September 12, 2011
The University is proposing a Voluntary Phased Retirement Program as an optional tool that locations and organizational units may choose to provide to eligible career staff (except Senior Managers) to transition into retirement. This program would provide incentives to employees who voluntarily reduce their appointment percentages over a fixed period of time ranging from 120 days to three years. Among the incentives are a lump sum cash payment upon retirement based upon a specified formula and accrual of vacation and sick leave based upon the accrual rate prior to participants' voluntary appointment reductions.
The University is offering this program to facilitate longer term planning for employees and their families and to assist departments with their succession planning. The program also creates potential cost savings while providing a cash incentive.
The Phased Retirement Program would be subject to collective bargaining for represented employees.
Voluntary Phased Retirement Program details including frequently asked
questions are available at:
by clicking on "Proposed Programs." Policy covered (non-represented) employees who would like to comment on this proposed program should e-mail their comments by September 23, 2011 to firstname.lastname@example.org.