Staff Phased Retirement - Managerial and Professional

The University offers a Staff Phased Retirement Plan to eligible Managerial and Professional staff. Participants reduce their workload during the one year of phased retirement.

One-Year Program

The one-year phased retirement program will remain in effect with temporary modifications.

One-year phased retirement options are:

Option 1

The workload in the first six months of year one is 80% with no reduction in salary. The second six months of year one has a 60% workload with a 25% reduction in salary.

Option 2

The workload is 80% with no reduction in salary.

Staff members participating in the Staff Phased Retirement Plan may retire earlier, but must retire no later than date established under the option chosen by the employee as documented on the election form.

Eligibility

Full-time, active Managerial and Professional staff members in good standing are eligible for the program if they meet all of the following criteria at the start of their phased retirement:

• Attained age 55;
• Have a satisfactory performance rating of Meets Expectations or better; 
• Have 10 or more years of continuous service, with the most recent three years of employment in a full-time position;
• Sum of their age and years of service, equals 75.

Participation in the Plan by an eligible employee must be approved by the employee’s Department head and Human Resources. Approval will be based on operational and financial needs of the department.

Benefits During Phased Retirement

While participating in the Staff Phased Retirement Plan, staff members are eligible to participate in the same benefits as during their full-time employment.

• Health, Dental and Vision Insurance: Eligibility continues. Contributions are based on full-time equivalent salary during phased retirement.
• Flexible Spending Accounts: Eligibility continues in the Medical and Dependent Care Flexible Spending Accounts.
• Basic Life, Short Term Disability and Long Term: Disability Coverage continues during phased retirement. Disability benefits are based on actual salary earned.
• Supplemental Life Insurance: If participating, coverage and contributions are based on actual salary earned.
• Supplemental Disability Insurance: If eligible, coverage and contributions are based on actual salary earned.
• Scholarship for Sons and Daughters: If the eligibility requirements of the Scholarship Plan are met, the benefit continues during phased retirement.

Signature Benefits

• Homebuyer Program
• Yale Advantages
• Commuter Benefit Program
• Educational Assistance Programs
• Yale Signature Benefits
• Emergency Travel Assistance

Retirement Plan Benefits During Phased Retirement

Participation in the University’s retirement plans will continue.

• Yale University Retirement Account Plan (YURAP): Eligible staff may continue to contribute to YURAP and receive university contributions. YURAP university contributions are based on the actual salary earned.

Grandfathered M&P participants of the Staff Pension Plan*

• Yale University Retirement Plan for Staff Employees (YRPSE)*: Staff members who are active participants in the Staff Pension Plan will continue to accrue pension service during phased retirement.
• Yale University Tax-Deferred 403(b) Savings Plan: Eligible M&P staff who are current participants of the Staff Pension Plan may contribute to the Tax Deferred 403(b) Savings Plan.

* If you have a frozen accrued Staff Pension Plan benefit your accrued benefit will become available at full retirement.

Review your retirement savings plan contribution amount to ensure that you are meeting your retirement savings goals. If contributing a percentage of salary, your contribution amount will decrease in year two based on your actual salary earned. To view and update your account, investment options or beneficiary designations go to the TIAA website or call 855-250-5424.

Time Off Benefits During Phased Retirement

During the four-day work week of a Phased Retirement arrangement, PTO, sick, flex days, holiday, and recess will be administered consistent with current pay practices.

During the three-day work week of a Phased Retirement arrangement, PTO, sick, flex days, holiday, and recess will be prorated with your full-time equivalent salary consistent with current pay practices. Guidelines for use of time off and carryover are unchanged during phased retirement.

Payout at End of Phased Retirement

Payout of eligible unused accrued time is typically made in the final paycheck.

