1. Early Retirement Options with USU
Disclaimer

2. Phased Retirement
Policy 368

3. Eligibility: Must be at least 55 years old
Must have 5 years of continuous benefited service at USU
Academic Year appointments, may only initiate phased retirement January 1st or July 1st
Minimum FTE an employee can reduce to & maintain benefits is 50%

4. What Phased Retirement offers:
Allows a maximum of three years
An employee can start to reduce the amount of time they are working while keeping their benefits, such as medical, dental and life insurance.
Annual and sick leave will be earned on a pro-rata basis according to the percent of time worked in the phased retirement agreement.

5. Things to know or understand:
The way to began the process, is to submit a written request to the Department Head or Director as soon as possible in advance of the start date.
Once at a reduced work time (FTE) you can not increase your time (FTE).
How the retirement incentive works

6. Early Retirement
Policy 349

7. Eligibility: 5 Year Agreement 6 Year Agreement 57 years old
Years of service and age add up to 75 years or more*
56 years old
Years of service and age add up to 75 years or more*
*(all benefited service of 50% time or more will qualify for credit)

8. Benefits while on Early Retirement:
5 Year Agreement
20% monthly incentive* until Full Retirement Age (FRA) or the end of the agreement, whichever comes first
Continued medical & dental cvg. (The premium rate will be based on the 12-month salary preceding the date of early retirement.)
6 Year Agreement
16.67% monthly incentive* until Full Retirement Age (FRA) or the end of the agreement
Continued medical & dental cvg. (The premium rate will be based on the 12-month salary preceding the date of early retirement. Plus an additional 15% surcharge based on the employer’s portion of premium.)
*The incentive base may never exceed the estimated single Social Security benefit available to the individual at FRA.

9. Benefits while on Early Retirement Continued
Medical coverage will end at the end of the month prior to turning 65 as Medicare will start the 1st of the month in which you turn 65.
Spouse can stay on coverage until 65 or until the agreement ends, whichever comes first.
Dependent children can stay on coverage until 26 (end of month they turn 26) or until the end of the agreement, whichever comes first.
There is no change in the coverage, it is the same plan that an active employee receives with the same deductibles, co-insurance, open enrollment period, etc.
The Dental coverage may continue to the end of the agreement.
The Hartford will send you a notice at the start of your early retirement to see if you would like to Port or Convert your life insurance policy.
Accrued annual leave will be paid in a lump sum at the time of early retirement.

10. PROCESS Discuss interest with supervisor
Department Head will need to send Began Date, % of FTE, and description of duties and approval to Benefits Team for Phased Retirement Or
Department Head will need to send Began Date of Early Retirement agreement and approval to Benefits Team
Angie Clayson will prepare the agreement and send it to the employee requesting the agreement
Requestor of the agreement will need to obtain required signatures and turn back into Angie
HR will set up the Early Retirement Agreement in the payroll system

11. Additional thoughts regarding retirement:
Start signing up for Medicare process at least 90 days prior to when you want Medicare to begin.
Tina Davis with Regence BCBS
OneExchange
Social Security Administration
Medicare.org
If your retirement plan is with Utah Retirement System, contact them 90 days prior to when you want your distributions start
Carey Wise
If on TIAA and/or Fidelity, contact at any point, but 90 days prior to when you want your distributions to begin is a good rule of thumb

12. Solution Center

13. Vendor Information TIAA Customer Service: (800) Ryan Peterson: (801) For appointments: (800) Fidelity Customer Service: (800) Teo Ngatuvai: (800) URS Customer Service: (800) Matt Brady: (801) Carey Wise: (801)
Sources for Medicare Information
OneExchange – or
Medicare – 800-MEDICARE or
Regence – Tina Davis – (801)