Phased Retirement Program

Under Kansas Board of Regents policy, the University and an eligible faculty or unclassified professional staff member may enter into a voluntary phased retirement agreement. The agreement must be mutually agreed upon by the employee and be in the best interest of the University.

Eligibility

Faculty and unclassified professional staff who are participants in the Kansas Board of Regents Mandatory retirement plan and who are age 55 or older with at least 10 years of full-time service with one or more Kansas Board of Regents institution, shall be eligible for participation in the program.

Length: Maximum of three years in duration

Benefits Calculation

Under phased retirement, your benefits are calculated on a “full-time basis” which is defined as your FTE (full-time equivalency) before entering into the phased retirement agreement. If your FTE is less than 100% when you enter phased retirement, your benefits will not be calculated at 100% but will instead be calculated at the FTE you had just prior to entering into phased retirement. Below are some examples:

• Scenario 1: If your FTE is 100% prior to entering phased retirement and you enter into a 50% phased retirement agreement, your benefits will be calculated at a "full-time equivalency" of 100%.
• Scenario 2: If your FTE is 75% prior to entering phased retirement and you enter into a 50% phased retirement agreement, your benefits will be calculated at a "full-time equivalency" of 75%.

Benefits

Under phased retirement, your employer provided benefits include:

• Mandatory Retirement Plan Contributions: You will receive a salary based on your FTE and your contribution to the Mandatory Retirement Plan will be 5.5% of that reduced gross salary. The University's contribution to the Mandatory Retirement Plan (8.5% of gross salary) will be based on your "full-time equivalent" salary.
• Accrual of Sick and/or Annual Leave: You will accrue sick and/or annual leave based on "full-time equivalency”.
• Life Insurance Coverage: In the event of death, your benefit will be calculated at 150% of "full-time equivalent" salary.
• Disability Insurance Coverage: In the event of approved disability under the State of Kansas long-term disability program, your benefit will be calculated at 60% of the "full-time equivalent" annual salary.
• Health Insurance Premiums: You will pay health insurance premiums based on the lower "full-time equivalent" semi-monthly premium.
• Income from the Mandatory Retirement Program: Participants may elect to receive income from the Mandatory Retirement Plan.

How to Apply

A written request should be submitted through Workday. This will be submitted to the department head by the interested employee. Upon a determination that it is in the best interest of the University, a Phased Retirement Agreement will be drawn up for signature by the employee and the appropriate university officials.

Phased Retirement Rules & Regulations

• The agreement must be mutually agreed upon by the employee and be in the best interest of the university. The university may deny the request.
• Each phased agreement shall be irrevocable, except that the agreement may be rescinded within 48 hours of signature at the option of the employee.
• Tenure is not affected.
• By mutual consent between the University and the Phased Retirement participant, the Phased Retirement agreement can be modified by further reducing the FTE prior to the specified date of retirement or by permitting the participant to take full retirement at an earlier date.
• Full retirement shall occur not later than the end of the agreement.
• Retirement under the phased retirement program will not preclude post-retirement employment.

Additional Resources

For more information on this process, click here.

For the Workday article on submitting a Phased Retirement application, click here.

KUMC Phased Retirement Policy click here.

Contact

For questions on benefits related to phased retirement, please contact the benefits office at benefits-university@kumc.edu.