Retirement Process
Retirement Process
Upon deciding to retire from the university, faculty members should review the steps outlined in the Human Resources Pre-Retirement Checklist. They should then submit either a letter or email to their Department Chair stating their intent to retire with an effective retirement date. Standard retirement dates are 5/31 or 8/31.
The Department Chair must officially accept the retirement in writing through either an email or letter. The acceptance must confirm the effective retirement date. Letters should be signed and dated.
Copies of the retirement letter and Department Chair's acceptance should be sent to all other departments or centers where the faculty member has concurrent appointments, including courtesy or zero percent time appointments.
Processing Retirements in Workday
After informing their Department Chair of their intent to retire, faculty members should contact HR/Benefits. HR will enter the Expected Retirement Date into Workday, at which point departmental administrative staff can process the Termination in Workday.
Prior to processing the termination, staff will also need to end any additional employment via an End Additional Job BP.
Mid-Month Retirements
Mid-Month Retirement Process
Faculty can retire at any point; however, their official retirement date is always effective the first day of the month.
Faculty retiring and Not returning to Work
If a faculty member’s last day of employment is not the last day of the month and they are not planning to return to work in the same semester, the departmental administrative staff should proceed as follows:
- Process a Termination BP using the "Retirement" reason effective the date the faculty retires.
- EXAMPLE: if a faculty member’s last day of employment is 01/15, the departmental administrative staff should terminate them in Workday effective 01/15. In this scenario, the faculty's official retirement date would be 02/01.
faculty retiring and returning to Work
If a faculty member’s last day of employment is not the last day of the month and they are returning to work in the same semester, the departmental administrative staff should proceed as follows:
- Process a Change Job BP to update their scheduled weekly hours to zero effective the day after their retirement. When processing this BP, do not change the employee type, as benefits will not be affected if the termination is going to be at the end of the month.
- Next, process a Termination BP using the "Retirement" reason effective the last day of the month that they will retire.
- Finally, rehire the faculty under modified service or phased retirement, effective the first day of the month after their retirement.
- EXAMPLE: if a faculty member’s last day of employment is 01/15, the departmental administrative staff would process a Change Job to reduce their scheduled weekly hours to zero effective 01/16, then terminate them in Workday effective 01/31. The faculty's official retirement date would be 02/01, and (if they retired from TRS*) they would not be eligible to return to work until 03/01.
*Please note, as defined in HOP 2-2410, Teacher Retirement System retirees require a one month break in service (one month from their official retirement date, not their last day of employment) before returning to work under modified service or a phased retirement contract.
Phased Retirement Process
Phased Retirement Process
Faculty who wish to be considered for phased retirement should see the HOP 2-2410 Phased Retirement for Tenured Faculty, which includes:
- Phased retirement definitions, policies, and procedures.
- The Phased Retirement Agreement (must be filled out and submitted for approval; see below)
- Attachment for 2-2410 (provides a set of steps that must be taken by the department when a faculty member initiates discussion with the department chair regarding the possibility of phased retirement)
After reviewing the HOP, faculty should inform their Department Chair of their intent to go into phased retirement. Department Chairs will then work with CNS Faculty Affairs to draft the Phased Retriement Agreement, which CNS Faculty Affairs will submit to the Provost's Office for approval.
Phased retirement is only approved after the contract is signed by both the faculty member and the Executive Vice President and Provost. If the contract is approved, APS will provide the finalized documentation to the faculty member, Dean, and Department Chair, as applicable.
Processing Phased Retirements in Workday
For faculty applying for phased retirement, department administrative staff should process the faculty member's termination in Workday at the beginning of their contract as outlined in the retirement process and/or mid-month retirement process above.
After the Phased Retirement Agreement has been approved, APS will process the necessary transactions to place the faculty member on phased retirement in Workday at the correct percent time at the start of their contract. It is then the responsibility of the department to make necessary changes to the faculty member’s SWH in Workday if the Phased Retirement Agreement includes changes in percent time from semester to semester.
