Staff Phased Retirement Procedure - Step by Step
The University of Kentucky offers faculty and staff (effective 7/1/07) the ability to request a phased retirement assignment if they meet the criteria established under AR 3:2. Click here: http://www.uky.edu/Regs/files/ar/ar3-2.pdf
The procedures for the employee to follow are listed below.
Step 1
Contact the Employee Benefits Office and inform a retirement officer that you are interested in phased retirement. The retirement officer will perform a “service check” and verify that you have 15 years of regular full-time service (consecutive service if hired after 7/1/97) and that you are age 60 or older. These criteria are mentioned AR 3:2. Once you have established that you meet these criteria, you can move to step 2.
Step 2
Staff employees who are interested in applying for phased retirement should make the request in writing to their immediate supervisor three(3) months in advance.
Supervisors should discuss the request with the administrator for their area or department. Consideration should be given to the type of position the employee has, the department’s ability to “backfill” the position on a half-time basis and the duration of the agreement. The department may decide not to approve the request. If the department does support the request for phased retirement, it is then submitted for approval to the Dean, Director Associate Vice President or Vice President, and then in turn to the Executive Vice President/Provost.
Step 3
Once the employee's request for phased retirement has been granted, the “Agreement for Staff Phased Retirement” form should be completed by the department and signed by all parties involved.
The agreement should cover the employees work schedule, FTE, base salary (proportionate to the new FTE) and the length of the phased retirement. Agreements can be renewable but phased retirement cannot exceed 5 years per the administrative regulation.
Step 4
Employee's department enters the new phased retirement assignment in SAP. A copy of the “Agreement for Staff Phased Retirement” should be forwarded to the Employee Benefits Office.
Step 5
Employees who wish to withdraw funds from their retirement accounts should meet with their retirement carrier (American Century, Fidelity, TIAA-CREF) and discuss distribution options.
Forms
