UC Phased Retirement Program

Program Summary  UCSC Implementation Procedures
Overview Procedures for Enrolling
Authority Time Reduction Requirements
Eligibility Changing a Phased Retirement Contract
Details Ending a Phased Retirement Contract
Cash Incentive Formula Deadlines for Processing Contracts
Impact on Benefits Forms/Resources
Transfer, Promotion, Reappointment  
   

Overview

Program Summary

The University has renewed the Phased Retirement Program, which provides eligible career staff the opportunity to transition into retirement by voluntarily reducing work hours by at least 10 percent a year for up to three years before retiring. Originally offered in 2012, the Phased Retirement Program is part of the University’s cost savings and succession planning strategies. The program has been extended through December 31, 2019.

The program is an optional tool that Principal Officers may choose to implement. Employees eligible to participate in the program are policy covered staff aged 55 or older, who also are active members of the University of California Retirement Plan with at least five years of service credit, working in a career appointment at 60 percent time or greater, and not members of the Senior Management Group.

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 up to a maximum of three years 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 payment within thirty days following retirement.