70A.32 - PHASED RETIREMENT PROGRAM.
70A.32 PHASED RETIREMENT PROGRAM.
The phased retirement incentive program is a voluntary program
that provides that an employee may participate in the program for not
more than five years and provides for the following:
1. Payment of a salary based upon the participant's salary on a
full-time basis reduced proportionally by the number of hours of
employment plus ten percent of the budgeted full-time salary. A
participant is eligible for cost of living increases granted to all
state employees.
2. Continuation of eligibility by the participant for membership
in the state life insurance program with continuation of state
payments at the rate paid for full-time employees.
3. Continuation of eligibility by the participant for membership
in the state health or medical insurance program and continuation of
state payments at the rate paid for full-time employees.
4. Continuation of membership in the state employees disability
insurance program. During the five-year period, monthly earnings of
the employee for purposes of the disability insurance program shall
equal the monthly earnings as if the participant were a full-time
employee.
5. Accrual of vacation and sick leave based upon section 70A.1 as
it applies to part-time employees. Section History: Recent Form
84 Acts, ch 1180, § 3
C85, § 79.32
C93, § 70A.32
97 Acts, ch 185, §8