April 21, 2011

ISU seeks extension for phased plus retirement program

by Paula Van Brocklin

Uncertainty about Iowa State's FY12 budget has prompted university administrators to request from the state Board of Regents an extension of ISU's phased plus retirement program, implemented last April. The program's original application deadline is April 30, but Iowa State is seeking to extend the application period through June 30. The board will consider the request at its April 27-28 meeting in Ames.

In light of continued proposals for funding reductions at both the state and federal levels, university officials say a deadline extension would give colleges and departments as well as their faculty and staff more time to make informed decisions once the FY12 budget becomes clear.

Program refresher

Phased plus retirement is a five-year program that provides qualified employees with a maximum two-year reduced appointment. At the end of that appointment, employees receive either medical coverage or retirement contributions for the balance of five years once phased retirement has begun.

Additional information about the phased plus retirement program, including eligibility criteria (PDF), questions and answers (PDF), and an application (PDF), are available online.