Retiring from the University
An employee may bring about the termination of his or her employment through retirement. As stated in the Faculty-Staff Handbook, Section 3730, C, it is "...considered to be retirement if the employee has qualified for certain benefits based on age and length of qualified service."
If you think you may qualify for the UI Retiree Health Plan benefits upon retirement, please complete the University Retirement Tier Request and email to firstname.lastname@example.org. Confirmation of your tier will help you set a retirement date.
Academic Faculty on Spread Pay
When contemplating a retirement date, you will need to take into consideration spread pay issues if the retirement date is not the end of the contract year (June).
Retirement Preparation Timeline
One Year in Advance of Intended Retirement Date:
Employees contemplating retirement should contact appropriate offices and agencies up to a year in advance of retirement in order to estimate retirement income and identify the options they wish to select. Employees with continuing appointments are also encouraged to discuss retirement plans with their supervisors so that their supervisors can plan for an orderly transition of responsibilities. Employees are encouraged to contact Benefit Services approximately a year in advance of the date that he or she is considering retirement. The discussion with the specialist should include establishing a retirement date and confirming the number of months of state, university or federal employment.
In additional to requesting information on basis retirement benefits and options, employees considering retirement before attaining age 65 should request calculation of benefits which coordinate PERSI with Social Security benefits to produce a more level future income stream.
Three to four Months in Advance:
The employee should finalize his or her retirement decision and notify his or her dean, director, department head and supervisor of the date of the intended retirement. In addition the employee should contact Benefit Services, Social Security Office, PERSI, TIAA-CREF, VALIC or any Federal Retirement Program as applicable.
During Last Pay Period Prior to Retirement
Employee should complete the employee exit checklist found on the Human Resources website.