The Iowa Board of Regents will be asked to consider the University of Iowa’s request for an early retirement incentive program at the board’s February meeting at the University of Northern Iowa in Cedar Falls.

The plan, which will be considered Feb. 5, is the third such program offered by the university since 2009. Much like the second offering in 2010, the 2015 plan will offer incentives to the employee.

Each application will be reviewed on an individual basis for its cost-saving potential and if it is in the best interest of the University of Iowa. Acceptance of the application shall be considered as a voluntary resignation.

The proposed benefits

• Payment of accrued vacation.
• Payment of accrued sick leave (up to $2,000).
• Health/dental coverage. Payment by the university of the employer’s standard share of health/dental coverage for five years. This contribution shall be equal to the amount contributed for an active employee in the same plan and the same coverage level (single, employee/spouse, employee/child, family). If eligible for Medicare during participation in the program, the university will continue to contribute the same incentive toward the retiree health insurance rates for the balance (if any) of the five-year period.
• Retirement fund contributions. Payment by the university of both the employer’s and employee’s retirement contributions to TIAA-CREF for three years, and the employer’s contribution only for another two years. The contribution percentage shall be equal to the amount contributed for an active employee in the same plan.

Who’s eligible for the program?

Candidates must be 57 years of age with at least 10 years of continuous regular benefit eligible employment as of Jan. 31, 2015.

University Health Care employees and/or employees covered by the SEIU collective bargaining agreement are not eligible to participate in this program. Individuals who are on phased retirement may not apply to participate in this plan.

The proposed program would give eligible employees a defined window for application: between Feb. 6 and March 6. Employees must fully retire no later than June 30, 2015. The University Benefits Office will notify employees who are eligible for the program by both a campus email and a home mailing. An eligible employee will apply for participation in the program through the University Self Service site.