Policy Number: E35.0

Policy Name: RETIREMENT TRANSITION PROGRAM

  1. Scope

This policy applies to all regular full-time employees who meet RIT's retirement eligibility criteria.

  1. Policy Statement

    The Retirement Transition Program is a phased-in approach to full retirement status designed to recognize and reward long and successful university service while continuing to utilize the skills of employees approaching retirement. Because this program is intended to provide a transition to retirement, it is available for a maximum of three consecutive years. Once approved, this election is not revocable. The employee is required to retire by the end of the retirement transition period.

    1. Eligibility: In order to be considered for the program, an employee must be eligible to retire under the age and service criteria established by RIT at the time of entry into the program.

    2. Requirements: During an RIT fiscal year, an employee in retirement transition status must work at least the equivalent of half-time for the employee's position. The January intersession will be included in the plan of work while on retirement transition.

      For faculty, this means working a minimum of 50% of the annual normal workload in a fiscal year for the employee's position, as defined by the employee's department head/manager and dean.

      For staff, this means working a minimum of 50% of the employee's scheduled annual work hours during each fiscal year while in retirement transition.

    3. Compensation and Benefits: During the retirement transition period, the employee is considered to be a full-time employee and will continue to have the benefits of a full-time employee even though the employee is working a part-time schedule. The employee's pay is reduced according to the reduced work schedule. The employee's salary-based benefits (e.g., life insurance, long term disability) are reduced in proportion to the work schedule and pay. The basis for RIT's matching contributions to the RIT Retirement Savings Plan is the actual base salary paid to the employee while in retirement transition. RIT provides an employee with non salary-based benefits (e.g., medical, dental) as if he or she were working full-time throughout the fiscal year. Vacation and Sick/Personal Time, if applicable, will be pro-rated according to the reduced annual schedule.

  2. Procedures

Employee

Employee's Manager/Department Head

  • If approved, forwards request to division vice president or college dean.

Vice President/Dean

  • If approved, forwards request to HR.

Benefits Manager

  • Verifies that eligibility requirements have been met.
  • Processes status change.


Responsible Office: Human Resources

Effective Date: Personnel Policy 3.14 issued June 1, 1984

Policy History:
Last revised July 1, 2001
Edited October 2010
Revised March 14, 2013