A project was undertaken to evaluate existing models of early retirement incentive programs (ERIPs) and recommend an ERIP for New Jersey's Mercer County Community College (MCCC). The following categories of ERIPs were reviewed: state plans for New York and Minnesota; K-12 school districts plans at the Castro Valley Unified School District and 48 school divisions in Saskatchewan (Canada); university programs at the University of Missouri, University of California, University of Virginia, and Quebec's McGill University (Canada); and five New Jersey county college programs at Camden County College, Cumberland County College, Middlesex County College, and Gloucester County College, as well as New York's Dutchess County College. Based an analysis of these ERIPs, a two-track program was recommended for MCCC that would offer faculty the option to accept immediate early retirement (Plan A) or a transitional approach of reduced workload from one to six semesters (Plan B). The recommended program also contained the following characteristics: (1) faculty should be 55 years or older and have completed 25 years of service at the college to participate; (2) they should have a 3-month window in which to choose to participate; (3) Plan A would provide 2% of the final year's salary times the number of years employed, while Plan B would allow faculty to teach half load at 60% of salary; and (4) other incentives would include life-time health benefits, Internet access, and free tuition and fees. Contains 13 references. (BCY)