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Information


Phased Retirement Program

TIAA/CREF Convertibility

TIAA/CREF Sessions

Supplemental TS

Comparison of Phased & Regular Retirement

Forms and Documents


Retirement Benefit Checklist

Retiree Insurance Rates

TIAA/CREF Summary Plan Description

Websites


IPERS

TIAA/CREF

Retirement Information

The following information applies to job classifications at the University of Northern Iowa.


Iowa Board of Regents
Phased Retirement Program

Eligibility

UNI staff employed by the Board of Regents for a period of at least 15 years, who have attained the age of 57.

Duration of Participation

Maximum period of 5 years with full retirement at the end of the period. Maximum appointment years 1 to 4 is 65%. Maximum appointment year 5 is 50%. Work schedule is subject to agreement between the employee and the department.

Compensation

Years 1 to 4 – salary proportionate to appointment plus incentive of 10% of budgeted salary. Year 5 – salary proportionate to appointment.

Benefits

Continuation of medical, health, life and disability insurance at full-time levels. Contributions to TIAA-CREF at full budgeted salary level. Contributions to IPERS, FICA and Federal Retirement at reduced salary.

Special Considerations

An employee participating in the Phased Retirement Program may transfer to the Early Retirement Incentive Program that is in effect on the date of the transfer, with the approval of his/her department and the University. Each month of participation in the Phased Retirement Program reduces the full payment of TIAA-CREF contributions by one month.

Duration

Current program expires on June 30, 2012 unless renewed by the State of Iowa Board of Regents. Program is subject to annual review by the Board of Regents.

If you are interested in this program, you should contact the Head of your department or your supervisor.

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Iowa Board of Regents
Policy on TIAA/CREF Convertibility

On August 9, 2006, the Iowa Board of Regents approved a policy change on TIAA-CREF access for former employees. 

A former employee or retiree may convert his or her TIAA-CREF account to any financial instrument he or she deems appropriate.  Convertibility may be exercised in a lump sum cash withdrawal, a roll-over to an IRA or other tax deferred vehicle or a systematic withdrawal. Forms for the various options may be obtained directly from TIAA-CREF by calling 1-800-842-2733. The option must be specified when forms are requested because different options require different forms.

This convertibility provision is not an Early Retirement Incentive program and does not change the eligibility requirements for Early Retirement Incentive (age 57 with 15 years of service).

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TIAA-CREF Sessions

A TIAA-CREF representative visits the UNI campus each month for individual counseling sessions with UNI staff members. Sessions are held during regular working hours in the Human Resources conference room (121 Commons). To view upcoming dates and/or register for a 45 minute individual session, call Sue Muellner at 800-877-6602, or visit the TIAA-CREF wesite at: www.tiaa-cref.org/moc.

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Supplemental Tax Sheltered Annuities-TSA

Available to all current employees. Tax deferred contributions only from employee's salary. UNI does not contribute toward this program.

For additional information, contact Human Resource Services at 273-2422.

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Questions or Comments: hrs-mail@uni.edu




Human Resources Services • Commons 121 • University of Northern Iowa
Cedar Falls, Iowa 50614-0034
Phone: 319-273-2422 • Fax: 319-273-2927

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Date Updated: July 20, 2007