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***Click
Here for Important Changes to UNC Phased Retirement Program***
 University
of North Carolina
Phased Retirement Program
The University of North
Carolina is pleased to offer faculty the flexibility of the Phased Retirement
Program. Phased Retirement enables a faculty member to enjoy the benefits
of retirement while still teaching part-time.
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.
A tenured faculty member who is a
participant in the UNC Optional Retirement Program (ORP) must (1) have at
least 5 years of full-time service at his/her current institution, (2) be
at least age 59 1/2 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 ORP.
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.
Your University-paid health insurance
will continue until July 31, 2008, since we pay our premiums a month in
advance. You will be officially retired effective July 1, 2008, with your
retiree health insurance beginning August 1, 2008. All other deductions
from your University half salary will be continuous with your half salary
paychecks.
Please refer to the
Benefit Continuation
Table to see which 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.
Overview/ Summary
of Program
Links and Resources
Questions
and Answers
The
Teachers' and State Employees' Retirement System (TSERS)
Estimate of
Retirement Benefits
The
Optional Retirement Plan
Retiree
Health Coverage, Social Security, and Medicare
Benefit
Continuation Tables
Emeritus Faculty Status
Privileges
Dates
to Remember & Document
Filing Checklist
Forms
and Documents
Application
and Reemployment Agreement:
Administrative Policies for Implementation:
Model Letter to Eligible Faculty:
Half-time Work
Plan:
General
Release:
Print Version of UNCC
Phased Retirement Program:
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