Understanding the eligibility criteria for retirement is crucial as you plan your transition. 

At the University of Iowa, specific requirements determine your eligibility for various retirement benefits. These criteria ensure that you receive the appropriate support and resources as you move into this new phase of life. Below, we outline the key factors influencing your retirement eligibility, including age, years of service, and the benefits you may qualify for.

Age and Service Requirements

To retire from the University, the following age and service requirements apply:

  • Regular Retirement - Age 55 or older, no years of service requirement
  • Phased Retirement Program - Age 57 or older with 15 years of service
  • $288 UI Retiree Health Insurance Contribution - Age 62 or older with 10 or more years of continuous benefits-eligible service 

Types of Retirement

Each type of retirement offers different benefits and requirements, allowing you to choose the option that best fits your needs and circumstances.

Regular Retirement

Regular retirement is available to employees who meet the specific age requirement. You must be at least 55 years old to be eligible for retiree benefits. Additionally, if you are 62 or older and have at least 10 years of continuous benefit-eligible service, you may qualify for the University of Iowa's contribution towards your health insurance premiums. 

Phased Retirement

Phased retirement allows eligible employees to transition into full retirement by reducing their time from full-time to no less than 50% directly or via a stepped schedule within the three-year maximum period. You must be at least 57 years old and have at least 15 years of service to be eligible to apply for the phased retirement program. The program requires approval from your department and appropriate administrative offices. 

Comparison - Regular vs. Phased Retirement

Comparison - Regular vs. Phased Retirement

 Regular RetirementPhased Retirement
Eligibility RequirementsRegular employee, age 55 or older.Regular employee, age 57 and 15 years of service. Requires administrative approval. 
Work ScheduleEmployee fully retires from the University of Iowa.Employee reduces work schedule to between 50%-65% for the first three years. The maximum schedule for the third year is 50%. The employee must retire at the end of three years.
SalaryThe employee receives no salary from the University of Iowa.At the discretion of the department, during the first and second year, the employee may receive up to 10% salary incentive in addition to the reduced schedule pay (e.g., 65% work schedule receives 75% pay). Incentive funded by the department.
Medical and Dental InsuranceEmployees 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 the retiree health premium.  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 InsuranceCoverage ends on the last day of the month the employee retires. Will have the ability to port the policy after leaving.Benefit based on full‑time budgeted salary level during the phasing period. Funded by the department as part of the appropriate fringe pool. Will have the ability to port the policy after leaving.
Long Term DisabilityCoverage ends at the last day of the month the employee retires.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 PayoutPayout 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 PayoutPayout 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 ContributionsNo further contributions from employee or the University of IowaThe 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 PayoutsConsult your retirement plan provider.Consult your retirement plan provider.

Eligibility for UI Retiree Benefits

UI Retiree Health and Dental Insurance

Eligible faculty or staff members must be 55 or older at retirement from the University of Iowa to enroll in the UI retiree health and dental insurance plans.

At the time of retirement, the employee does not need to be enrolled in the active employee health and dental plans to enroll in retiree plans.

Retirement, including eligible family members, is considered a qualifying event to enroll for health and dental coverage. Coverage must be elected at retirement, with the effective date of coverage on the first day of the month following your last day worked. 

UI Contribution for Health Insurance Premium

To be eligible to receive the UI contribution ($288) towards your retiree health insurance premium, the faculty or staff member must retire at age 62+ with ten or more years of continuous benefits-eligible service. Please note that the university contribution is not guaranteed to continue each year as it is reviewed annually by executive leadership.

The UI contribution will only apply towards UI Retiree health insurance plans: UIChoice or UISelect. The UI contribution does not apply to UI Health Alliance plans.

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Our website's information provides an overview of the programs and policies and does not constitute official documents. Additional terms and conditions may apply. If there are any discrepancies between the information contained herein and the official documents, the official documents will govern.