Retirement Option Examples
Below are examples of retirement options for the different categories of IRC faculty, classified staff, university staff, tenured faculty, and tenure-track faculty.
IRC Faculty
An instructor who is 63 years old and has worked at CU Denver for 10 years. They make $72,000 in base academic year salary paid over 12 months, which is about $6,000/month (9 pay 12). If they are approved to retire on June 30, 2024, they would receive a lump sum payment of approximately $36,000. In the future, they may work for the university in a “retiree” position up to .49 FTE.
Classified Staff
An employee is 65 years old and has worked at CU Denver for seven years. They make $60,000 in salary, with a monthly paycheck of roughly $5,000. If they are approved to retire on June 30, 2024, they will receive a lump sum payment of approximately $30,000, plus vacation and accrued sick leave in accord to university policy. As a PERA employee, they cannot work for the university (or any other PERA employer) for at least 60 days but could come back to work at CU Denver for up to 110 days per calendar year in a “retiree” position up to .49 FTE.
University Staff
An employee is 65 years old and has worked at CU Denver for 16 years. They make $110,000 in salary annually, with a monthly paycheck of roughly $9,166. If they are approved to retire on June 30, 2024, they will receive a lump sum payment of $54,996, plus vacation and accrued sick leave in accord with university policy. In the future, they may work for the university in a “retiree” position up to .49 FTE.
Tenured Faculty (tax deferred)
An associate professor who is 65 years old has worked for CU for 15 years with $100,000 in base academic year salary. They are approved to retire on June 30, 2024 and request the tax deferred option. The $200,000 lump sum (which is two years base salary) would be paid into their retirement accounts over five years in equal payments of $40,000, starting in December 2025.
Tenure-Track Faculty (taxable)
A professor who is 63 years old has worked for CU for 10 years with $90,000 in base academic year salary. They are approved to retire on June 30, 2024 and request the taxable option. At the time of their resignation, they will be paid $180,000 in severance after they retire. Faculty who receive their incentive as taxable are eligible to return in a retiree position up to .49 FTE after retirement.