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Volume 39, No. 6 |
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News Briefs |
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fyi takes the bronze |
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Precautions and procedures for handling suspicious mail at work |
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Extension granted for those eligible for early retirement |
Bulletin
Board
Calendar
Deaths
Ph.D.
Thesis Defenses
Pubs.
and Creations
Coffee
and Conversation
Extension granted for those eligible for early retirement
Staff and faculty who are eligible and wish to take advantage of the program between June 2002 and June 2004 can declare their intentions now and request a preferred date to retire, says Richard Saunders, manager of University Benefits. In June, the Regents agreed to allow the extension if the University chose. The UI Funded Retirement and Insurance Committee recommended the action last week.
“We want to stress that the incentive program itself has not been extended,” Saunders says. “The program ends in June. What’s been extended is the period during which staff and faculty in the program can retire. The extension is intended to give more flexibility, both to the retirees and the University.”
About 1,000 faculty and staff are eligible for the program, and each person has received or will soon receive a letter from the University Benefits office telling them how to proceed, Saunders says. The deadline for declaring intent and for requesting a preferred retirement date is Feb. 1, 2002. Departments may negotiate retirement dates to assure a smooth transition.
The early retirement incentive is available to faculty and staff members between 57 and 64 years old with at least 15 years of service. The University contributes to the retiree’s TIAA/CREF account and to health and dental insurance.
The five-year early retirement window was created in 1986 to encourage a revitalized faculty, and it had been renewed in 1992 and 1997.
Article
by Charles S. Drum