4.1.2 Retirement

Policy Section: Termination

Policy Number and Title: 4.1.2 Retirement
Applicable to: All Regular Employees
Effective Date: October 15, 2003

Policy Description

Retirement from the University is a voluntary termination and is available to eligible employees who are at least age 55 and who have 10 years of service. For individuals hired on or after January 1, 2003, they must have attained age 55, have at least 10 years of service and meet the "Rule of 75" where age plus years of benefits-eligible service equals 75 (see Benefits/Retirement).

Application of This Policy

Notice
Retiring employees are encouraged to provide their supervisors with as much notice as is practicable so that the department can plan effectively and appropriate action can be taken by the Benefits Section to ensure that the employee's pension and retirement benefits are in place on the effective date of the retirement. In any case, it is expected that retiring employees will provide written notice at the time that the employee confirms with the Benefits Section the date of retirement and signs the retirement papers. The Benefits Section will send a "Notice of Retirement" to the supervisor, the Office of Human Resources and the employee confirming the retirement date. 
Supervisor’s Confirmation
Supervisors should confirm the retirement in writing and notify the Office of Human Resources so that an Exit Interview can be scheduled. The retiring employee will be paid a maximum of thirty (30) unused accrued vacation days. No payment will be made for unused sporadic absence days, excused absence for compelling reasons or optional holidays.
 
Benefits
For a full description of medical and other benefits available on retirement, refer to the Benefits/Retiree section of our website.

Procedure

Employee
Notifies supervisor in writing of intention to retire at the time that the retirement date is confirmed with the Office of Human Resources.
Contacts the Office of Human Resources to advise of intended retirement date and completes all necessary paperwork.
Arranges for return of all library materials and other University property to appropriate office.
Arranges for repayment of University loans with appropriate University office.
 
Supervisor
Notifies the Office of Human Resources of employee's retirement so that Exit Interview can be scheduled.
Confirms resignation in writing, calculates unused accrued vacation time, prepares Termination/Retirement Form and forwards to the Office of Human Resources for signature.
Collects keys, identification card, computer passwords and documentation where appropriate, and other University property from terminating employee. Advises employee that all library materials should be returned prior to effective date of termination.
 
Office of Human Resources
Contacts employee to schedule exit interview.

Contacts

Office of Human Resources
(609) 258-3300