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Eligible for retirement but not ready to fully retire?

You may be able to phase into retirement by reducing your hours over time

If you’re still working toward personal or professional goals before you’re ready to retire, phasing into retirement might be a helpful option. With your department’s approval of phased retirement, you’re able to reduce your hours for up to three years.

Phased retirement can especially ease some financial challenges or uncertainty because you’ll keep your benefits and a partial salary.

UK Administrative Regulation 3:2

Phased Retirement Policy and Program
"The program does not create an absolute right of employees to phased retirement. A decision to request phased retirement rests entirely with the individual employee and shall be granted only when in the best interests of the University."

Pay is pro-rated but your employee benefits continue

When you reduce your hours, you’ll receive a reduced, pro-rated salary — plus you’ll keep our most popular benefits and gain access to your retirement savings.

Employee health insurance

Continue to choose from the same employee health plan options with much lower rates than retiree plans.

Retirement account access

Access your retirement savings funds with Fidelity or TIAA to supplement your reduced salary.

Matching savings continue

You’ll keep receiving our employer match each month, but pro-rated based on your reduced salary.

How to request phased retirement

First, work with us to ensure you’re eligible to retire

  1. Email to check your years of service.
  2. Complete the first page of the Phased Retirement Agreement form (it's the same form for faculty and staff) and then send the form to our retirement officer to officially verify your eligibility.
  3. Your retirement officer will send the signed form back to you and your appropriate department administrator.

Then, request your department’s approval

  1. Sign page two of the Phased Retirement Agreement form and obtain additional required signatures:
  2. The appropriate Educational Unit Administrator and Chair, Dean or Director should approve the agreement and forward to the Provost’s office or Executive Vice President for approval.
  3. You or your department administrator are responsible for returning the form to your retirement officer after the first three signatures on page two have been obtained.
  4. Your retirement officer will coordinate the signature for the Vice President of Human Resources and then send a copy of the agreement to you and your department administrator.
  5. Your department administrator will enter the Phased Retirement Action in SAP.

Interested in the full policy? See Administrative Regulation (AR) 3:2 which contains details on eligibility and impact on benefits.

Are you eligible to retire?

Retirement eligibility is based on your years of service. Check with us at any age to get your official number of years of service – it may be different than you expect, especially if your position is classified with a less-than-full-time status. For example, if you worked 20 years in a position classified as 75% full-time, your official years of service will be 15.

Email for a service check.

Retirement eligibility

Your department chooses whether to grant phased retirement or not. Additionally, your age plus your years of service must be greater than or equal to 75 and at least fifteen of your years of service must be continuous, regular full-time work or its equivalent.

Contact our office

Monday-Friday 8 a.m. to 4:30 p.m.
(859) 257-9519 option 3
115 Scovell Hall