Policy Number: E35.0

Policy Name: RETIREMENT TRANSITION PROGRAM

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

POLICY

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. In order to be considered for the program, an employee must be eligible to retire.

The employees must work full-time for a minimum of six months (two academic quarters) annually in order to qualify for the RIT fiscal year. Since this plan is intended to provide a transition to retirement, it is available only for a maximum of three consecutive RIT fiscal years. During the transition period, RIT provides employees approved for phased-in retirement with non salary-based benefits (medical insurance, dental plan, vacation, sick time) as if they were working full time throughout the fiscal year. The employee's salary and salary-based benefits (e.g., life and AD&D insurance, retirement contributions, and long term disability) are reduced in proportion to the time actually worked. The basis for RIT's contributions to the annuity plan is the actual salary paid to the employee during the fiscal year.

PROCEDURE