IOWA CITY, Iowa (AP) - Faculty members and other long-term employees at Iowa’s three public universities won’t have as long to phase out their retirements under a new policy proposed by the Iowa Board of Regents.
Employees 57 or older who have worked at least 15 years in the system are currently allowed to phase out their retirement over five years. The regents are looking to shorten that to two years, the Press-Citizen reported (https://icp-c.com/2rn9Fpr ).
A first reading of the proposed policy is expected at the regents’ June 8 meeting in Cedar Falls.
Public university policy does not include a mandatory retirement age. Since 1982, the board has offered phased retirement options to long-term employees, who often earn higher salaries because of tenure and seniority, as incentive to retire sooner.
“The proposed changes would give the institutions additional flexibility and predictability in managing the phased retirement plan, while still allowing for employees to utilize phased retirement as an option,” Regents spokesman Josh Lehman said.
Faculty leaders said they’re pleased the program is continuing in some form, but questioned whether cutting the phased retirement by three years provides enough incentive to employees.
Under the new two-year policy, employees could work no more than 65 percent of full employment during the first year and no more than 50 percent for the second year.
The current policy is set to expire June 30. If approved, the new policy would remain in place until 2022.
___
Information from: Iowa City Press-Citizen, https://www.press-citizen.com/
Please read our comment policy before commenting.