Phased Retirement Law and Legal Definition
Phased retirement is a work schedule arrangement allowing employees to gradually reduce their full-time hours over a period of one or more years. Phased retirement plans are most commonly offered to tenured professionals at universities. Such plans are voluntary and subject to approval by the employer.
For example, for those on phased retirement at universities, tenure is surrendered at the point of full, formal retirement. Full, formal retirement occurs at the end of the phased retirement agreement. The phased retirement contract anticipates this and defines the date when that will happen. How phased retirement plans affect health insurance and other employment benefits varies and is defined by the employer.
Legal Definition list
Related Legal Terms
- Actuarial Experience [Employee Retirement]
- Actuarial Services [Employee Retirement]
- Actuarially Sound Retirement System
- Armed Forces Retirement Home
- Civil Service Retirement System [CSRS]
- Continuing Care Retirement Community (CCRC)
- Custodian of a Retirement Plan
- Earliest Retirement Age
- Early Retirement
- Employee Retirement Income Security Act