Retirement Parties and Gifts

Retirement Guidelines

(revised 8-1-21)
Effective August 1, 2021, retirement parties and gifts will include the following:

• Party
  1. Actual expenses up to $750 for employees with service of 20 years or more.
  2. Actual expenses up to $400 for employees with service of 10-19 years (10 years is requirement for retirement)
• Gift
  1. $250 cash direct deposited like payroll check (this is taxable income)*
     
     *If employee would like to use funds towards the purchase of an IWU
     chair, please contact the President’s Office for ordering information
• Plaque
  1. Continue with certificate plaque ($10)

Department funds are not to be used to increase the university funded amount to host a separate event or to purchase a gift for the retiree. If additional recognition is planned, those expenses should be funded personally by the hosts.

The university does not pay sales tax, so when purchasing food, etc., please request a tax exempt form from the business office to show the place of business; otherwise those expenses will not be reimbursed.

Evaluate policy annually in June prior to budget approval for the next fiscal year.

FAQ

• For parties, what are allowed expenses? Funds can be used for any expenses related to the party (food, drinks including alcohol, decorations, flowers, etc.).
• Can one retiree combine parties with another retiree and use funds given to both? Yes.
• Can the funds be used to purchase a gift for the employee? Yes.
• Can the funds be used to purchase a gift for the university in honor of the employee? Yes. The gift should be discussed and approved with both Advancement and Business & Finance (Physical Plant / Buildings and Grounds).
• Can the Department purchase a separate gift for the retiree? No. Department
  funds should not be used to purchase a gift.