Cabrini University - Voluntary Phased Retirement Program
Employees must be at least 62 years old with 15 years of full-time service. The Phased Retirement Program is totally voluntary.
Phase out occurs over a three- (3) year period, with full retirement at the end of the third year. The pattern of workload reduction is proposed by the employee in consultation with the area Vice President/Provost and Administrative Director or Department Chair who must agree with and approve the details of the employee’s phased retirement plan. Options include reduced workloads of 75%, 50%, or 25%. The individual has the option to accelerate the process, but once workload has been reduced, it cannot be increased at a later time.
Impact on Benefits
At all three levels, the employee will remain on health insurance until fully retired. At the 75% and 50% levels, other benefits will be proportionate to reduced salary (i.e., the life insurance benefit and the College’s contribution to retirement would be based on new salary). At the 25% level, some benefits will not be available.
Once an employee elects to participate in the phased retirement program they must fully retire no later than the end of the third year, though they can choose to retire earlier in consultation with the area Vice President/Provost. Once an employee elects to participate in the phased retirement program, the start date cannot be changed.
Salary would be proportionate to percentage of time elected (75%, 50%, 25%) for staff. The reduction would be proportionate to load (e.g., for a 4/4 load, 3/3 for 75%, 2/2 for 50%, and 1/1 for 25%) for faculty.
Letter of Agreement
A letter of agreement will be drafted by Human Resources in consultation with area Vice President/Provost, and Administrative Director or Department Chair outlining the agreed upon and approved details of the individual’s phased retirement. For faculty the letter will also outline the service and scholarship requirements. The employee will indicate their understanding and acceptance of the program by signing the letter which is irrevocable.
Phased Retirement Plan Details
The purpose of this program is to assist faculty and staff with the transition to retirement and to allow the College to retain knowledgeable faculty and staff, build success plans for departments and areas, and assist the College with planning efforts. The agreement must be mutually beneficial to both parties.
You are eligible provided:
|Salary||Salary is reduced to correspond with the reduction in your appointment or based on expectations of overall workload.|
|Social Security||Social Security benefits may begin during the year of full retirement. Check with office for details your local Social Security.|
|Retirement and Benefit Contributions||
|Letter of Agreement||A letter of agreement will be drafted by Human Resources outlining the agreed-upon and approved details of the individual’s phased retirement plan. The letter will require acceptance signature of faculty/staff member to participate and is not revocable once signed.|
|Effective Date||July 1, 2012|