SUBJECT:

Voluntary Phased Retirement Program

The University is establishing the voluntary Phased Retirement Program effective now through December 31, 2014. The Phased Retirement Program is intended to assist succession planning and facilitate retirement transitions for staff while achieving temporary salary savings. Career staff, other than Senior Management Group members, who are 55 or older with at least five years of UC retirement service credit and with appointments of 60% time or greater are eligible for the program. The program requires employees to reduce their work hours by at least 10 percent annually before retiring. The minimum amount of time employees may reduce their time is 120 days. 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. Once employees reduce their appointment percentage to 50 percent, they must retire at the end of one year or forfeit their incentive.

Participation in the Phased Retirement Program is at the discretion of the department head and requires the approval of each participant's supervisor, department head, and vice chancellor.

The Phased Retirement Program is subject to collective bargaining for represented employees.

Voluntary Phased Retirement Program details including frequently asked questions are available at:

http://blink.ucsd.edu/HR/policies/phasedretire.html

Inquiries regarding the Phased Retirement Program should be directed to the UCSD Human Resources Department Employee Relations Division at 858-534-4115 or employeerelations@ucsd.edu.

Thomas R. Leet Assistant Vice Chancellor - Human Resources