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Click ‘Get Form’ to open the IU Phased Retirement Program Application and Agreement in our editor.
Begin by filling out Section 1, Faculty Member Information. Enter your full name, university ID, date of birth, years of service, department, and campus. Specify your phased retirement period by indicating the start and end dates.
In the Proposed Work Schedule section, select either a fixed percentage of Full-Time Equivalent (FTE) for the entire phased retirement period or choose 'Variable' and provide a detailed explanation of your proposed variable work schedule.
Proceed to Section 2 where you will sign and date the form to indicate acceptance of the program's provisions.
Finally, in Section 3, ensure that the required departmental signatures are obtained from the Chair of Department, Dean of School, and Campus Faculty Affairs. Each must print their name, sign, and date the form.
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Indiana University Health offers IU HEALTH 401(K) SAVINGS PLAN through Empower.
How does phased retirement work?
In order to participate, an employee must have been employed on a full-time basis for the previous 3 years. Under CSRS, the employee must be eligible for immediate retirement with at least 30 years of service at age 55, or with 20 years of service at age 60.
Is phased retirement a good option?
Phased retirement can offer a smoother transition for both employer and employee, allowing workers to stay employed, typically on a part-time or flexible schedule, while adapting to their new lifestyle.
What is the IU phased retirement program?
Phased retirement offers a flexible path for faculty. Phased retirement is a valuable option for faculty who want to reduce their workload and ease into retirement. The benefits of phased retirement include: The ability to withdraw from specific retirement account funds while still working.
What is the IU employee retirement plan?
The IU Retirement Plan is a section 403(b) defined contribution retirement plan. If you were hired after June 30, 1999, Indiana University contributes 9% of your budgeted base salary (excluding supplemental pay). This plan is fully funded by IUemployee contributions are not required or allowed.
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