Phased Retirement

About the Phased Retirement Program

Procedure Summary

This document describes the Research Foundation (RF) Phased Retirement Program and administrative procedures.

Procedure Steps

Step

Role or Responsibility

Reference or Tips

A manager should NOT initiate a conversation with an eligible employee about the possibility of entering Phased Retirement, since doing so may be construed as age discrimination.

Managers

 

Interested employees who are contemplating phased retirement should first ask their managers if part-time employment and Phased Retirement could meet the needs of their department while also meeting their needs.

Eligible employees

 

Managers should seriously consider the request and whether it could potentially meet the needs of the department and confirm sponsor and program requirements will permit employees to work part time.

Managers

 

The employee and manager must agree on the Phased Retirement start and end date, the percentage of effort to be worked, the prorated salary, and the employee's responsibilities and title while working in Phased Retirement.

Eligible employees and Managers

 

The manager should ask the campus HR office to have the employee's eligibility to participate verified.

Managers

 

Campus HR offices should submit a request to central office benefits services to determine employee eligibility for Phased Retirement (which is the same as eligibility for retiree health insurance).

 

 

Campus HR offices

 

The central office benefit services unit will inform the Campus HR office whether the employee is eligible

Central Office Benefit Services

 

After receiving verification of eligibility from central office, the campus HR office should send the Phased Retirement Disclosure, Application and Agreement to the employee’s manager.

Campus HR offices

 

The manager should meet with the eligible employee and the employee should complete the Application and sign the Agreement.

Managers and Eligible employees

 

The manager should obtain the signature of the principal investigator or department head, and then send the signed Agreement back to the HR office. If the job description is being revised, that should also be sent to the HR office.

Managers

 

If the manager is unable to approve the request because it does not meet departmental needs and/or sponsored program requirements, the manager should provide a written explanation to the employee.

Managers

 

After receiving the fully signed Application and Agreement, the campus HR office should make the appropriate changes in the employee’s Oracle HR/payroll record and enter the required information in the Special Information Type fields (see below).

Campus HR Offices

 

If the employee is requesting a distribution from the Retirement Plan or Optional Retirement Plan, the campus HR office will authorize the distribution from TIAA-CREF.

Campus HR Offices

 

The campus HR office must send an email to central office Benefits Services with the employee’s Phased Retirement start date and the expected ending date (retirement date). When the employee retires, the campus HR office should again notify central office Benefits Services.

Campus HR Offices

 

Will let the campus HR office know if the employee is eligible for Phased Retirement.

Central Office Benefits Services

 

Will make sure that LTD coverage continues while in Phased Retirement.

Central Office Benefits Services

 

Related Information

Background

The Research Foundation has adopted a phased retirement program that is designed to permit full-time employees who are close to retirement to transition to retirement by reducing their work schedule in a mutually agreeable manner while maintaining benefits.

Eligibility

If sponsor and program requirements permit, phased retirement is available to full-time employees who are at least age 55 with 10 years of full-time equivalent service at the beginning of the phased retirement period (meeting age and service requirement for retiree health). Participation in the Program requires an application and agreement and the approval of the interested employee’s manager/supervisor and their campus human resources (HR official).

Phased Retirement Period

The phased retirement period will be determined by the employee with the approval of the employee’s manager/supervisor, the principal investigator or department head, and the campus HR office. The maximum period of phased retirement shall be 36 consecutive months. At the end of the phased retirement period, the employee will retire from service with the RF.

Benefits during Phased Retirement

While some benefits during the phased retirement period are provided as if the employee were full-time, others are modified based upon the employee’s actual earnings during the phased retirement period (for example disability income and retirement contributions). Please review the Phased Retirement Program Disclosure for detailed information about the benefit plans, programs and policies that may apply during the phased retirement period.

System Input for Administration of the Program

Access the Special Information (SIT) on the Oracle Business System:

Signing off on Distributions

Forms from TIAA-CREF will continue to go to campus administrators when a person in phased retirement wants to take a distribution. Campuses should complete these forms as they would if the person was terminated, only in the field for termination date, the date the person entered phased retirement would be entered.

Change History

 

 

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