Program Summary

The University has approved a Phased Retirement Program that is effective January 1, 2012 through December 31, 2014. The Phased Retirement Program is a temporary tool that department heads, with the approval of their Principal Officer may offer to employees to voluntarily reduce their working time and corresponding pay in exchange for a lump sum incentive upon retirement at the end of participation.

The intent of the program is to help eligible employees who are 55 or older transition into retirement and allow for longer-term planning for employees, their families and the departments they work in. The reduction also helps departments achieve temporary salary savings during this period of budgetary shortfall.

Under this program an eligible employee who is within an estimated three years of retirement, with the approval of their supervisor and department head, may choose to voluntarily reduce his or her percentage of appointment and pay. The employee may choose to participate for a minimum of 120 days or up to the duration of the program reducing their appointment by at least 10 percent annually for each year they are in the program. In return the employee will receive certain specified advantages such as vacation and sick leave accruals at the pre-program rate and a lump sum incentive cash payout within thirty days following retirement.

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