CONTACT: CHARLES S. DRUM
300 Plaza Centre One
Iowa City IA 52242
(319) 384-0048; fax (319) 384-0024
Release: Oct. 19, 2001
UI to extend early retirement program for eligible staff, faculty
IOWA CITY, Iowa -- The University of Iowa has announced that it will permit
employees who qualify for the Early Retirement Incentive Program by June 30,
2002 to request up to an additional two years to separate from the institution.
The decision was announced at the Board of Regents, State of Iowa, meeting
earlier this week in Ames.
UI staff and faculty who are eligible and who wish to take advantage of
the program between June 2002 and June 2004 can declare their intentions now
and request a preferred date to retire, says Richard Saunders, manager of
University Benefits. In June, the Regents had agreed to allow the extension
if the university chose. The UI Funded Retirement Insurance Committee recommended
the action last week.
About 1,000 faculty and staff are eligible for the program, and each person
will receive a letter soon after Nov. 1 from the University Benefits office
telling them how to proceed, says Saunders. The deadline for declaring intent
and for requesting a preferred retirement date is Feb. 1, 2002. Departments
may negotiate retirement dates to assure a smooth transition in the event
that there are a number of retirees in the same unit.
The early retirement incentive is available to faculty and staff members
between 57 and 64 years old with at least 15 years of service. The University
contributes to the retirees TIAA/CREF account and to health and dental
insurance until age 65.
The five-year early retirement window was created in 1986 to encourage a
revitalized faculty and had been renewed in 1992 and 1997.