Formal Review: Phased Retirement Program

October 06, 2014

October 6, 2014

To:       UCSC Staff Employees

From:   Lori Castro, Interim Assistant Vice Chancellor, Staff Human Resources

Re:       Formal Review: Phased Retirement Program 

The University is proposing to renew the Phased Retirement Program, an optional tool that locations may choose to provide eligible policy covered staff who are 55 or older transition into retirement.

The program allows eligible career staff members, except Senior Management Group members, to voluntarily reduce their work hours by at least 10 percent a year for up to three years before retiring.  Participants would receive a lump sum cash payment upon retiring that would be equal to half the amount of the reduction in time.

Originally offered in 2012 as part of the University’s cost savings and succession planning strategies, and scheduled to sunset at the end of this year, the core provisions of the proposed renewed program remain the same as the original program. The University is proposing that the program be renewed for a four-year period, effective January 1, 2015 and ending December 30, 2019.

The program and frequently asked questions are posted at:http://ucop.edu/human-resources/_files/phased-retirement.pdf

The policy’s scope applies to all non-represented staff employees. Non-represented staff employees who wish to provide comments on the proposed policy should direct their comments to Lori Castro at lhcastro@ucsc.edu by October 22, 2014.  Participation for exclusively represented employees is subject to collective bargaining.