; up to 6% of which to be advanced and
added to the employee’s 9 to 12 month contract(s) (or equivalent for
hourly staff) beginning the July 1 after notice of retirement is provided
and continuing for all complete fiscal years, or the final partial fiscal year,
if applicable, for which notice is given.

Notice of retirement must be provided by the retiring employee on or
before June 30, 2008, and retirement must occur on or before June 30,
2009.

*The retiring employee must notify the College in writing prior to the
beginning of the last full academic semester (not counting the Summer
Session) of his/her intended employment prior to the extended retirement
of his/her intention to retire and which options he/she desires to exercise.

**Each year of full-time service at MCC over ten (10) years the
percentage of the employee’s last year salary would increase by 5% for
the payment to a maximum of twenty (20) years of full-time or 100% of
the last year salary.

Insurance
1. Retiree
The retiree will be given the option of remaining on the College medical,
dental, and vision insurance program at College expense for a maximum
of 10 years following the date of retirement. If the retiree becomes
eligible for Medicare during this time period and enrolls in Medicare Part
A and B, the College will pay for the Medicare supplement offered
through the College’s insurance plan for the remainder of the 10-year
period. In cases involving retirees who are neither eligible for premiumfree
Medicare Part A through their own employment history or that of
their spouse, the College will also pay 50% of the premium for Section A
coverage through Medicare for the balance of the 10 year period.
After ten years, the retiree will be covered by the College Insurance Plan
(the SURS Plan) administered by the State of Illinois. If this plan is
canceled, both parties agree to meet to negotiate medical insurance
coverage for retirees not eligible for premium-free Medicare Part A.

2. Dependents
The retiree will be given the option of keeping his/her dependents on the
College medical and dental insurance program at the retiree’s expense.
Such coverage will cease for spouse when remarried or when assumed
under another plan.

The entire Board Policy 3.1.5, Retirement Incentive Program, will be deleted
from Board Policy effective July 1, 2008.

MCC Staff Council

From Section 4.15 of the MCC Staff Council Agreement (2006-2011):

The following benefits will be available to full-time employees who are over 55 years of age, but less than 60 years of age at retirement, who have been employed by the College as a full-time employee for ten (10) or more years and less than 35 years:

The employee may retain their MCC medical, dental, and vision insurance plan by paying 100% of the entire monthly premium for: a. up to ten (10) years, b. when the retiree becomes elible to obtain insurance through the State of Illinois College Insurance Plan, or c. when the retiree becomes Medicare eligible, whichever comes first. This applies to the employee, employee plus one dependant, or family coverage, as appropriate.

For this section of the contract, a retiree is defined as a full-time employee who has retired through the State Universities Retirement System or MCC's retirement program (if applicable).

MCC Faculty Association

From November 11, 2004 Memorandum of Agreement of the MCC Faculy Association Contract (2004-2005 - 2007-2008)

Faculty employed full-time by the College on or before August 19, 2004

Faculty employee full-time by the College on or before August 19, 2004 and who have had continuous full-time employment since that date and retire from the College will be given the option of remaining on College medical, dental, and vision program at College expense for a maximum of 10 years following the date of retirement. If the retiree becomes eligible for Medicare during this time period and enrolls in Medicare Parts A and B, the College willl pay for the Medicare supplement offered through the College's insurance plan for the remainder of the 10-year period. In cases involving retirees who are neither eligible for premium-free Medicare Part A through their own employment history or that of their spouse, the College will also pay 50% of the premium for Section A coverage through Medicare for the balance of the 10-year period.

After 10 years, the retiree will be covered by the College Insurance Plan administered by the State of Illinois. If the plan is canceled, both parties agree to meet to negotiate medical insurance coverage for retirees not eligible for premium-free Medicare Part A.

Faculty employed full-time by the College after August 19, 2004

From Section 12.8 of the MCC Faculy Association Contract (2004-2005 - 2007-2008)

Faculty hired after August 19th, 2004 will not be eligible to remain on the College medical, dental and vision plan following the date of retirement. Rather, upon retirement, faculty hired after August 19th, 2004 will be reimbursed by the College for their premium in the State College Insurance Program for a maximum of ten years up to the amount of the single premium for the medical portion of the college insurance plan in place at the time.

Further, for those faculty employed full-time after August 19th, 2004, a committee comprised of three full-time faculty appointed by the President of the Faculty Association and three administrators appointed by the College President shall meet and make a recommendation to the College President regarding the early retirement incentive program for full-time faculty. This recommendation shall be advisory in nature. The committee shall look to all other Illinois Community Colleges for plan designs. This recommendation shall be made by December 31st, 2006.