University faculty, professional and scientific, and merit system staff members holding permanent appointments of 50-percent time or greater are eligible to participate in the University's phased retirement program. Initiation of a Phased Retirement Agreement can only occur if all parties are mutually satisfied with the arrangements. Approval of the appropriate dean and the Office of the Executive Vice President and Provost is necessary for faculty. Approval of the appropriate dean, vice president, or Director of University Hospital and Clinics, as well as the Chief Human Resources Officer or designee, is necessary for professional and scientific and merit system staff. There is no right to enter the phased retirement program without the approval of all parties designated above. The phased retirement program is made available by the Board of Regents and can be modified or eliminated at any time. If this program is eliminated or modified, the terms of the program at the point of which an agreement is entered into will prevail, and those who have entered into an agreement with the University will be permitted to complete the terms of that agreement. An individual or department wishing information on the phased retirement program may obtain it by contacting the University Benefits Office, the Office of the Executive Vice President and Provost, or the Chief Human Resources Officer.
(Regents 12/16/81; amended 6/17/82, 6/20/84, 3/11/87, and 6/17/92; 4/09)