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Faculty Phased Retirement

2-Faculty phased retirement is available to each full-time tenured faculty member who has at least 10 years of service at the University of Louisville and whose age plus years of service equals at least 70.

To apply for phased retirement, the faculty member should make the request to the Provost's office through their department chair and school or college dean. Upon recommendation from the department chair, the Dean shall evaluate each request for phased retirement for its consistency with the program's objectives and its benefits to the faculty member and the university. The Dean shall then provide the unit recommendation to the Provost. Final approval and decisions on appeals will rest with the Provost.

If approved, participants will officially retire effective at the beginning of their phased retirement period to enable them to have access to their retirement benefits. They will be re-employed for no less than 33% or no more than 50% effort yet receive the same health insurance benefits provided to full-time faculty and a retirement fund contribution proportional to the percentage of work effort. Tuition remission benefits available to full-time faculty would remain as well.

If the faculty member has 10 or more years of service and whose age plus years of service equals 70 or greater and they are younger than age 65, they receive 100% of the amount of Basic Life Insurance in force on the day prior to retirement. If they are age 65 or older, they receive a $5,000 life insurance benefit at the cost of $15.00/year.

Questions concerning the phased retirement program should be directed to the Center for Faculty Personnel at (502) 852-5301. Questions concerning benefits should be directed to the Benefits Office at (502) 852-3167 .

 

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