6-2 Phased Retirement
Policy
In some circumstances, the University may negotiate a retirement agreement with an officer of instruction or research in which the officer phases his/her retirement over a period of time and opts to work a reduced number of hours while maintaining full benefits, with the final phase being full retirement. This is considered a Phased Retirement Agreement. Please contact the Office of Faculty Affairs for additional Phased Retirement Agreement guidelines and template.
Requirements
Department submits the following:
- Draft CUIMC Retirement Agreement
- Upon receipt of approval of the Retirement Agreement, a PAF with the effective date and action/reason code PLA/PHR
- Upon completion of the phased retirement period, a PAF with the effective date of retirement and the action/reason code RET/LOA and either action/reason code RET/EAR for early retirement at an age between 55 and 64 or RET/NOR for retirement at the age of 65 and over
Workflow – Part 1, establishing the phased retirement agreement
- The department works closely with officer to construct a mutual agreement based on the needs of the officer and department.
- The department sends the draft Retirement Agreement to OFA for review.
- OFA reviews the draft Retirement Agreement and forwards it to the Office of the Provost for review.
- If the Office of the Provost has questions or revisions, they send the draft agreement back to OFA for discussion and further revisions as needed.
- OFA follows up with the department and obtains additional information and/or revisions as needed.
- OFA forwards the revised draft Retirement Agreement back to the Office of the Provost for review.
- If acceptable, the Provost signs the Retirement Agreement and the Office of the Provost sends two originals to OFA for the officer’s signature.
- The department obtains the officer’s signature on both original versions and forwards one original Retirement Agreement to OFA for submission to the Office of the Provost.
- The department prepares and submits the PAF to OFA and attaches a copy of the signed Retirement Agreement.
- OFA reviews the PAF and any additional documentation provided.
- OFA approves and submits the PAF and the signed Retirement Agreement to CUIMC Payroll.
Workflow – Part 2, once the phased retirement period has ended
- Upon completion of the phased retirement period, the department submits a PAF to process the retirement.
- OFA approves and submits the PAF to CUIMC Payroll.
Resources
CU Action and Reason Codes for Personnel Transactions