Open to all benefits-eligible, unclassified faculty/staff members who have attained age 55 and who have completed at least 10 years of full-time service.
Maximum length of phased retirement agreement 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 full-time rate.
Tenure is not affected.
Participant must agree to retire at the end of the agreement period.
Participant may be re-employed after completion of a phased retirement agreement on a post-retirement basis.
Participant may partially withdraw or annuitize their regents mandatory retirement plan.
Maximum number of new participants in any fiscal year cannot exceed 2% of unclassified FTE.
Agreements can be rescinded within 48 hours of signature at the option of the employee, but are otherwise irrevocable.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.
Participation in the program will not be counted against the institution's FTE limits.