Eligibility Requirements
Beginning with the 2008-09 academic year, to be eligible to enter the UNC Phased Retirement Program, a tenured faculty member who is a member of the NC Teachers' and State Employees' Retirement System (TSERS) must (1) have at least 5 years of full-time service at his/her current institution, (2) be at least age 62 as of August 1 of the year that he/she enters the Phased Retirement Program, and (3) be eligible to receive a retirement benefit under TSERS. 

Enrollment Documents and Retirement Application
Enrolling in the Phased Retirement Program must be completed in coordination with your department chairperson between the dates of the enrollment period.  Once you have enrolled in the Phased Retirement Program, you will be scheduled to retire on July 1st, following the conclusion of that Academic Year.  Therefore, in order to assure your retirement benefits begin promptly, the Benefits Office requests that you begin your retirement application process in April (three months prior to your retirement date).

Effective Dates of Retirement and Retiree Medical Insurance
Your retirement will be effective July 1, 2008, and your participation in the Phased Retirement Program begins on August 1.  Since medical deductions are deducted a month in advance, you will be kept on the University-paid health insurance until July 31, 2008.  Your retiree health insurance will be effective on August 1, 2008. 

Please click here to see which University benefits will be continued during the Phased Retirement period.

Note:  If you were vested on either the Teachers' and State Employees' Retirement System or the Optional Retirement Plan as of August 12, 1989, you belong to a special class of State Employees eligible for a state tax exempt retirement benefits.  This group is known as the Bailey-Patton class (after the class action lawsuit that determined this class was eligible for the State tax-exempt treatment).  You can read more about this on the TSERS website at http://www.treasurer.state.nc.us.