Voluntary Phased Retirement is intended to meet the needs of staff members who would like to transition into retirement while still providing service to the University. The policy allows staff to have a gradual work commitment reduction over a defined period of time at a reduced compensation level. Managers will be able to facilitate opportunities for the transfer of institutional knowledge and experience that retirees provide.
Individuals interested in exploring a Voluntary Phased Retirement should begin by initiating discussions with their supervisor, ideally 2 to 6 months prior to the intended start date of the program. The discussion should include, but not be limited to the following:
- Start date
- Length of the phased retirement designated period
- The percent of reduction in the work responsibilities in each year (and the corresponding reduction in compensation)
- The type of work assignments in each year
During this period of phased retirement, the work hours will be reduced by designated periods. For example:
a. July to December at 75% time
b. January to June at 50% time
The work schedule shall not be less than 50% of the prior work schedule.
The salary during the designated periods will be reduced based on the full-time equivalent. During the designated period, the staff member will remain eligible for promotional, merit or other salary increases based on the reduced salary.
Eligible staff members will continue to receive health, retirement and all other benefits based upon the reduced salary and hours worked during the period of Voluntary Phased Retirement. Benefits eligibility is based on 50% or more of full-time equivalent. Paid time off (including sick leave and holidays) will be pro-rated based on the reduced schedule.
Upon retirement, the staff member will not be eligible to be rehired for at least two years following the end of the Voluntary Phased Retirement period.
A Voluntary Phased Retirement agreement must be approved in writing by the employee, supervisor, and senior officer and be on file with the Records department of the Office of Human Resources. In addition, the supervisor must complete a personnel action request in HCM, Manager Self-Service to reduce the hours as well as adjust the pay per the terms of the agreement.