Transactions Manual

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