70A.32 - PHASED RETIREMENT PROGRAM. - Iowa Statutes

70A.32 PHASED RETIREMENT PROGRAM. The phased retirement incentive program is a voluntary program that provides that an employee may participate in the program for not more than five years and provides for the following: 1. Payment of a salary based upon the participant's salary on a full-time basis reduced proportionally by the number of hours of employment plus ten percent of the budgeted full-time salary. A participant is eligible for cost of living increases granted to all state employees. 2. Continuation of eligibility by the participant for membership in the state life insurance program with continuation of state payments at the rate paid for full-time employees. 3. Continuation of eligibility by the participant for membership in the state health or medical insurance program and continuation of state payments at the rate paid for full-time employees. 4. Continuation of membership in the state employees disability insurance program. During the five-year period, monthly earnings of the employee for purposes of the disability insurance program shall equal the monthly earnings as if the participant were a full-time employee. 5. Accrual of vacation and sick leave based upon section 70A.1 as it applies to part-time employees.          Section History: Recent Form 84 Acts, ch 1180, § 3 C85, § 79.32 C93, § 70A.32 97 Acts, ch 185, §8