At the end of the phased retirement contract, the department must end the appointment by processing a Termination in Workday.
Notes on Phased Retirement
Important Notes for Faculty Considering Phased Retirement
- If you're a faculty member with a phased retirement contract, your retirement must be effective at the beginning of your contract for benefits purposes. For information about eligibility, enrollment and billing for the university's retiree insurance, review retiree benefits info. You aren't eligible to contribute to the TRS or ORP retirement programs due to your retired status, but you are eligible to contribute to the UT Saver Supplemental Retirement Programs as a retiree.
- Phased retirement contracts cannot exceed three years. Any changes in the contract after approval require a written request by the faculty member and approval by the Provost's Office.
- Entering into a contract for Phased Retirement includes voluntarily waiving any rights, claims, or causes of action that you may have had through the effective date of the contract under the Age Discrimination in Employment Act of 1967 (ADEA) and its 1990 amendments effected by the Older Workers Benefits Protection Act (OWBPA).
- You have twenty-one days to consider the contract after it is drawn up by your department and reviewed by the Department Chair and the Budget Council or Executive Committee.
- You have seven days after execution of the contract during which you may revoke the contract, in writing. Absent such revocation, the contract will go into effect on the eighth day following its execution by all parties.
Required Materials
Required Materials for Retirement
- Letter/email from the faculty member stating intent to retire
- Letter/email from the Department Chair confirming the effective date of the retirement
Required Materials for Phased Retirement
- Letter/email from the faculty member stating intent to go into phased retirement
- Letter/email from the Department Chair that the department will seek phased retirement for the faculty member
- Phased Retirement Agreement
Timeline
When to Process Retirement in Workday
Terminations due to retirement or phased retirement should be processed within 60 days of the effective date of retirement.
When to Submit Phased Retirement Agreements
Phased Retriement Agreements should be submitted to the Provost's Office at least one month prior to the contract's start date.
Last Day Return Items
Last Day Return Items
Departments should ensure that separating faculty have returned all items listed below:
- Keys - This includes your desk, file cabinet, office, building and vehicle keys.
- Access Cards
- Uniforms
- Tools and Equipment
- Identification Card
- Long Distance Card
- Mobile Devices
- Laptop/Computer
- University Records
- Departmental Parking Tags/Cards
- Credit Cards
- Pro Card
- Business Cards
Contact Information for Retiring Faculty
Human Resources - Benefits
Contact the Benefits Section of Human Resource Services to discuss various issues including medical, dental, vision, life, accidental death, disability insurance; Medicare; Social Security; other insurance; Premium Sharing; UTFLEX; other paycheck adjustments, etc.
Social Security
Contact the Social Security Administration for information on their policies and benefits.
Retired Faculty-Staff Association
Contact the Retired Faculty-Staff Association (RFSA) for more information, if desired. Note, the first year of membership in RFSA following retirement is free.
Retirement Programs
Teacher Retirement System (TRS)
Review the Planning for Retirement page on the TRS website. This page provides information that will help you decide when it is the right time for you to retire, and what retirement option is best for you.
Optional Retirement Program (ORP)
Contact your ORP retirement provider or financial advisor three months before retirement to review distribution options and beneficiary designations.
Helpful Links
Resources for Faculty
- Provost's Office - Seminar on Retirement
- Human Resources Pre-Retirement Checklist
- Retired Faculty-Staff Association (RFSA)
- Privileges for Retirees
- HOP 2-2410 - Phased Retirement For Tenured Faculty
- Attachment A, Phased Retirement Agreement
- Attachment B, Phased Retirement Waiver
- HOP 2-2420 - Retirement and Modified Service for Faculty Members
- HOP 2-2430 - Emeritus Titles; Perquisites and Privileges of Emeritus Faculty, Emeritus Administrative Officials and Other Retired Faculty
Workday Resources
Questions or concerns: Contact CNS Faculty Affairs
