There are normally two options available for retirement: Regular and Phased. During the window of February 6, 2015 through March 6, 2015, eligible employees were also able to apply for consideration for the Early Retirement Incentive Program.
You must be at least 55 years of age to be eligible for retiree benefits. If you leave the University any time after age 55, you are eligible for certain benefits. You must contact the Benefits Office for information. You should establish a retirement date with your department. Contact the Benefits Office at least six weeks prior to your retirement date to schedule an appointment to complete the necessary paperwork.
Phased retirement is an excellent benefit, however you must receive approval from your department and the appropriate administrative offices in order to participate. The request to enter the program may not be approved if it is deemed not to be in the best interest of the institution.
Early Retirement Incentive Program III
This retirement program was approved as a tool to help the University address budget shortfalls. The Implementation will be similar to the past two Early Retirement programs. An employee will only be approved for participation when: 1) the department will be able to achieve significant cost savings and 2) the employee’s participation in the program is in the University’s best interests.
The approved 2015 Early Retirement Incentive Program III (pdf) document contains additional details.
If approved, you will be contacted by the Benefits Office to schedule a meeting to discuss your Early Retirement Benefits.
To Learn More about Preparing for Retirement
Prior to your retirement, you may also want to consider attending the session on the financial considerations of Retirement. This UI "Preparing for Retirement" session is offered through the Benefits Office and UI Learning and Development.
The next session will be held:
Wednesday, September 30, 2015 1:00 pm - 5:00 pm
To register for one of these sessions, sign on to your Employee Self-Service site and go to My Training. If you’d also like to have your spouse/partner attend, please email email@example.com to reserve a seat.