Currently, the normal retirement age at Colby is age 65 with at least ten years of service and early retirement is age 60 with at least ten years of service. While Social Security benefits may begin at age 62, the monthly income that would begin at age 62 is less than 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 Plan must begin withdrawing funds from their plan upon retirement. 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.
Health insurance coverage is available for retirees who were hired prior to September 1, 2002, under the following conditions: the employee has retired from the College, has completed ten 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/her retirement date.
- Retirees' Colby ID cards will still be valid for library and athletic facility privileges.
- Invitations to special campus events may be extended.
- With special permission by 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.
- Sick time will be paid out as one-half of the employee's sick accrual up to 130 days (up to 65 paid out). This is run out as a regular pay check each pay period, with the exception that it must be paid out 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.