The University of California has proposed a Phased Retirement Program. As part of the normal policy review process, we are providing detailed information about the proposed program and asking for your comments.
The proposed Phased Retirement Program is an optional tool that locations may choose to implement for eligible policy covered staff. The program provides an opportunity to transition into retirement over time. All policy covered staff are eligible to participate in the program if they have at least five years of service credit and work at least 60 percent of time. Senior Management Group members are not eligible for this particular program. For employees represented by unions, eligibility for the program is subject to collective bargaining.
Under this program an eligible employee who is within an estimated three years of retirement, with the approval of their manager, may choose to voluntarily reduce his or her percentage of appointment and pay. The employee may choose to participate for a minimum of 120 days up to a maximum of three years, reducing their appointment by at least 10 percent annually for each year they are in the program. In return the employee will receive certain specified advantages such as vacation and sick leave accruals at the pre-program rate and a lump sum incentive cash payout within thirty days following retirement.
For complete information regarding the proposed Phased Retirement Program and detailed FAQ’s please visit the At Your Service Website:email@example.com. We will provide a summary of your comments to the Office of the President for their consideration.