Common use of Phased Retirement Clause in Contracts

Phased Retirement. Faculty Faculty bargaining-unit members may elect to reduce, on an irrevocable basis, their workload to fifty percent (50%) for a period of up to three (3) years, following upon which they will retire from the University. The salary basis for this period shall be fifty percent (50%) of the amount paid to the employee prior to his/her election of this option, as adjusted by such across-the-board and selective increases that may become available. During this period, the employee shall be entitled to all benefits associated with full-time employment, including participation in the University’s medical insurance programs and pro-rata participation in the life insurance, disability and other operative retirement defined programs.

Phased Retirement. Faculty Faculty‌ Faculty bargaining-unit members may elect to reduce, on an irrevocable basis, their workload to fifty percent (50%) for a period of up to three (3) years, following upon which they will retire from the University. The salary basis for this period shall be fifty percent (50%) of the amount paid to the employee prior to his/her their election of this option, as adjusted by such across-the-board and selective increases that may become available. During this period, the employee shall be entitled to all benefits associated with full-time employment, including participation in the University’s medical insurance programs and pro-pro- rata participation in the life insurance, disability and other operative retirement defined programs. Faculty in Phased Retirement will not be eligible for other Special Retirement Incentives.

Phased Retirement. Faculty Faculty bargaining-unit members may elect to reduce, on an irrevocable basis, their workload to fifty percent (50%) % for a period of up to three (3) years, following upon which they will retire from the University. The salary basis for this period shall be fifty percent (50%) % of the amount paid to the employee prior to his/her election of this option, as adjusted by such across-the-board and selective increases that may become available. During this period, the employee shall be entitled to all benefits associated with full-time employment, including participation in the University’s 's medical insurance programs and pro-rata participation in the life insurance, disability and TIAA/CREF or other operative retirement defined programs.