Retirement from University Employment
Staff members are able to schedule their retirement from university employment based on their unique needs and lifestyles. Accordingly, the university encourages quality advance planning on each staff member's part in preparation for retirement from university employment. Normal retirement at the university is defined as the last day of the academic year in which age 65 is attained. Some staff members will retire before they reach 65 and others after age 65. A staff member may retire at, before or after normal retirement age.
The staff member who plans to retire from university employment should advise the supervisor of that decision as far in advance as possible. In any case, the normal notice of resignation [ten (10) working days for staff members in non-exempt positions and twenty (20) working days for staff members in exempt positions] is expected.
Retirement Income Benefits
Staff members participating in the University of Puget Sound Defined Contribution Retirement Plan are encouraged to contact Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA-CREF) at 800.842.2776 or The Vanguard Group of Investment Companies (Vanguard) at 800.523.1188 for information on retirement plan income options. Staff members who have participated in the University of Puget Sound Voluntary Retirement Savings Plan by making their own voluntary contributions are encouraged to contact TIAA-CREF or Vanguard for information on voluntary plan income options. The Human Resources Department is available to assist staff members with questions about the retirement and voluntary plans.
Individuals may apply for benefits in person at the local Social Security office (check the U.S. government listings in the telephone book for its location) or by completing and signing an electronic application online at https://secure.ssa.gov/apps6z/ISBA/main.html. Social Security prefers that individuals make appointments for visits by calling 800.772.1213. It is recommended that individuals apply for Social Security retirement benefits about three months before the date the benefits are to start.
Education Benefits for Retired Staff Members
Staff members who retire and who have been working at the .75 FTE level may be eligible for education benefits if they continue to be provided (see "Education Benefits" in the Campus-wide Policies section of this manual). For the purposes of this policy, a retired staff member is one who is leaving university employment and the full-time, regular labor market, is at least fifty-five (55) years old, and has worked for the university for at least twenty (20) years.
Partial Payment for Sick Leave at Time of Retirement
Individuals retiring from university employment with at least twenty (20) years of service and who are at least fifty-five (55) years old, will be paid for one-fourth of their accumulated unused sick leave credits.
Origination Date: 9/1958