FI0720 – Retirement Events
To provide guidance for events held for retirees.
- Departments may spend up to $1,000 in unrestricted university funds for a retirement reception when an employee retires. The maximum amount spent on a reception may not exceed $1,000, whether from one or several university cost centers or WBS elements. If multiple retirees are honored at one event, the $1,000 maximum amount applies to each retiree. Retirement receptions are considered an entertainment expense (see FI0715 – Entertainment, Group Arranged Events, Food and Housing Purchases for UT Sponsored Conferences and Seminars for details).
- Receptions may include refreshments or meals. A retirement luncheon or dinner is allowed. Expenses may include gratuities, invitations, paper products, etc.
- According to HR0120 – Employment of University and State of Tennessee Retired Employees an employee must meet one of the following to be considered a retiree:
- Age 60 with at least 5 years of service
- Age 55 with at least 10 years of service, or
- Any age with 25 years of service, or
- The retirement requirements set for participants in a federal retirement plan (CSRS and FERS members only).
- Gifts for retiring employees may not be purchased with university funds (including restricted and unrestricted funds), and university funds may not be used to make a charitable donation or for other purposes in lieu of a reception. Gifts may be purchased with funds donated by faculty, staff, or others.
- Department heads may approve the use of unrestricted funds for a retirement reception up to $1,000. Exceptions to this policy must be obtained from the entities’ chief business officer or designee.
FOR MORE INFORMATION:
Blake Reagan (865) 974-3971 email@example.com