Prepare for Retirement
Human Resources provides a pre-retirement counseling session to employees planning on retiring in the next three months.
During your counseling session you will learn about the following:
- The steps you need to take to Retire from NAU
- The paperwork that you will need to be completed
- Benefits available to retirees
- The Retiree Accumulated Sick Leave Program
Because we will need to assemble a personalized retirement packet please schedule your meeting at least 48 hours in advance.
Retiring from NAU Workshops
If you are planning on retiring in the next 12 month you are encouraged to attend a Retiring from NAU (HR233) workshop presented by our retirement advisors.
These monthly sessions cover the steps employees need to take in order to retire from NAU. We will review the benefits available to NAU employee at retirement and the enrollment forms that need to be completed.
The workshops will be held in the Centennial Building Conference Room on the following dates:
- Wednesday, July 24th 10:00 am – 11:30 am HR Centennial Meeting Room 120
Most workshops will be limited to 10 participants so that we can answer all your questions about retiring from NAU.
To register for a course:
- Log in to LOUIE
- Choose “Self Service”
- Choose “Learning and Development”
- Choose “Request Training Enrollment” to search for trainings and sign up for specific sessions.
- Once you’ve enrolled in a course session, you will receive a confirmation e-mail letting you know that you are either enrolled or on the wait list. An email reminder will be sent to you a couple days before the session.
Review the ‘Guide to Retiring from NAU’
Phased Retirement Accordion Closed
The Arizona Board of Regents Phased Retirement Program enables eligible Optional Retirement Plan (ORP) participants to reduce their workload and hours, remain employed for up to three years, and concurrently take distributions from their ORP retirement account(s).
If you are eligible, your participation is:
- subject to negotiation with and approval by the applicable dean or vice president
- established by a binding, written legal agreement
The dean or vice president retains the authority to balance college and division business continuity needs with requests for phased retirement. Consequently, the final decision is made jointly between the participant and the applicable dean or vice president.
To participate in the phased retirement period, you must:
- be at least 62 years old
- be fully vested in the ORP
- enter into a written Phased Retirement Agreement with the University
The agreement must be finalized, approved, and accepted by the University and submitted to Human Resources before the beginning of the employee’s next contract period.
Duration of the phased period
The maximum duration of your phased retirement period is three years. You may request a period less than three years.
Once the phased retirement period has begun, you may choose to accelerate retirement, but may not extend retirement past the date in your written agreement. Any plans for accelerated retirement will be shared as early as possible with the applicable dean or vice president to accommodate college or division business continuity needs. This allows for unforeseen circumstances, such as a participant’s illness, that may prevent a participant from fulfilling the negotiated phased retirement period.
Reduced workload and hours
Your salary and workload will be reduced at the beginning of the phased retirement period. The specific amount of reduction is subject to negotiation between you and the applicable dean/vice president.
Unless otherwise requested by you in writing, your employment status will be no less than 20 hours per week, allowing you to retain university and Arizona Department of Administration benefits eligibility.
Tenured faculty and individuals with continuing status
A tenured faculty member or professional with continuing status irrevocably relinquishes all status rights at the end of the phased retirement period.
Year-to-year professionals continue to be subject to annual employment contract renewals during the phased retirement period. Participation in phased retirement by non-tenured/non-continuing personnel does not create a guarantee or implied agreement of continuous employment during the phased retirement period.
Access to ORP accounts during the phased retirement period
Participants may take distributions from vested ORP account(s) as desired during the phased retirement period.
Contributions to ORP accounts during the phased retirement period
Both employee and employer contributions to the ORP continue through the participant’s retirement date in accordance with Arizona Revised Statutes 15-1628C and the Arizona Board of Regents ORP policy.
Is parking provided for my pre-retirement counseling session?
No special parking is available for pre-retirement counseling sessions. Year-round, a vehicle must display a valid permit to park on campus. Temporary permits can be purchased at the kiosk located near the entrances to campus or by contacting Parking and Shuttle Services at 928-523-6623.
