Merit staff are eligible if they have attained the age of 60 and have worked for 20 years or longer. There is no proscribed upper age limit for beginning phased retirement. Phased retirement can last up to five years and no longer. For the first four years compensation is at the level of appointment plus ten percent. During the fifth year the salary is proportionate to the appointment.
Termination of employment is mandatory at the end of five years.
Participants in the phased retirement program may begin part or all their TIAA-CREF annuity income. Reducing ones full time employment to half time may have some merit for certain employees. The phased retirement program may not be available from their department. Employees may desire to work longer than five years on a half time basis. There is no upper age limit for retirement.