Printed on: 06/14/2021. Please go to http://policy.umn.edu for the most current version of the Policy or related document.
University of Minnisota  Procedure

Retirement Incentive Option 2020 Procedure

Administrative Procedure

Step Description Responsibility Timing
1 Discuss the program with appropriate department contacts. EE/CCAU contact Late July through October 19, 2020
2 Provide materials to estimated eligible employees TC No later than August 3, 2020
3 Post materials on web site for reference TC No later than August 3, 2020
4 Review materials EE By October 19, 2020
5 Resolve any outstanding questions EE/CCAU contact/OHRCC By October 19, 2020
6 Complete the RIO 2020 Agreement and return to department contact EE Between August 17 and October 19, 2020
7 Provide ADEA statistics to EE, certify eligibility, determine years of service, sign and route to TC CCAU contact Between August 17 and October 19, 2020
8 Receive RIO 2020 Agreement and verify eligibility. Email acknowledgement to EE and CCAU contact. TC Within 1 week of submission
9 Work through retirement date EE No later than January 15, 2021
10 Complete application for retirement and return to TC if applicable. Enroll in Medicare Part B if appropriate. EE Within 30 days of last day of work
11 Sign release and return to TC (Releases signed before the last day of work will not be accepted.) EE Last day of work, between August 17, 2020 and January 15, 2021
12 Enter appropriate information into PeopleSoft CCAU contact Last day of work, between August 17, 2020 and January 15, 2021
13 Receive release, verify eligibility, and hold information for the 15-day recission period. Enter retirement benefit coverage into HRMS as appropriate. TC Last day of work, between August 17, 2020 and January 15, 2021
14 Deposit $19,000 to EE HCSP account TC Within 1 month of last day of work
15 Bill retirees for medical and dental coverage Medica/Delta Dental Within 1 month of last day of work
16 Ensure that any requests to backfill positions follow established procedures CCAU Contact Ongoing
17 Verify that EE has not been rehired at the University TC Within 1 week of July 15, 2021
18 Deposit $19,000 to EE HCSP account for those who remained off of University payroll TC No later than August 15, 2021

Responsibility Abbreviations

  • EE – Employee
  • CCAU – Campus, College or Administrative Unit
  • TC – Total Compensation Department
  • OHRCC – Office of Human Resources Call Center
  • HRMS – Human Resource Management System
  • HCSP – Health Care Savings Plan

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