Phased Retirement 

Program Description

The Research Foundation has adopted a phased retirement program, which is designed to permit full-time employees who are close to retirement to transition to retirement by reducing their work schedule in a mutually agreeable manner while maintaining benefits and beginning retirement distributions in advance of their full retirement.

IMPORTANT: Certain distributions made before age 59-1/2 to active employees, such as lump sums and annuities with a duration of fewer than 10 years, may be subject to tax penalties. Please consult with your tax advisor. 

Eligibility and management approval

Employees must be at least age 55 with at least 10 years of full-time RF service (or the equivalent in part-time service) to be eligible for the program. In addition, your manager and department head or principal investigator must approve the reduction in work hours and the period of phased retirement.  

Phased retirement period

The phased retirement period lasts for a maximum of three years. If you terminate employment prior to your phased retirement end date, your termination date will supersede your phased retirement agreement. 

If you are interested

Ask your manager or principal investigator if phased retirement supports the needs of your department or project while also meeting your needs. If it does, you can obtain the program disclosure, application form and participation agreement here. This includes program details including the fact that some benefit amounts change based on part-time earnings (e.g. retirement contributions and disability income).