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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