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Voluntary Phased Retirement Plan for Eligible Full-Time Faculty
The Office of the Provost is pleased to reintroduce the Voluntary Phased Retirement Plan for eligible full-time faculty.
The plan allows eligible faculty members who are contemplating retirement a gradual disengagement from their current responsibilities. Over a limited number of years, eligible faculty members can choose to reduce their workload and salary while retaining their full benefits at the same contribution rates as regular full-time faculty members. Faculty members who are approved to participate in the plan may access their TIAA-CREF retirement annuity while they are still working, subject to the terms of the funding vehicle.
To be eligible for the plan, full-time faculty members must be tenured, must be at least 55 years of age, and must have at least 10 years of employment as a full-time faculty member at the University of Hartford by Aug. 15, 2011. The plan is voluntary. Faculty members may choose to retire without entering into a phased plan.
Details of the Voluntary Phased Retirement Plan can be found at http://ned.hartford.edu/forms under “Office of the Provost.”
The enrollment period for the Voluntary Phased Retirement Plan begins immediately and ends on Feb. 11, 2011. Completed forms (with the faculty member’s and dean’s signature) must be submitted to the Provost’s Office no later than Feb. 11, 2011, so that faculty contracts issued on March 1, 2011, can reflect the phased retirement agreement.