Protein phosphatase required for mitotic exit; required for rDNA segregation, cytokinesis, meiosis I spindle disassembly, environmental stress response, autophagy during meiosis; downregulates microautophagy induction after TORC1 inactivation; held in nucleolus by Cdc55p in early meiosis, liberated by FEAR and Mitotic Exit Network in anaphase; sequestered in metaphase II, released upon entry into anaphase II; human homolog CDC14A can complement thermosensitivity of cdc14-1 mutant