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Operations Manual The University of Iowa

PART III. HUMAN RESOURCES
DIVISION I EMPLOYMENT, GENERAL

(Revised to conform to State Board of Regents Merit System effective 1/1/72; amended 9/93; 10/94)
CHAPTER 11: RETIREMENT

(Amended 9/93; 7/02; 6/05; 4/09; 1/11; 5/14)

11.1 General
11.2 (Reserved for future use)
11.3 Phased Retirement Program
11.4 University Funded Retirement Plan
11.5 Tax Shelter Provision
11.6 Supplemental Retirement Annuities
11.7 Emeritus Status for Retirees

11.1 GENERAL.
The mention of specific ages in the statement of retirement policies in the succeeding paragraphs of this section does not preclude raising the question of capacity to perform required work during the course of any person's employment with the University. In addition, the mention of specific retirement ages does not deprive the University of the right to terminate employment at any time for good and sufficient reason.
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11.2 (RESERVED FOR FUTURE USE. )

11.3 PHASED RETIREMENT PROGRAM.
(Regents 12/16/81; amended 6/17/82, 6/20/84, 3/11/87, and 6/17/92; 4/09)
University faculty, professional and scientific, and merit system staff members holding permanent appointments of 50-percent time or greater are eligible to participate in the University's phased retirement program. Initiation of a Phased Retirement Agreement can only occur if all parties are mutually satisfied with the arrangements. Approval of the appropriate dean and the Office of the Executive Vice President and Provost is necessary for faculty. Approval of the appropriate dean, vice president, or Director of University Hospital and Clinics, as well as the Senior Vice President for Finance and Operations or designee, is necessary for professional and scientific and merit system staff. There is no right to enter the phased retirement program without the approval of all parties designated above. The phased retirement program is made available by the Board of Regents and can be modified or eliminated at any time. If this program is eliminated or modified, the terms of the program at the point of which an agreement is entered into will prevail, and those who have entered into an agreement with the University will be permitted to complete the terms of that agreement. An individual or department wishing information on the phased retirement program may obtain it by contacting the University Benefits Office, the Office of the Executive Vice President and Provost, or the Office of the Senior Vice President for Finance and Operations.
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11.4 UNIVERSITY FUNDED RETIREMENT PLAN.
(Regents amended 6/24/71; 1/11)
All permanent University staff members who receive an annual budget salary of $7,800 or more may elect to participate in the Funded Retirement Plan (TIAA-CREF) in lieu of the Iowa Public Employees Retirement System (IPERS). For details of these plans, see the "Retirement" section of the University Benefits Office web site.
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11.5 TAX SHELTER PROVISION.
See III-17.18(7).
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11.6 SUPPLEMENTAL RETIREMENT ANNUITIES.
(Amended 4/09; 1/11)

Each staff member has an opportunity to participate in the Voluntary Retirement Savings Program in addition to the University's retirement program. Information concerning this program is available in the "Retirement" section of the University Benefits Office web site.
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11.7 EMERITUS STATUS FOR RETIREES.
(Regents 12/10/71; amended 7/01; 6/05; 5/14)

The status and title of Emeritus are not entitlements; rather they are conferred upon certain faculty and staff members, described below, who retire after having served the University under honorable circumstances for a significant period of time, or, in other cases, may be conferred by central administration or the Board of Regents, State of Iowa.


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Page last updated June 2014 by Office of the Senior Vice President for Finance and Operations