Regular Retirement | Phased Retirement | |
---|---|---|
Eligibility Requirements | Regular employee, age 55 or older. | Regular employee, age 57 and 15 years of service. Requires administrative approval. |
Work Schedule | Employee fully retires from the University of Iowa. | Employee reduces work schedule to between 50%-65% for the first two years. The maximum schedule for the second year is 50%. The employee must retire at the end of two years. |
Salary | The employee receives no salary from the University of Iowa. | At the discretion of the department, during the first year, the employee may receive up to 10% in addition to the reduced schedule pay (e.g. 65% work schedule receives 75% pay). Incentive funded by the department. |
Medical and Dental Insurance | Employees may retain coverage. Faculty and Staff who retire at age 62 with 10 years of continuous service may receive a contribution from the University toward these premiums. Funded by central pool. | The benefits during the phasing period are the same as prior to the phasing period. Funded by the department as part of the appropriate fringe pool. |
Life Insurance | Coverage ends at retirement. | Benefit based on full‑time budgeted salary level during the phasing period. Funded by the department as part of the appropriate fringe pool. |
Long Term Disability | Coverage ends at retirement. | Benefit based on full‑time budgeted salary level during the phasing period. Funded by the department as part of the appropriate fringe pool. |
Sick Leave Payout | Payout of up to $2,000 in accrued sick leave upon full retirement. Funded by central pool. | Payout of up to $2,000 in accrued sick leave upon full retirement. Funded by central pool. |
Vacation Payout | Payout of all unused accrued vacation upon full retirement. Funded by central pool. | Payout of all unused accrued vacation upon full retirement. Funded by central pool. |
TIAA Contributions | No further contributions from employee or the University of Iowa | The employee pays 5% of the part-time budgeted salary during the phasing period. The University pays 10% of the full-time budgeted salary during a phased period. Funded by the department fringe pool rate and a direct charge to the department. |
Retirement Plan Payouts | Consult your retirement plan provider. | Consult your retirement plan provider. |
Breadcrumb
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- Benefits
- Employee Benefits
- Regular Faculty & Staff Benefits
- Retirement
- Retiring from the University
- Comparison: Regular or Phased Retirement