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University Benefits

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Campus Address
120 USB
Hours
Monday-Friday, 8 a.m.-5 p.m.
  Regular Retirement Phased Retirement
Eligibility Requirements Regular employee, age 55 or older. Regular employee, age 57 and 15 years of service. Requires administrative approval.  Plan expires June 30, 2022.
Work Schedule Employee fully retires from the University of Iowa. Employee reduces work schedule to between 50%-65% for the first two years. Maximum schedule the second year is 50%. Employee must retire at the end of two years.
Salary 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 department.
Medical and Dental Insurance Employees may retain coverage. Faculty and Staff who retire at age 62 with 10 years continuous service may receive a contribution from the University toward these premiums.  Funded by central pool. Benefit during the phasing period is 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 Employee pays 5% of part-time budgeted salary during phasing period. The University pays 10% of full-time budgeted salary during phased period. Funded by the department fringe pool rate and a direct charge to department.
Retirement Plan Payouts Consult your retirement plan provider. Consult your retirement plan provider.