GVSU recognizes that some regular faculty and staff members may want to gradually phase into retirement by reducing their workload prior to full retirement. Additionally, it may be to the benefit of both the faculty/staff member and the university to enter into an arrangement where the faculty/staff member’s workload and compensation are reduced as they approach retirement. When such arrangements are possible, the university and the faculty/staff member may elect to enter into a phased retirement agreement.
What is Phased Retirement?
A phased retirement is when an employee reduces their workload and compensation during their final years of GVSU employment. For example, a full-time employee shifts to working half-time at half of their most recent compensation for a year before retiring. The employee does not enter official retiree status until the end of the phased retirement. Benefits that are not based on the faculty/staff member’s salary shall continue in full during this time.
Phased Retirement Agreements
Arrangements for a phased retirement require a mutual written agreement between the faculty/staff member and their respective dean/appointing officer, and are subject to the approval of the appropriate executive officer. Such arrangements must be designed to meet the mutual need of the faculty/staff member and their unit.
Although the terms of the phased retirement agreement may vary from individual to individual, the following guidelines apply: