Policy 5-302: Retirement Programs – Revision 8

Purpose and Scope

To outline the retirement programs available to University Employees.

This Policy is applicable for all categories of University Employees, and is intended to be implemented through associated University Regulations, including University Rules, which shall describe and govern specific aspects of the scope and manner of implementation separately for Employees of the University of Utah Hospitals and Clinics, and for all other University Employees.

Definitions

1. The definitions of Employee-related terms provided in Policy 5-001 apply for purposes of this Policy, including the following: "Employee".

2. "Retirement" means the full or partial termination of regular compensated service as an Employee concurrently with eligibility to receive retirement benefit payments or distributions under an applicable University-funded retirement program.

Policy

1. It is the intent of the University to assist its career-oriented Employees in preparing for retirement by providing retirement programs. The University regards the establishment and impartial administration of retirement programs as conducive to attracting and retaining talented and knowledgeable Employees.

2. Participation in the retirement programs is subject to the eligibility and limitation rules provided in Rule 5-302A Scope, Eligibility and Limitations for Retirement Programs – University Employees (Other Than UUHC Staff) and Rule 5-302B Scope, Eligibility and Limitations for Retirement Programs – University of Utah Hospitals and Clinics Employees, and further subject to applicable federal and state laws.

3. All University Employees may participate in the University’s Supplemental Retirement Plans through voluntary payroll deduction, subject to plan and Internal Revenue Code rules and regulations.

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   [Note: Parts IV-VII of this Regulation (and all other University Regulations) are Regulations Resource Information – the contents of which are not approved by the Academic Senate or Board of Trustees, and are to be updated from time to time as determined appropriate by the cognizant Policy Officer and the Institutional Policy Committee, as per Policy 1-001 and Rule 1-001.]

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Rules, Procedures, Guidelines, Forms and other Related Resources

1. Rules

   1. Rule 5-302A: Scope, Eligibility and Limitations for Retirement Programs – University Employees (Other Than UUHC Staff)

   2. Rule 5-302B: Scope, Eligibility and Limitations for Retirement Programs – University of Utah Hospitals and Clinics Employees

2. Procedures

3. Guidelines

4. Forms

5. Other related resource materials

References

Policy 5-001, Employee Definitions

Policy 5-200, Leaves of Absence (Health-Related)

Rule 5-302A: Scope, Eligibility and Limitations for Retirement Programs – University Employees (Other Than UUHC Staff)

Rule 5-302B: Scope, Eligibility and Limitations for Retirement Programs – University of Utah Hospitals and Clinics Employees

Utah System of Higher Education Rule 851, Guidelines for Retirement Programs

Utah Code, Title 49, Utah State Retirement and Insurance Benefit Act

Contacts

Policy Owner (primary contact person for questions and advice): the Director of Benefits for the University and the Director of Benefits for the University of Utah Hospitals and Clinics are responsible for the application of this Policy to all Employees

Policy Officer: the Chief Human Resources Officer for the University and the Chief Human Resources Officer for the University of Utah Hospitals and Clinics. Only the Chief Human Resources Officer or his/her designee has the authority to grant exceptions to this Policy.

History

1. Current version: Revision 8: effective date – December 13, 2016 Approved by Academic Senate: December 6, 2016

   Approved by Board of Trustee: December 13, 2016

2. Earlier revisions

   Revision 7: effective dates – February 1, 1980 to December 12, 2016

   Amended by the University's President as Interim Policy 5-302, on October 1, 2015.

   Revision 6: Effective February 1, 1980 through September 30, 2015.

   Editorially revised: October 11, 2011, Editorial changes were made to reflect the changes in employee definitions as set forth in Policy 5-001.