Kansas State University
Voluntary Phased Retirement Program For Faculty and Unclassified Professionals
Open to all benefits-eligible, faculty and unclassified professionals who have attained age 55 and who have completed at least 10 years of service.
The average period of phased retirement that will be approved is two to three years. In unusually meritorious cases a maximum length of phased retirement agreement that may be approved is 5 years.
Participant's appointment must be less than the current appointment, but not less than .25 FTE.
Participant's salary is reduced but benefits (health insurance, death and disability coverage, retirement contributions) stay at the pre-retirement rate.
Tenure is not affected.
Participant must agree to retire at the end of the agreement period.
Agreements can be rescinded within 48 hours of signature at the option of the employee, but are otherwise irrevocable.
Agreements may be modified by further reducing the participant's fractional appointment, or by permitting full retirement at an earlier date. Modifications must be by mutual consent.
Participant may be re-employed 60 days or later after completion of a phased retirement agreement on a post-retirement basis if no retirement plan distributions have been made.