Pol-Retirement

policy retirement modified Thu Jan 30 2020 15:08:43 GMT-0500 (Eastern Standard Time)

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University of Louisville

OFFICIAL
UNIVERSITY
ADMINISTRATIVE
POLICY

POLICY NAME

Retirement

EFFECTIVE DATE

January 22, 1998

POLICY NUMBER

PER-6.03

POLICY APPLICABILITY

This policy applies to University Administrators, Faculty, and Staff.

POLICY STATEMENT

POLICY

The University of Louisville does not have a mandatory retirement age for faculty, staff, or administrators. Retirement may occur when the regular status employee either:

  1. Has a minimum of seven years of regular service and who is at least 60 years of age or
  2. Has a minimum of seven years of service in Eligible Faculty or Staff status and whose combination of age and years of regular service of not less than 80% full-time equivalent at the University is equal to or greater than 75.

For purposes of the preceding sentence, years of regular service mean calendar years or (in the case of faculty) academic years and employment on a basis of not less than 80% full-time equivalent during any part of a calendar year or (in the case of faculty) an academic year shall be counted as a full year of regular service.


PROCEDURES

The employee is urged to notify the Employee Benefits Office, Human Resources Department, at least three months prior to the expected retirement date. Telephone numbers are accessible through the retirement page of the Human Resources Website. The employee must also contact Teachers Insurance and Annuity Association (TIAA) and/or Fidelity Investments (telephone numbers are listed below), and request a retirement packet which will include retirement benefit options, income benefit illustrations, and benefit application forms.

TIAA 1-800-842-2776

Fidelity Investments 1-800-343-0860


ADMINISTRATIVE AUTHORITY

Associate Vice President for Human Resources

RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION

Human Resources
1980 Arthur Street
Phone:  502-852-6258
Email: hrhelp@louisville.edu

HISTORY

Revision Date(s):  

Reviewed Date(s):  March 9, 2016


The University Policy and Procedure Library is updated regularly. In order to ensure a printed copy of this document is current, please access it online at http://louisville.edu/policies.