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Release: Oct. 19, 2001

UI to extend early retirement program for eligible staff, faculty

IOWA CITY, Iowa -- The University of Iowa has announced that it will permit employees who qualify for the Early Retirement Incentive Program by June 30, 2002 to request up to an additional two years to separate from the institution. The decision was announced at the Board of Regents, State of Iowa, meeting earlier this week in Ames.

UI staff and faculty who are eligible and who wish to take advantage of the program between June 2002 and June 2004 can declare their intentions now and request a preferred date to retire, says Richard Saunders, manager of University Benefits. In June, the Regents had agreed to allow the extension if the university chose. The UI Funded Retirement Insurance Committee recommended the action last week.

About 1,000 faculty and staff are eligible for the program, and each person will receive a letter soon after Nov. 1 from the University Benefits office telling them how to proceed, says Saunders. The deadline for declaring intent and for requesting a preferred retirement date is Feb. 1, 2002. Departments may negotiate retirement dates to assure a smooth transition in the event that there are a number of retirees in the same unit.

The early retirement incentive is available to faculty and staff members between 57 and 64 years old with at least 15 years of service. The University contributes to the retiree’s TIAA/CREF account and to health and dental insurance until age 65.

The five-year early retirement window was created in 1986 to encourage a revitalized faculty and had been renewed in 1992 and 1997.