The University of Nevada Las Vegas offers a phase in retirement program that allows employees to phase in to retirement over an agreed period of time not to exceed 5 years. During the phase in period, the employee works less than full time but equal to or more than half time so that they retain benefits eligibility. Contributions to the employee's retirement account during the phase-in period will be based on the employee's salary at 100% FTE (both employee and employer contributions).

The phase-in process is governed by a formal contract between the employee and the University. The basic provisions of the program are outlined below.

Phase-in Toolkit

Impact to Benefits

Health Benefits

If working less than 100% FTE, but greater than 50% FTE, you will still be eligible for medical, dental, and vision benefits coverage. Time off will be prorated by the percentage of FTE (i.e. an employee at 60% FTE will accrue 9.6 hours of sick time off instead of 16 hours).

Retirement Plan

During the phase-in period, the employee’s retirement account is based on the employee’s salary at 100% FTE for both the employee and employer contributions.

For example, an employee at 100% FTE with a monthly gross income of $5,000 contributes 17.5% or $875.00 to retirement prior to the phase-in period. With a reduction of workload to 80% FTE the monthly gross income will be $4,000 and the retirement contribution will continue to be $875 based on the 100% FTE.

Eligibility

  • The employee must have attained the age of 65 and completed at least 5 years of service with the institution at the expiration of the term of the agreement; or
  • The employee must have attained the age of 60 and completed at least 10 years of service with the institution at the expiration of the term of the agreement; or
  • The employee would have completed 30 years or more of service with the institution at the expiration of the term of the agreement.

Honoring Years of Service from another NSHE Institution

As an employee of NSHE, the total years worked at any NSHE institution in an eligible position will count towards the eligibility to participate. To be eligible, participants must meet the following criteria:

  • Must have attained the age of 65 and completed at least 5 years of service credit with the institution at the expiration of the term of the agreement; or
  • Must have attained the age of 60 and completed at least 10 years of service with the institution at expiration of the term of the agreement; or
  • Any age and must have completed 30 or more years of service with the institution at the expiration of the term of the agreement.

Application Process

  • Complete the phase-in retirement application and return the application to HR at hrbenefits@unlv.edu.
  • Negotiate a workload with your supervisor and obtain their approval. Once approved at the department level, the application must be routed to the Human Resources Benefits Office to officially determine eligibility before it is forwarded to the Provost/President for review. If approved, the phase-in is governed by a formal contract between the eligible employee and NSHE.
  • HR reviews the application to determine eligibility. If employee is eligible, then the application is forwarded through the employee's chain of command for approval.
  • Once the president approves the application, Human Resources will make arrangements with the employee to complete the phase in agreement.
  • No contract exists until such time as the agreement has been fully executed by the president of the institution.
  • Any changes to the agreement, once executed, must be endorsed by the president and approved by the NSHE Chancellor.

Deadlines

An application for phase in retirement is due on February 1 of each year for the following Fall Semester.

Alternative Financing Plans

As an employee of NSHE, participants can accumulate additional retirement savings through the voluntary supplementary 403(b) and 457 plans. Participation is voluntary and cannot replace participation in the mandatory plan. To begin, resume, change, or discontinue contributions into these plans you will need to access your Workday account and follow the steps below:

  • Select the Benefits icon
  • Under “Change” select “Retirement Savings”
  • Select Edit and enter the event date and then select “OK”
  • The retirement savings elections will appear
  • Elect or waive the plan of choice
  • Enter the employee contribution either by percentage or monthly amount
  • When selecting a percentage as a contribution it could impact your other deductions if there is not enough in your monthly pay to cover your retirement contribution and your other benefit premiums