Office of Human Resources - Benefits Design & Management
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ORP Phased Retirement Program
The Arizona Board of Regents has approved a new, voluntary Phased Retirement Program for Optional Retirement Plan (ORP) participants with VALIC (aka AIG Retirement), Fidelity or TIAA-CREF. The program, which took effect July 1, 2008, allows vested participants age 62 or older to gradually transition into retirement, with the consent of their Deans or Vice Presidents.
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Participants can reduce their work schedules for a maximum of three years, while supplementing their incomes with ORP Plan distributions during employment. Participants now also will have the option, for the first time, to return to work immediately after retirement, if positions are available.
Anyone considering this new program first should review the Frequently Asked Questions before making any retirement plans. The HR Faculty Services line at 480.727.9900 (extension 7.9900) is available for assistance and can supply the Agreement and Release if you decide to proceed with the Program.