IOWA BOARD OF REGENTS

1997 EARLY RETIREMENT INCENTIVE PROGRAM   

CLARIFICATION 

  • If you are eligible, you have until June 30, 2004 to apply for this program.
  • You are eligible if, by June 30, 2002, you
    • were 57 years of age or older and
    • had 15 years or more of service

HOWEVER:
Your department has the right to put in place additional guidelines to address budget priorities and preserve the integrity of program planning. Delaying your decision or application may negatively impact priority consideration for your request.

 

 

  1. Eligibility:  Faculty, Professional-Scientific employees, Regents Merit System employees,  institutional officials, and staff of the Board office, employed by the Board of Regents for a period of at least fifteen years and who have attained the age of 57 are eligible for participation in the Early Retirement Incentive program.  Participation is subject to the approval of the appropriate administrative officers of the institution in which employed.  Employee must completely retire from active service at Iowa State University.

  2. Duration of Participation:  Upon retirement, the participant will receive the health and dental insurance incentives until date of eligibility for Medicare, and TIAA/CREF incentives until the earlier of date of eligibility for full Social Security benefits or 5 years after retirement.  Incentives will cease upon the death of the participant.  This program will expire for new participation on June 30, 2002.  Those employees eligible as of June 30, 2002 have until June 30, 2004 to retire from the University.

  3. Incentives:  Employer will pay employer share of health and dental insurance until date of eligibility for Medicare.  Participant will have to pay employee share of premium (if charged) to keep coverage.  Employer will pay employee and employer share of TIAA/CREF for three years, and then employer share for an additional two years. TIAA/CREF contributions will cease at the earlier of the date of eligibility for full Social Security benefits or 5 years after retirement.  Employee will receive the $4,000 Retirees Life Insurance policy if he or she has been enrolled in the University Life Insurance coverage for a consecutive 10 year period prior to retirement.

  4. Alternate Payment Method:  If the employer agrees, all or part of the incentives (except the life insurance) may be provided as a cash payment equal to the present value of the benefit(s) for which it is substituted.  Employees participating in IPERS must elect this option for the IPERS contributions.  The interest rate used in calculation of the present value shall be determined annually by the Board of Regents.

  5. Special Considerations:  An employee presently participating in the Phased Retirement Program can transfer to the Early Retirement Incentive Program with the approval of the employee’s department and the University.  Each month spent in the Phased Retirement Program will reduce the period of full payment of TIAA/CREF benefits (employer and employee contributions) by one month.

If you are interested in participating in this program, please contact the Human Resources Services, Employee Benefits, 3770 Beardshear Hall, at 294-4707, to obtain an “Initial Request for Information” form.