Faculty Policies and Procedures Handbook

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C. Retirement Benefits

The following sections identify benefits currently available to faculty members upon retirement, pre-retirement, or phased retirement. The University reserves the right to terminate or revise any of its benefit programs at any time. In the event of conflicts between descriptions of benefits in this Faculty Policies and Procedures Handbook and official retirement plan documents, the language of the plan documents will govern.

  1. Defined-Contribution Retirement Savings Plan

    Active, full-time faculty members are eligible to participate in the University’s retirement plan. Eligibility is established after one year of service and the attainment of twenty-one years of age. If the faculty member has had full-time service in a prior academic institution, however, that service can be used to fulfill the service eligibility requirement. Faculty may begin making pre-tax contributions to the plan as soon as they are employed at UT. IRS and federal regulations define the maximum employee pre-tax contributions allowed. After one year of eligibility service, employees are qualified to receive tax-sheltered, employer-matched contributions. The University will match dollar-for-dollar any employee contribution made to the annuity plan, up to a maximum contribution per years of service as identified on the Defined-Contribution Retirement Savings Plan Contribution Schedule in effect. All funds are taxable for social security purposes. Employee and employer contributions are fully vested at 100 percent from the date participation in the program begins. The benefit at retirement will be determined by the amount the employee and the University together have contributed. Employees may contact the Office of Human Resources for complete information on this benefit or see the Benefits section of the human resources homepage at https://www.ut.edu/uploadedFiles/SpartanNet/Human_Resources/Benefits%20Page/Benefits%20Page%20Content%20%28SpartanNet%29%20%281%29/36%29%20University%20Retirement%20and%20Other%20Benefit%20Programs.pdf

    The University's retirement plan is an individual contract which remains the personal property of the faculty member, and as such represents an investment which may be continued by the individual after the conclusion of University employment.

  2. Retiree Health Insurance Benefits
    1. If a faculty member was employed prior to June 1, 2003, and has been a full-time continuous employee for ten years or more, he/she qualifies at age 65 or older for the following University retiree benefits:
      1. Retiree group health insurance: UT will pay for the retiree only, 75% of the monthly premium of the UT plan not to exceed 150% of premium costs as of June 1, 1995.
      2. $5,000 life insurance policy
      3. Faculty/staff grant
    2. Faculty members employed on or after June 1, 2003, who have been full-time continuous employees for ten years or more qualify at age 65 for the University's retiree medical group insurance available by paying the full contribution cost. Benefits for those employed after June 1, 2003, include:
      1. Access to retiree medical group insurance by paying the full cost
      2. $5,000 life insurance policy
      3. Faculty/staff grant

    For persons age 65 or over, benefits are integrated with Medicare. Retirees and their dependents 65 and over must enroll in both Medicare Part A and Part B.

  3. Availability of Health Insurance for Faculty Leaving UT prior to Retirement

    The University of Tampa offers eligible faculty and staff members group health insurance through the ICUBA group health insurance program. A faculty member and eligible family members may continue membership in applicable ICUBA group health insurance plans in force by paying the full cost for those benefits should the faculty member leave the University prior to retirement while meeting the following criteria: (1) Age 55 or older with 10 years of continuous full-time service; or (2) Age 60 or older with 5 years of continuous full-time service.

  4. Pre-Retirement Agreements

    Pre-retirement refers to an unpaid leave of absence for an eligible faculty or staff member for up to five (5) years prior to retirement at age 65. At the discretion of the University, a faculty member may work on a part-time basis at The University of Tampa while on Pre-Retirement Leave. The following conditions apply to pre-retirement:

    1. The pre-retiree must be age 60 or older with 10 years of continuous service
    2. He/she and eligible family members may continue membership in applicable group health insurance plans in force by paying the entire cost (employee and University costs) for those benefits until the faculty member reaches age 65
    3. A faculty member may elect pre-retirement only if he/she has elected to retire from The University of Tampa at the end of the pre-retirement agreement
  5. Phased Retirement Agreements

    Phased retirement refers to a reduced teaching appointment to assist a tenured full-time faculty member in preparing for full retirement. A phased-retirement agreement is entered into for up to two years, with an opportunity to extend an additional year at the discretion of the University. Under a phased retirement agreement, the tenured faculty member officially retires, then maintains a part-time (50%) term appointment, without tenure, renewed on an annual basis until the expiration of the agreement.

    The following conditions apply to phased retirement agreements:

    1. The faculty member must have reached age 62 or older with 15 years of continuous full-time service and full-time tenured faculty status
    2. He/she must teach a total of 12 credit hours in the fall and/or spring semesters
    3. His/her salary, group health insurance, and other employee benefits will be on a pro-rated basis
    4. By voluntarily electing phased retirement, the faculty member makes an irrevocable decision to retire at the end of the phased retirement agreement
  6. Age Considerations

    While there is no mandatory retirement age at The University of Tampa, the normal retirement age is the year in which the faculty member attains his/her 65th birthday.

    The University of Tampa makes contributions to the retirement plan until the faculty member retires or ceases to be employed by the University.

  7. Continued Participation in University Events after Retirement

    Retired faculty members may participate in events to which the University ID card provides admission. Retired faculty retain full library privileges and may be invited back to serve on special task forces.