Staff Phased Retirement Frequently Asked Questions Can I retire earlier than the allowed 5 year phased retirement period? Yes, you are able to retire any time during your phased retirement following regular retirement procedures. Employees under age 65 must give a written notice to their department at least 3 months in advance of their retirement date. Employees 65 years and older must give a written notice at least one month in advance. Most phased retirement agreements are I one year increments; however, you must retire at the end of the 5 year phased retirement period. Do I have to begin my phased retirement on a specific date? Phased retirement does not have to begin at the beginning of the pay period anytime during the year. When applying for phased retirement a request in writing must be sent to your immediate supervisor three (3) months in advance of the desired start date. Your department will notify you if your request has been approved or if there may need to be some changes to your request. How much sick and vacation time do I accrue during phased retirement? The vacation and sick accrual rates are based upon the FTE for the position. For example, an employee who works 8 hour day, 1.0 FTE will accrue 1 day of TDL per month at a rate of 3.69 hours per bi-weekly pay period. When the employee moves to .5 FTE phased retirement they will accrue the same 1 day per month at the rate of 1.85 hours per bi-weekly pay period. Will phased retirement affect my insurance plans? My retirement contributions? You will retain full-time status for benefits. All your insurance plans will continue the same as if you were working a regular full-time assignment. You will still continue to make contributions and receive the university’s match towards your retirement plan, but these contributions will be based on the actual prorated base salary paid. Can I access my retirement account during phased retirement? Yes, you can access your retirement funds during phased retirement. Contact your retirement carrier (Fidelity 1-800-343-0860, TIAA-CREF 859-224-6900) for distribution options and forms. How do I apply for phased retirement? Staff employees who are at least 60 years old and eligible to retire (contact Employee Benefits for a “service check” – 257-9519 and press option 3) and are interested in phased retirement should make the request in writing to their immediate supervisor three (3) months in advance. Once the employee’s request has been granted, the “Agreement for Staff Phased Retirement” form will be completed by the department and signed by all parties involved. What do I do when I’m ready to retire from the university? If your phased retirement assignment is ending or you would like to retire earlier, you must follow the established retirement procedures. Employees under age 65 must give a written notice to their department at least 3 months in advance of their retirement date. Employees 65 years and older must give a written notice at least one month in advance. Final approval of phased retirement is then sent to the compensation department in Human Resources.
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