Phased Retirement Program Clause Samples

Phased Retirement Program. The University shall maintain a Voluntary Phased Retirement Program for tenured faculty that provides a gradual transition to a date certain full retirement. The program will permit tenured faculty to phase down their work expectations in the final years of their career. It responds to the expressed desire of many faculty members to move into retirement gradually, and it enables the University to plan for the replacement of faculty members in advance of their actual full retirement. Eligible faculty members are not required to use the phased retirement program.

Phased Retirement Program. 19.4.1 The University will make a phased retirement program (“Program”) available to Members who satisfy the following conditions. The Member must: i. hold a full-time appointment. Full-time for the purposes of the Program is defined as those with greater than 75% appointment; ii. have completed at least 10 years of service in a full-time appointment with the University on the date on which he/she notifies the University of his/her intention to participate in a Program; iii. be eligible to begin receiving a pension payment under the UNBC pension plan (“Plan”) on the date on which his/her Program starts; and iv. remain eligible to make contributions to the Plan on the date on which his/her Program ends. 19.4.2 A Member who wishes to participate in a Program must notify the University in writing of his/her intention to do so at least one year before the date on which his/her Program will start. Such notice of intention will be irrevocable, but with sufficient notice the phased retirement period may be shortened. 19.4.3 A Member’s Program must start on January 1 or July 1 and have a duration of one (1), two (2), or three (3) years. 19.4.3.1 Full-time Members on staff before January 2015 are able to access this Phased Retirement Program without a minimum of ten (10) years of service. 19.4.4 Entering into the phased retirement program will set an irrevocable retirement date, but may be shortened with sufficient notice. Members in the phased retirement program (the Participant) will be expected to continue the full range of their normal pre-phased retirement program responsibilities as negotiated with the Chair of the Member’s Program or supervisor. The workload plan must be approved by the ▇▇▇▇ and the ▇▇▇▇▇▇▇. In order to maintain benefits, the appointment in any year must be at least fifty-one percent (51%) of a full-time appointment. 19.4.5 The Participant's salary during the one (1)-, two (2)- or three (3)-year phased retirement period will be pro-rated on the basis of the reduced workload appointment in each year. 19.4.6 The Participant will also be eligible to receive a retirement supplement. The amount accumulated annually toward the retirement supplement is equal to the lesser of: (a) the reduced workload increment times the salary prior to commencement of the phased retirement; or (b) the net salary savings. Net salary savings is the difference between the amount of salary and benefits saved by the University and the amount required to replace the redu...

Phased Retirement Program. 19.4.1 A program for phased retirement over one (1) to three (3) years will be instituted effective July 1, 2006. Members will give notice of their intention to participate in the one (1), two (2) or three (3)-year phased retirement program one (1) year in advance of the proposed commencement date for phased retirement (which shall be at July 1) so as to facilitate planning within Programs and Colleges. Such notice of intention will be irrevocable, but with sufficient notice the phased retirement period may be shortened. 19.4.2 Phased retirement will be available to full-time Members on June 30 following the Member’s sixtieth (60th) birthday (full-time is defined as those with greater than a seventy-five percent (75%) appointment) and Members will remain eligible until the year in which the Member attains age sixty- seven (67) (i.e., opting for the phased retirement program at age sixty-seven (67), with an actual retirement date at age sixty-eight (68), sixty-nine (69), or seventy (70) depending on whether the one (1), two (2), or three (3)-year phased retirement is selected by the Member). 19.4.3 Entering into the phased retirement program will set an irrevocable retirement date, but may be shortened with sufficient notice. Members in the phased retirement program (the Participant) will be expected to continue the full range of their normal pre-phased retirement program responsibilities as negotiated with the Chair of the Member’s Program or supervisor. The workload plan must be approved by the ▇▇▇▇ and the ▇▇▇▇▇▇▇. In order to maintain benefits, the appointment in any year must be at least fifty-one percent (51%) of a full-time appointment. 19.4.4 A Participant may choose to reduce workloads in increments of twenty-five percent (25%) (reduced workload increment) for each year of the phased retirement program. 19.4.5 The Participant's salary during the one (1), two (2) or three (3)-year phased retirement period will be pro-rated on the basis of the reduced workload appointment in each year. 19.4.6 The Participant will also be eligible to receive a retirement supplement. This supplement will be accumulated up to a maximum of seventy-five percent (75%) of the annual nominal salary in the year prior to the commencement of phased retirement. The amount accumulated annually toward the retirement supplement is equal to the lesser of: (a) the reduced workload increment times the salary prior to commencement of the phased retirement; or (b) the net salary savings...

Phased Retirement Program. 19.4.1 The University will make a phased retirement program (“Program”) available to Members who satisfy the following conditions. The Member must: (i) hold a full-time appointment. Full-time for the purposes of the Program is defined as having been hired into a position that is greater than a .75 FTE; (ii) have completed at least ten (10) years of service in a full-time appointment with the University on the date on which they notify the Employer of their intention to participate in a Program; and (iii) be eligible to begin receiving a pension payment under the UNBC pension plan (“Plan”) on the date on which their Program starts (i.e., age 55 or older). 19.4.2 A Member who wishes to participate in a Program must notify the Employer in writing of their intention to do so at least one year before the date on which their Program will start. Such notice of intention will be irrevocable, but with sufficient notice the phased retirement period may be shortened. 19.4.3 A Member’s Program must start on January 1 or July 1 and have a duration of one (1), two (2), or three (3) years. Is to be amended as follows:

Phased Retirement Program. The UCF Phased Retirement Program (PRP) allows eligible employees to transition to retirement while their department or unit benefits from their effort and experience. The PRP is voluntary and provides reduced duties for one to five years at commensurate compensation. Eligible employees may elect annually to participate in the PRP.

Phased Retirement Program. ‌ The Phased Retirement Program is available for those full-time faculty unit members who are tenured, and who: 1. have been employed full-time in postsecondary education faculty or administrative positions for 15 or more years (at least 8 of which have been at a Board of Regents institution); and 2. wish to ease into retirement by reducing their workload obligation gradually over a five- year period. Qualified faculty unit members, as specified above, who wish to enter the program must submit a written request to be placed on a phased contract to the immediate academic supervisors (and the appropriate chair or director if necessary) and the appropriate ▇▇▇▇ at least one semester prior to the proposed effective date of the contract. The grant of a phased retirement appointment is discretionary with the institution. Upon entering into a phased retirement program, faculty unit members will affirm in writing their understanding that their employment will terminate no later than upon completion of their fifth year on the phased retirement program, and that in case of a Reduction in Force, their retention priority is as outlined in 16.2 Faculty Unit Member Reduction Procedures.

Phased Retirement Program. Employees enrolled in this program at the time of its ratification shall be permitted to remain enrolled until their participation ends. No employees shall be permitted to enroll in this program 60 days after the date of ratification of this document. If, on or before July 31, 2021, the UFF chooses to re-open enrollment in the Phased Retirement Program, the Transition to Retirement Program (“T2RP”) will be closed for future enrollment.¶ ¶

Phased Retirement Program. With the approval of the ▇▇▇▇▇▇▇, appropriate Vice President, or designee, a Department may offer eligible professional staff an opportunity for a pre-retirement reduction of full-time service, while gradually phasing into retirement over a defined period, not to exceed three years. A professional staff member’s eligibility to participate in the program is within the discretion of the Department. A Phased Retirement Program may also be offered on a University-wide basis.

Phased Retirement Program. Other releases as agreed upon by the Employer and the Association.