4. Two-Year Phased Retirement Plan

For retirement-eligible tenured faculty members aged 55 and over.

A modification of the 3-Year plan is offered to provide tenured faculty members with a higher base salary during the period of part-time duty. The modification provides for half-time service for a period of up to two years, with the formal agreement of the participating faculty members to retire from the University at the end of that period. During this period the faculty members will receive two-thirds of their full-time-equivalent (FTE) salaries rather than just half of their FTE salaries. Again, the FTE salaries either will be set through the usual process of annual review based upon the faculty members' salaries at the beginning of the period and without any penalty for serving reduced duty time, or will be the average salary of all professors of the same rank in the University, whichever is the larger. Departments will be charged 0.67 FTE on their teaching budgets for faculty members who participate in this program.

Faculty members participating in this plan are expected to be in residence for the full academic year during each of the two years, and not to be on either paid or unpaid leave of absence either year, so will not be counted in the allocation of sabbatical leaves to departments. Although formal course teaching might take place just in one term, participating individuals may be expected to supervise independent work or to engage in some other departmental activities throughout the academic year. The period of participation in this plan is envisaged as a period in which faculty members see to completion the work of doctoral students they had been supervising, so they are not expected to begin working with new doctoral students during this period. Participating faculty members can expect to begin to be freed from longer-term departmental commitments and from committee work and other administrative duties to the extent possible during their participation in this plan. In all cases, the details of half-time duty must have the approval of the Chair of the Department and the Dean of the Faculty each year, and approval requires that departmental teaching and other needs can be met.

During this period, the University will continue to make contributions to the faculty members' retirement account in accordance with the plan rules. All other benefits, such as life, short-term and long-term disability, and medical, will follow the applicable HR policies and plan descriptions. Faculty members remain eligible for employee health benefit and dependent care expense accounts during this period.