Regent employees who wish to retire using the the Phased Retirement Program may want to do so sooner rather than later. Without a Board of Regent’s decision on whether or not to renew the program, Phased Retirement across all regent schools will sunset June 30.

Phased retirement allows eligible employees to ease into retirement over a period of two to five years by providing them with a shorter work schedule and a percentage of their full time pay.

In general, employees who enroll in the program will work 50 to 65 percent of their full time hours and receive 50 to 65 percent of their full time salary during the first four years. In addition, employees also receive an additional 10 percent of their salary along with benefits and retirement contributions to TIAA/CREF.

During the final year of the program, an employee will work 50 percent of their full time work schedule with 50 percent of their full time salary.

It is important to note, however, that phased retirement is not a guaranteed benefit and more specific agreements will be made on a case by case basis.

“The pros are really allowing the employee who is close to retirement may not want to work a full time schedule to basically transition into retirement,” said Ed Holland, benefits director in university human resources at Iowa State. “It’s more of a soft landing as opposed to one day I’m working full time and the next day I’m done.”

Faculty, staff and Merit employees at regent universities, special schools or the Board officer who are over the age of 57 and have at least 15 years of service with the Board of Regents are eligible for the program. The 15 years do not have to be consecutive.

Interested employees should submit an application to their supervisor by March 1 in order to be approved by the program’s potential sunset date in June.

The Phased Retirement Program has existed at regent universities since 1982 and has been renewed every five years since. Josh Lehman, senior communication manager for the Board of Regents, says that the decision on whether or not to keep the program hasn’t been made.

“Essentially, unless the Board takes action at a meeting prior to June 30, the program will sunset.” said Lehman.

According to Holland, around 30 to 40 Iowa State University employees chose to enroll in the Phased Retirement Program on a yearly basis, however as the program comes to a potential close, Holland believes enrollment will increase as more and more employees become aware of it.

“I think for those folks who are close to retirement and may have been considering it to begin with with they’re may be some questions because there is some ambiguity right now,” said Holland.

Holland says that while no replacement for the Phased Retirement Program currently exist, there are always options that employers and employees can look into when it comes to retirement and that Iowa State, and other regent universities, are discussing what to do moving forward.