Dear Colleagues,
The University of California is seeking comments on its proposed Phased Retirement Program that would help employees who are 55 or older transition into retirement. Senior Management Group members and academics would not be eligible for this program. The program would be subject to collective bargaining for represented employees.
UC wants to offer this program as an optional tool that locations and organizational units may choose to provide to eligible career staff employees as an opportunity to transition into early retirement. The program would allow staff members to reduce their work hours by at least 10 percent a year over a fixed period, from 120 days up to three years, before retiring. In exchange, employees will receive certain specified advantages, such as vacation and sick leave based on the rate of accrual prior to participating in the Program, and a lump sum cash incentive upon retirement that would be equal to half the amount of the reduction in time.
Under the proposal, if you have at least five years of service credit and work at least 60 percent time, you would be eligible. You could participate for as little as 120 days to as much as three years, reducing your appointment by at least 10 percent annually if you reduce time multiple years. You would retire when you finish the program and receive the incentive payment within 30 days of retirement.
For example, if you’re a full-time employee earning $50,000 a year and you reduce your work hours by 10 percent, your annual salary would be $45,000 and your appointment rate would be 90 percent. Your one-time incentive payment would be $2,500 upon retirement, which is half the amount you would have earned otherwise.
The proposed voluntary Phased Retirement Program document and an informative FAQ are posted at http://atyourservice.ucop.edu/employees/
policies_employee_labor_relations/proposed_policies/index.html under “Proposed Programs.”
As part of the normal policy review process, employees are invited to comment. Please send your comments on the proposed program to me at lmmanton@ucdavis.edu by Monday, September 26.
Sincerely,
Linda Marie Manton
Executive Director for Staff Personnel
View or leave comments for the Executive Working Group
This announcement is also posted and archived on the ANR Update pages.