• Paid Time Off (PTO): Unused PTO hours will be paid in a lump sum payout at the time of full retirement.
• 90-Day PTO Extension: Any unused PTO Max Extension time will expire and is not compensable upon termination or retirement.
• Sick Time: 50% of unused sick time will be paid in a lump sum payout at the time of full retirement.
• Flex Days: Unused Flex Days are not eligible for payout.

Important Note: Eligible staff may elect to defer an amount not to exceed 75% of final pay including all or part of terminal Vacation/ PTO and/or Sick Time payouts (up to the IRS annual maximum) into their 403(b) retirement savings plan at the time of retirement. Contact the Employee Service Center at least 30 days before the full retirement date for a form and more information.

Benefits After Phased Retirement

• Retiree Medical: Retirees and eligible dependents may continue participation in Yale Health or Aetna. Medicare eligible retirees and/or spouses must enroll in Medicare Part A & B. Centers for Medicare and Medicaid Services (CMS), the federal agency that administers Medicare and issues guidelines for the program, requires timely enrollment in Medicare Part A and B. Faculty and staff must be enrolled in Medicare to enroll in a post-65 Yale Medicare plan. Retirees can contact Social Security Administration to enroll in Medicare 90 days prior to their 65th birthday or their retirement date by calling 800-772-1213 or by visiting www.ssa.gov. The University offers three Medicare plans administered by Aetna. The University provides a subsidy for retiree medical coverage. The maximum subsidy is attained with completion of 30 years of service.
• Retiree Dental: Dental coverage may be continued in retirement by paying the full cost of coverage.
  Note: Medical and Dental premiums are billed by Aetna. Participants are encouraged to enroll in Autodebit.
• Eyemed Vision: Coverage may be continued for up to 18 months through COBRA.
• Retiree Life Insurance: $1,000 life insurance is provided at no cost to eligible M&P retirees.
• Scholarship for Sons and Daughters: The Scholarship benefit will continue into retirement if eligibility was met at retirement.
• Yale Advantages Employee Discount Program: Yale retirees continue to have access to the employee discount program.
• 403(b) Retirement Savings Plans: Participants of Yale’s 403(b) retirement savings plans have full access to their accounts in retirement.
• Yale University Retirement Plan for Staff Employees (YRPSE): There are various forms of payment available.

Social Security Administration

You may choose to apply, if eligible, for Social Security benefits while on phased retirement. While still active and eligible to participate in the Yale Health Plan or Aetna, it is not necessary to enroll in Medicare Part B. Centers for Medicare and Medicaid Services (CMS), the federal agency that administers Medicare and issues guidelines for the program, requires timely enrollment in Medicare Part A and B. Faculty and staff must be enrolled in Medicare in order to enroll in the post-65 Yale Medicare plans.

Retirees can contact Social Security Administration to enroll in Medicare 90 days prior to their 65th birthday or their retirement date by calling 800-772-1213 or by visiting the Social Security website.

Financial Planning and Support

Schedule a One-on-One Advice Session with an Advisor

You can receive personalized retirement savings plan investment advice. Call 800 732-8353, Monday through Friday, 8:00 a.m.- 8:00 p.m. (ET). Or visit the TIAA website.

Obtain a Staff Pension Plan Estimate

If you have participated in the Staff Pension Plan, select the Staff Pension Plan in your Workday Benefits and Pay Worklet to review your pension or call the Yale Pension Service Center at 877-352-5552, press #2, to request an estimate of your Staff Pension Plan benefit.

Obtain an Estimate of your Social Security Benefits

Calculate your Social Security benefits based on your actual Social Security earnings record online at the Social Security website or call 800-772-1213.

Attend a Retirement Education Series Workshop

Log in to the TIAA website for registration information and a schedule of upcoming workshops.

Retiree Benefits Overview

Benefits counselors provide an overview of available retiree benefits.

Retirement & Financial Planning Workshops

Attend a two-part workshop which addresses a variety of financial and retirement planning topics.

Social Security Overview

Attend a session with a representative from Social Security Administration and hear about social security benefits and application process.

Contact Information