Approval of the department head, dean or vice president, provost and board of regents is required before an employee can begin either program. Participants in the programs will continue to receive benefits beyond June 1997, until their benefits cease. Employees must retire from active service at Iowa State once ERI begins. Upon retirement, ERI employees continue to receive health and dental insurance until they re eligible for Medicare, typically age 65. The TIAA-CREF contributions cease when the employee is eligible for full Social Security benefits or five years after retirement, whichever comes first.
Incentives end if the participant dies.
Participants may begin drawing from their TIAA-CREF annuities. Merit staff are eligible if they have worked for 20 years. There is no prescribed upper age limit for beginning phased retirement. Phased retirement can last up to five years. The maximum appointment is 65 percent of a position for four years and 50 percent for the fifth year.