In an effort to offset loss of revenue from no increase in state general aid in FY2016, the Northeast Iowa Community College (NICC) Board of Trustees approved a three-year early retirement incentive plan at its December 21 meeting.
The board approved the measure as College leaders examined ways to control costs for students while maintaining high quality programming despite the $0 increase in funding from the state legislature in FY2016. The last such measure was approved in FY11 following tight recessional state budget years.
The College introduced the retirement plan for 2016-2018 after surveying all the community colleges in Iowa to study similar measures under consideration in response to the reduced aid. Administrators responded to trustee inquiry about the impact of the retirement plan in the budgeting process, according to Julie Huiskamp, Ph.D., NICC executive director of human resources.
Those eligible must be at least 55 years of age and have ten years of full-time uninterrupted employment at the College. The final date for eligible faculty and staff to retire is August 18, 2018.
Spreading the retirement window over three years provides the College with the ability to plan for succession and ensures institutional stability during the retirement incentive.