UI officials offer second early retirement incentive

University of Iowa officials plan to offer a second early retirement window incentive to employees who are at least 55 years old and have at least 10 years of service.

UI leaders will take the revised early retirement offering to the state Board of Regents for approval Wednesday. Regents asked for changes to the proposal in February, when several board members said the UI plan was too generous and disliked that it did not have a years of service requirement.

The revised UI incentive would be offered to eligible employees 55 and older with 10 or more years of service who apply between April 1 and May 15 and retire by July 31. Annual saving are estimated at $2 million.

The UI early retirement offering would give health and dental coverage and retirement contributions for five years.

ISU officials also next week will request approval to extend the deadline of a second early retirement window offering, from March 31 to June 1. ISU's incentive offers no retirement contribution.

The regents will ask ISU and UI officials to report back on the early retirement plans in August.

An early retirement incentive offered at the UI last fall was approved for 340 employees and saved an estimated $67 million over five years.