College
of Education Policies
Phased Retirement
Program
ELIGIBILITY
In
accordance with University policy, College of Education faculty, professional
and scientific staff, and merit system staff members employed by the Board of regents for
a period of at least 15 years and who have attained the age
of 57, are eligible to negotiate
with their department a schedule for phasing into retirement.
APPROVAL
All
requests for admission to the University's Phased Retirement
Program must receive approval from the DEO, the Dean of the
College of Education (and the Provost, for faculty). The program does not create a right
for the employee and the request to enter the program will
not be approved if it is not in the best interest of the College
or the University.
SCHEDULE
OF PHASING
A staff member may reduce from full-time to no less than a
half-time appointment either directly or via a stepped
schedule. At no time during the phasing period may an
employee hold greater than a 65 percent appointment.
Once phased retirement is initiated, employees may not return
to a full-time appointment.
PHASED
RETIREMENT PERIOD
The College policy limits phasing
to a maximum of three years. The staff member
is committed to full retirement at the end of the phasing
period.

RESPONSIBILITIES
Responsibilities during the phased retirement period will
be negotiated with the DEO/Director and are subject to the
approval of the Dean. Workload should appropriately
reflect the percent of time of the appointment. For
example, a faculty member reducing to 50% time might teach
two courses and continue with scholarship, student advising,
dissertation advising, committee assignments and service responsibilities
at a half-time level. All faculty and staff will be
required to submit a proposed work plan in conjunction with
the retirement request. Faculty on phased retirement
will be expected to complete annual post-tenure effort allocation
plans in accordance with collegiate policy.
COMPENSATION
The
salary received during the phasing period will reflect the
reduced responsibilities plus an additional ten percent of
the budgeted salary, had the person worked full time.
BENEFITS
During
the phased retirement period, University and staff member
contributions will continue for life insurance, health and
dental insurance, and disability insurance at the same levels
which would have prevailed had the staff member continued
a regular appointment. Retirement contributions to
TIAA/CREF will be based on the salary which would have been
obtained had the individual continued a regular appointment.
As mandated by law, FICA contributions will be based on the
staff member's actual salary during the partial or pre-retirement
period. The same is true for retirement contributions
for those participating in the Iowa Public Employee Retirement
System or Federal Civil Service System. Accrual of vacation
and sick leave will be based on percentage of appointment.
An individual participating in this program will be allowed access to up to 99% of their CREF retirement funds to assist in supplementing the loss of income that occurs when the person reduces their appointment down to 50% through 65% time, the maximum percentage permitted by the program.
DURATION
OF PROGRAM
The
College of Education policy will remain in effect in accordance
with the terms of the University of Iowa phased retirement
policies.
July 2007

POLICY
& PROCEDURE QUESTIONS: Contact Judy Brewer. |