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CNM Offers Final Incentive to Employees Eligible to Retire

Feb. 1, 2017 -- CNM is offering a voluntary Retirement Incentive Offer (RIO) to full-time employees who are eligible to retire on or before Aug. 31, 2017, under the rules established by the New Mexico Educational Retirement Board.

Feb 01, 2017

The RIO program is designed to make the transition easier for employees eligible to retire while providing important savings to the college in salary and benefit expenses during a time of challenging budget conditions. 

This will be the final Retirement Incentive Offer, since CNM does not expect to have the cash reserves in upcoming budget years to make this program possible.

The 2017 RIO program will provide an incentive payment for those full-time employees who are eligible to retire through NMERB on or before Aug. 31, 2017, and who elect and agree to participate in the RIO program by March 31, 2017.

The decision to retire is personal, and you must rely on appropriate personal advisors. CNM, however, is committed to providing you with information forums and retirement reference materials to help answer your questions. Those employees who have been identified by CNM as eligible participants for the RIO program will be sent packets next week containing more information about the program and how to participate. If you do not receive a packet by Feb. 1 and you believe that you are eligible to retire by Aug. 31, 2017, please email cnm.rio@cnm.edu.

The one-time incentive payment for those who choose to participate in RIO will vary, according to the guidelines below:

n  Eligible retirees with under 10 years of service at CNM will receive $500 per year of full-time service.

n  Eligible retirees who have between 10 years and under 20 years of service at CNM will receive $750 per year of full-time service.

n  Eligible retirees with 20 years of service or more at CNM will receive $1,000 per year of full-time service.

n  Eligible retirees with 20 years of service or more with an annual salary of at least $70,000 will receive $1,250 per year of full-time service.

Those who participate in RIO will also be paid for unused annual leave. For those employees who are eligible according to the Employee Handbook (Section 8.05), sick leave will be paid.

CNM recognizes the importance of this decision for those who are eligible. If you’re eligible, you should consider the opportunity carefully and base it on all of the information relevant to you.

CNM will again host information sessions with representatives from the New Mexico Educational Retirement Board, the Retiree Health Care Authority, and the Public Employees Retirement Association at multiple campuses. Information will be forthcoming in News Link.

For information from the New Mexico Educational Retirement Board, visit www.nmerb.org. For more information about CNM’s RIO program, email cnm.rio@cnm.edu