The normal retirement age at Colby is age 65 with at least 10 years of service. Early retirement is age 60 with at least 10 years of service.
While Social Security benefits may begin at age 62, the monthly income that would begin at age 62 is less than that which begins at age 65. Employees may of course retire at any time they choose, but most people will need to consider post-retirement income and the continuation of certain fringe benefits.
Employees participating in the Colby College Retirement Health Plan must begin withdrawing funds from their plan upon retirement (a minimum of $1,000). For most retirees this will be in the form of an annuity or lump sum payment(s). Employees planning to retire should contact the appropriate plan provider directly for assistance with making the arrangements. More >
Medical insurance coverage is available for retirees who were hired prior to Sept. 1, 2002, under the following conditions: the employee has retired from the College, has completed 10 years of continuous service after age 40 and attained age 60 prior to retirement, has received or will begin receiving retirement benefits from a Colby-sponsored retirement plan immediately after retiring, and was employed by Colby during the year just prior to his or her retirement date. More >
Sick and Vacation Days
- Sick time will be paid out as one-half (up to 65 days) of the employee’s sick-time accrual (up to 130 days). Sick time may be paid out as a regular pay check each pay period, with the exception that it must be paid in full by the last pay period of June or December (end of fiscal year or calendar year).
- Vacation accrual up to 36 days, or one and one-half times your accrual, is paid with the last paycheck.
- Retirees’ Colby ID cards will remain valid for library and athletic facility privileges.
- Invitations to special campus events may be extended.
- With special permission from the College, retirees may also receive dependent tuition benefits based on the number of years of tuition credit earned by the employee as of the date of retirement, reduced by the number of years or fraction years that have already been paid.
Important web site links:
- Apply for Social Security benefits online
- Apply for Medicare Part A and/or Part B
- Social Security benefits calculators
- TIAA online retirement planning tools
- Colby insurance plans – Summary Annual Reports
Important phone numbers:
- Social Security – 1-800-772-1213
- TIAA – 1-800-842-2252