Your comments invited on renewing phased retirement at UC
The university is proposing to renew the Phased Retirement Program, an optional tool that locations may implement to allow eligible policy-covered staff 55 or older the opportunity to transition into retirement.
The program allows eligible career staff members, except Senior Management Group members, to voluntarily reduce their work hours by at least 10 percent a year for up to three years before retiring. Participants would receive a lump sum cash payment upon retiring that would be equal to half the amount of the reduction in time.
Under the program, if you have at least five years of service credit and work at least 60 percent time, you would be eligible. You could participate for as few as 120 days or up to three years.
You are expected to fully retire when you finish the program and would receive the lump sum payment within 30 days of retirement. If you decide later you don’t want to retire or don’t want to reduce your appointment by at least 10 percent a year, you would forfeit the incentive.
Individual departments decide whether it makes sense to offer this program within their operations after evaluating business needs. For represented employees, the program is subject to both departmental approval and collective bargaining.
The university is proposing that the program be renewed for a four-year period, effective January 1, 2015, and ending December 30, 2019.
Learn more about the program, and please send any comments to Employee and Labor Relations Manager Michael Lum at Michael.Lum@ucop.edu no later than Wednesday, Oct. 22, 2014.
Can the phased retirement include vested members 50 and older?