Renewal of the Phased Retirement Program

December 03, 2014

UCSC Phased Retirement Program - an additional option for retirement.

Unit Managers: Please post a paper copy of this message in your area for people who do not have regular computer access.

To: UCSC Staff Employees
From: Lori Castro, Interim Assistant Vice Chancellor Staff Human Resources
Re: Renewal of the Phased Retirement Program

The University is renewing 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. In return the employee receives 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.  Originally offered in 2012, the Phased Retirement Program has been extended through December 31, 2019.

Principal Officers are delegated the authority to determine whether to make this program available to their employees on a divisional basis.  Additionally, individual requests to participate in the program are subject to the approval of departmental management based upon operational needs and service requirements.  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.

For represented employees, participation in the Phased Retirement Program is subject to collective bargaining.

Full program description is available on the UC At Your Service website:  http://ucnet.universityofcalifornia.edu/working-at-uc/work-life-wellness/phased-retirement/index.html

UCSC Phased Retirement Program Summary and Local Implementing Procedures are available online at: http://shr.ucsc.edu/employee_programs/phased_retirement/index.html

Questions regarding the program should be directed to your Employee & Labor Relations Analyst.  Use the Locate Your Team matrix to determine the analyst assigned to your unit/division.

Questions regarding any potential impact upon benefits and/or retirement should be directed to the campus Benefits Office, 459-2013.