4.20 Retirement Programs
University staff members may retire on or after age 55 following ten or more years of active service. Normal retirement age is the June 30th coinciding with or next following attainment of age 65.
II. PHASED RETIREMENT PROGRAM
- Eligibility: Faculty and staff employed by the Board of Regents for a period of at least 15 years, who have attained the age of 57.
- Duration of Participation: Maximum period of 5 years with full retirement at the end of the period. Maximum appointment years 1 to 4 is 65%. Maximum appointment year 5 is 50 %. Work schedule is subject to agreement between the employee and the department.
- Compensation: Years 1 to 4 – salary proportionate to appointment plus incentive of 10% of budgeted salary. Year 5 – salary proportionate to appointment.
- Benefits: Continuation of medical, dental, life, and disability insurance at full-time levels. Contributions to TIAA/CREF at full budgeted salary level. Contributions to IPERS, FICA, and Federal Retirement at reduced salary level.
- Duration: Subject to annual review, the program will expire on June 30, 2017, unless renewed by the Board prior to expiration.
If you are interested in this program, you should contact the head of your department or your supervisor.
Human Resource Services, approved 1/01
President’s Cabinet, approved 1/01
Updated March 23, 2012