You’re eligible to gradually retire by reducing the hours you work for up to 3 years if your age plus your years of service is greater than or equal to 75. At least fifteen of your years of service must be continuous, regular full-time work or its equivalent.
Gradually retire by reducing the hours you work
Phased retirement offers the opportunity to gradually retire by reducing the hours you work. If you're eligible and your department approves, you’ll receive:
- Reduced full-time status and salary
- Same insurance and rates as full-time employees
- Continued retirement savings contributions and our 200% employer match, but at a reduced rate based on your reduced salary
- Access to your retirement funds to supplement your reduced salary
Interested in the full policy? See Administrative Regulation (AR) 3:2 which contains details on eligibility and impact on benefits.
Have you completed a service check?
- Complete the first page of the Phased Retirement Agreement for faculty or for staff and send the form to a UK Retirement Officer to officially verify your eligibility.
- Your retirement officer will send the signed form back to you and your appropriate department administrator.
- Sign page two of the Phased Retirement Agreement and obtain additional required signatures.
- 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.
- 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.
- 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.
- Your department administrator will enter the Phased Retirement Action in SAP.
How many years of service do I have?
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 email@example.com for a service check.
Administering phased retirement?
Follow the proper procedure in SAP outlined here.