605 Retirements

The College recognizes “normal” retirements at age 65 and beyond, but employees may retire “early” at age 55 to 65 and access any accumulated retirement funds. Any fund withdrawals prior to age 59 1/2 may be subject to certain tax penalties and should only be considered after consultation with a personal tax advisor.

Upon retirement, the employee will be paid for accumulated but unused PTO days, up to a maximum of 25 days. Retirees, with a minimum of five years continuous health insurance coverage, may retain coverage under the Centre College Health Care Plan, until the retiree becomes eligible for Medicare, with the total cost, as determined by the College, borne by the retiree.

Retired full-time employees may continue to be eligible for dining at the Cowan Commons Dining Hall on a reduced price cash basis, and on the same basis as other employees, enjoy free admission to Centre College athletic events, and the use of College exercise facilities, reduced price Norton Center subscriptions, and library privileges. A new Retiree ID should be obtained by contacting the Student Life office. Retirees may, with the permission of a professor, audit a class at no costs. Those who have given to the College during their employment at the Centre Associate level, may continue that relationship after retirement if they wish by signing up through the Alumni/Development office. The College reserves the right to alter these provisions in their entirety or on a case-by-case basis.