Wayne State University

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4 Retirement

University staff members are eligible for regular retirement benefits at any time beginning at age 55 provided they have completed either ten years of service or five years of participation in the University Retirement Program.

A staff member contemplating retirement is encouraged to contact the Benefits Administration Department several months in advance so that the necessary steps required to initiate retirement benefits can be completed prior to actual retirement.

 A staff member qualifying for retirement is eligible for a payment equal to one-half of his/her accumulated illness bank up to a maximum of 225 hours, non-contributory life insurance (currently $2,500) coverage, and continued participation in the Group Medical Program without University subsidy. (Vacation payments are described in section 2.7 Vacation.)

 EARLY RETIREMENT

 Early Retirement is available solely at the discretion of the University administration and will ordinarily be granted only for the benefits of both the staff member and the University.

 Upon the recommendation of the appropriate senior officer, the President may approve an offer of Early Retirement to a staff member. Persons on Long-Term Disability are not eligible for an Early Retirement offer.

 Persons on Early Retirement are eligible for the same benefits as those available to regular retirees.