University of Iowa Retirement Plans Comparison

Benefit Information Regular Retirement Phased Retirement Early Retirement Incentive Program III
Eligibility Requirements Regular employee, age 55 or older. Regular employee, age 57 and 15 years of service. Requires administrative approval.  Plan expires June 30, 2017. Regular employee, age 57 with at least 10 years of continuous regular benefit eligible employment by January 31, 2015. Required administrative approval. COST SAVINGS MUST HAVE BEEN DEMONSTRATED.
Work Schedule Employee fully retires from the University of Iowa. Employee reduces work schedule to between 50%-65% for the first four years. Maximum schedule the fifth year is 50%. Employee must retire at the end of five years. Employee fully retires from the University of Iowa no later than June 30, 2015.
Salary Employee receives no salary from the University of Iowa. During the first four years, the employee receives 10% in addition to the reduced schedule pay (e.g. 65% work schedule receives 75% pay). Incentive funded by department. Employee receives no salary from the University of Iowa.
Medical and Dental Insurance Employees may retain coverage. Merit employees are responsible for full premium. Faculty, P&S, Merit Supervisory/Exempt (MSE) staff who retire at age 62 with 10 years continuous service 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. The University of Iowa contributes an amount equivalent to that of an active employee in the same plan and same coverage level (single, employee/spouse, employee/child, family) for five years. After Medicare eligibility, retiree rates apply. Funded by the University.

Note: You must have terminated on or after the age of 62 in order to receive a future contribution for health insurance from the University after this program ends.
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. Coverage ends at retirement.
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. Coverage ends at retirement.
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. 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.
Payout of all unused accrued vacation upon full retirement.
Funded by central pool.
TIAA-CREF 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. The University contributes the employer and employee’s retirement contribution for three years, and then the employer’s contribution for the final two years. Funded as a direct charge to the department.
Retirement Plan Payouts Consult your retirement plan provider. Consult your retirement plan provider. Consult your retirement plan provider.