November 21, 1997 Archived Version (Effective November 21, 1997 through April 3, 2005) - The Board of Governors on March 14, 1997, approved a report of the Committee on Personnel and Tenure recommending the adoption of a comprehensive phased retirement program (the "Program") to be implemented on a five-year trial basis. The Program was to be implemented at the constituent institutions in early 1998 so that individual faculty could participate in the Program commencing fall term 1998. The Board authorized and directed the president to effect the Program in accordance with the report by: (1) issuing appropriate University policies and materials, and (2) reviewing and approving for implementation all institutional standards and procedures consistent with the Program and applicable law. NC State's University Council approved the Phased Retirement Program (institutional guidelines) on October 8, 1997. The Academic Affairs and Personnel Committee of the Board of Trustees reviewed the NC State Plan for Phased Retirement on November 20, 1997 and the Board of Trustees approved the Plan on November 21, 1997. The Resolution to Facilitate the University of North Carolina Phased Retirement Program was adopted on January 9, 1998.
April 4, 2005 Archived Version (Effective April 4, 2005 through October 26, 2005) - Revised by the Dean's Council to remove departmental caps.
October 27, 2005 Archived Version (Effective October 27, 2005 through June 26, 2008) - Change to provide notice to faculty who are in the phased retirement program that in accordance with the academic tenure policy they may not vote on reappointment, promotion or tenure because since they are no longer tenured they are not a part of the departmental voting faculty.
June 27, 2008 Archived Version (Effective June 27, 2008 though April 1, 2009) - Changes are necessary in order for the University of North Carolina to comply with recent changes in federal tax law on establishing a defined retirement age. Historically, defined benefit plans like TSERS have been precluded from making distributions to participants who have not completely terminated their employment with their employer. This restriction has led to considerable confusion over what constitutes a complete termination of employment. As part of the Pension Protection Act that was enacted in 2006, Section 401(a)(36) was added to the Code. This section permits defined benefit plans like TSERS to commence retirement benefits after a participant who is still actively employed has reached normal retirement age.
April 2, 2009 Current Version - Revised (sections 5.2.1, 5.2.2, 5.4, 5.5, and 5.6) in accordance with changes suggested by General Administration as a result of an audit of campus' policies/regulations. Posted revisions per Associate VC, Barbara Carroll's, instruction of authority from Vice Chancellor Leffler.
