Printed on: 03/08/2021. Please go to http://policy.umn.edu for the most current version of the Policy or related document.

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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