Image Rotator

UNC Charlotte Phased Retirement Program

2016-2017 Academic Year Enrollment Period:
October 1, 2015 - January 31, 2016

TSERS and ORP Retirement Paperwork Due to Human Resources: 
March 1, 2016 - March 31, 2016
(For faculty wishing to participate in the Phased Retirement Program beginning in the 2015-2016 Academic Year)


Introduction

The University of North Carolina at Charlotte is pleased to offer faculty the flexibility of the Phased Retirement Program.  Phased Retirement enables a faculty member to enjoy the benefits of retirement while still teaching part-time for a 3 year period.  The purpose of this document is to present some basic information about retiring from either the Teachers’ and State Employees’ retirement System (TSERS) or the Optional Retirement Program (ORP).

Eligibility Requirements

The Phased Retirement Program is available only to full-time tenured faculty members.  Tenured faculty occupying full-time administrative or staff positions are eligible to participate in the program when they vacate such positions.

Tenured faculty who are members of TSERS must be at least age 62 upon entering the Phased Retirement Program, have at least five years of full-time service at his or her current institution, and be eligible to receive a retirement benefit under TSERS.

Tenured faculty who are participants of the ORP must be at least age 59½ upon entering the Phased Retirement Program, have at least five years of full-time service at his or her current institution, and be eligible to receive a retirement benefit under ORP.

Enrollment Documents and Retirement Application

Enrolling in the Phased Retirement Program must be completed in coordination with your department chairperson before the end of January 31, 2016.  Once you have enrolled in the Phased Retirement Program, you will be scheduled to retire on July 1, following the conclusion of that Academic Year.  Therefore, in order to assure that your retirement benefits begin promptly, the Benefits Office requests that you begin your retirement application process in March, (four months prior to your retirement date).

Effective Dates of Retirement and Retiree Medical Insurance

Your retirement and your participation in the Phased Retirement Program will be effective July 1, 2016.   If you are not Medicare eligible, your coverage on the State Health Plan will continue until July 31, 2016.  Your retiree health insurance will be effective on August 1, 2016.

If you are Medicare eligible, Medicare will be your primary healthcare provider effective July 1, 2016 and the State Health Plan will be secondary until July 31, 2016.  Effective August 1, 2016, your retiree medical plan becomes effective.  Medicare Advantage Plans are now available to retirees who are Medicare eligible.    

Enrollment in retiree health plans must be processed at least 61 days prior to August 1, 2016.