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Faculty / Academic Personnel

Post-Retirement Employment

Post-Retirement Employment

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A faculty member may choose to fully retire and negotiate a part-time contract with the Chair instead of entering the phased retirement program. The salary, FTE and length of contract are determined by the Chair. Whereas the phased retirement program guarantees half-time pay for three years, this part-time contract could be for less salary and time as well as possibly a year-to-year contract. Faculty members hired under this arrangement are appointed as fixed term faculty, and are temporary employees with no benefits.

 

Allowable Earnings

The Board of Trustees of the Teachers’ and State Employees’ Retirement System (TSERS) has amended the provision affecting earnings by a retired employee who becomes re-employed with a State Agency.

If you are re-employed on a part-time, interim, temporary, or contractual basis, or are otherwise engaged to perform services on any basis that does not require membership in the Retirement System that you retired from, your retirement payment will be stopped if your earnings during the twelve-month period immediately following the effective date of retirement or during any calendar year exceed your earnings limitation, which is calculated as the greater of the following:

$28,080; or

50% of your compensation, excluding terminal payments, reported to the Retirement System during the twelve months of service preceding the effective date of your retirement. (These amounts are increased on January 1 of each year by the percentage increase in the Consumer Price Index.)

It is the responsibility of the retiree to monitor earnings.

Retirement payments will be stopped on the first day of the month following the month in which earnings exceed the greater of the two limits stated above. Retirement payments will start again on January 1 of the year after the benefit is stopped.

Personnel facilitators receive updated salary guidelines each year through memoranda sent to “Deans, Directors, and Department Heads.” For more information about post-retirement earnings, see the following website: http://www.treasurer.state.nc.us.

 

 

Retirement Programs

Some contextual language here.

For members of the Teachers and State Employees Retirement System (TSERS), in order for a member’s retirement to become effective in any month, the member must render no service, including part-time, temporary, substitute, or contractor service, at any time during the six months immediately following the effective date of retirement.

This policy does not apply to participants in the University of North Carolina Phased Retirement Program.

For ORP retirees, there is no limit on earnings or six month wait for reemployment on a part-time basis.

The UNC-Chapel Hill Phased Retirement program will provide for part-time re-employment for a three-year period after the resignation of the tenured position. This timeframe aligns with that of most other institutions.