Health, dental, and vision insurance
Learn more about your retirement health plan options.
Northern Arizona University is required by law to provide employees separating from the University COBRA information and enrollment forms. Shortly after your last day of work, you will receive a COBRA packet from Human Resources. If you decide to continue medical coverage as a retiree, please disregard this packet.
Employee Assistance and Wellness (EAW)
Retirees on the university’s Blue Cross Blue Shield (BCBS) plan are eligible for the wellness programs and short-term counseling and referral services offered by Employee Assistance and Wellness. Retirees enrolled in state health insurance plans are eligible to attend Wellness Workshop Series programs.
Employees enrolled in Aetna Life Insurance upon retirement may continue coverage if they were enrolled in Aetna Life Insurance as an active employee. Currently, the retiree group policy is $15,000 of coverage for an annual premium of $215.
Employees enrolled in The Hartford life insurance upon retirement may continue the $15,000 Basic Life coverage (paid by NAU while an active employee) or The Hartford life insurance enrolled in as an active employee.
Premiums are subject to change. Enrollment forms will be included in the retirement packet you receive at the retirement counseling session.
Continuing your current life coverage Accordion Closed
During the 31 days immediately following the termination of your life insurance coverage, you may elect to continue your current supplemental life insurance coverage (known as porting) or you may convert it to whole life insurance. Term life insurance provides a death benefit only, while whole life provides cash value. Both The Hartford and Aetna Life Insurance offer portability and conversion options. Contact your provider for more information on costs.
|Aetna Life||The Hartford|
Group or Control# 320471
|Policy # 395211|
Short- and long-term disability
These plans are not eligible for continuation into retirement, and will end on the last day worked.
Retiree Accumulated Sick Leave (RASL) program
To qualify for the RASL program, you must:
- be an active university employee retiring with a minimum of 500 hours of accrued sick leave
- establish your retirement within 31 days of separation from the university
- apply for retirement with the appropriate state retirement system
RASL payments are distributed in three equal payments over three years. The first payment usually arrives 90 days after separation. Unused sick leave under 500 hours will not be paid.
Review the details of the Arizona RASL program
RASL deferred compensation option
Retirees may defer their first RASL payment to a 457(b) plan with the State-sponsored deferred compensation provider, Nationwide Retirement Solutions.
All accrued comp time will be paid out on the last paycheck.
Arizona Board of Regents (ABOR) Benefits
Additional benefits are offered to retirees through ABOR. To be eligible for these benefits, retirees must:
- have completed at least five (5) years of benefit eligible employment in the Arizona university system immediately preceding retirement
- be receiving a retirement income from an Arizona university sponsored retirement program
- be at least fifty (50) years of age, and
- must have not been terminated for cause
Your ID card will be are automatically updated to retiree status. You must keep your ID to be eligible for additional benefits.
|Educational aid||Retiree and eligible dependents can take advantage of educational opportunities at any of the three state universities at a reduced tuition rate.|
|Bookstore||Retirees receive a 10% discount on most purchases at the university bookstore.|
|Recreation Center||Retirees may continue to receive discounted prices at the Recreation Centerand Wall Aquatic Center.|
|Library||Many of Cline Library's services are available to retirees.|
|Parking permit||Retirees that are members of the Northern Arizona University Retirees Association (NAURA) are eligible for a limited parking pass. Contact NAURA for detail|
Additional retiree responsibilities
You are responsible for communicating with Your department about your intent to retire. This is best done with a written letter of retirement. The department will process a “retirement” e-PAR (electronic Personnel Action Request form) and submit it to the Human Resources Department. You are encouraged to ensure your department follows through with the e-PAR process.
Notify health and retirement plan providers
You are responsible for keeping your personal information up-to-date as well as notifying your health and retirement plan providers of your retirement.
Automatic payroll deductions will cease upon retirement. It is your responsibility to contact any vendors to arrange for continuation of payment.