10.2  Early Retirement

(Universitywide Administrative Memorandum 430.3)

During certain window incentive periods, nontenured faculty and staff employees who are at least 55 years old and have at least 15 years of full-time continuous employment with the university may be considered for a voluntary early retirement program. It is not available to employees who are on leave without pay or who are receiving long-term disability or workers' compensation benefits.

Participation in the program is not an entitlement, and employees may participate only if a savings to the university can be demonstrated and the terms and circumstances of their retirement would not be detrimental to the university and its programs, including the department and unit from which the employee retires.

Benefits may take the form of a stipend without requiring work, wages for part-time work, contributions to the employee's retirement account, reimbursement for medical or life insurance premiums, a combination of these benefits, or other arrangements. The type and amount of the benefits will be determined by the department and the university within the limits of the policy.

Proposals for voluntary early retirement of qualified nontenured faculty members and staff employees of the university will be considered during announced periods of time or windows of opportunity with retirement to take place at the convenience of the employing department or other unit, but no later than the end of the next academic year. Subject to the approval of the president, the university may consider proposals for voluntary early retirement during as many or as few time periods or windows of opportunity as it determines are in its best interests to offer. A window of opportunity may be opened to nontenured faculty only, to staff only or to both. There is no requirement that any such opportunities be offered at a later date nor that they will be offered on a regular basis. The university also reserves the right to modify the number of years of continuous employment required for eligibility and the form of benefits available during any given window of opportunity, subject to approval by the president and in accordance with applicable policies.

Copies of the full text of the campus policy are available on request from Human Resources.

Monday, September 28, 2009 2:04 PM