Faculty Retirement Guidelines

The following chart summarize the retirement options available to faculty members. Note that these programs are subject to review and change, so this description should not be viewed as an unchanging commitment or contract. Faculty members who have any questions about these plans or related issues are invited to discuss them with the Dean of the Faculty. Refer to the Faculty Retirement Options publication, a printable document providing full details of the retirment options available.

Frequently Asked Questions (FAQ)  Retirement Options Publication  Retiree Reference Guide

Comparison of Retirement Options

PlanIncentive Plan (offered 7/1/2010 and forward)Incentive Plan--Teach Full-time until 70 (offered 7/1/2010 and forward)Basic (3-Year) Phased Retirement Plan (ongoing)Enhanced (2-Year) Phased Retirement Plan (ongoing)General Retirement Plan
Who is eligible?
Retirement-eligible faculty members from the time they turn 65 until they turn 70.
Retirement-eligible faculty members from the time they turn 65 until the day before they turn 67
Hired before 12/31/2002 attained age 55 and have at least 10 years of service. Hired after 12/31/2002 attained age 55, have at least 10 years of service and 75 points, where 75 points is defined as age +  years of service = 75.
Hired before 12/31/2002 attained age 55 and have at least 10 years of service. Hired after 12/31/2002 attained age 55, have at least 10 years of service and 75 points, where 75 points is defined as age +  years of service = 75.
Hired before 12/31/2002 attained age 55 and have at least 10 years of service. Hired after 12/31/2002 attained age 55, have at least 10 years of service and 75 points, where 75 points is defined as age +  years of service = 75.
Retirement Incentive
Incentive of up to 1.5 x AY salary, payable when sign.
Incentive of 1.0 x AY salary (their salary or average whichever is higher), payable when sign.  Must sign a retirement agreement before he or she turns 67 which commits them to transfer to emeritus status at a mutually agreed retirement date before the end of the academic year in which he or she turns 70.  May retire early if later decide.
None.
0.17 FTE salary for up to 2 years.
The faculty member simply retires at the end of the term agreed to with the department chair and the DoF.            See special feature for description of incentive for advance notification.
Phased Teaching Period
Allows faculty members to continue teaching on a ½ time basis for ½ pay for up to 3 years (6 terms), if they so choose.
Teach full-time
UP TO 3 YEARS. Participation requires a commitment to retire by the end of the period.
UP TO 2 YEARS. Participation requires a commitment to retire by the end of the period.
N/A
Salary
50% if choose phased teaching.
Their AY salary set in the normal way through the salary review process
50% of FTE salary. FTE salary is either as set in the normal way through the annual review process, or is equal to the University average salary at the rank, whichever is the larger.
67% of FTE salary.  FTE salary is either as set in the normal way through the annual review process, or is equal to the University average salary at the rank, whichever is the larger .
Faculty member's FTE salary
Department FTE Charge
0.50 FTE
1.0 FTE
0.50 FTE
0.67 FTE
N/A
Duty-time
50%: Participants may be away from campus for one semester each year, and may teach at another institution during a semester away from campus.
100%
50%: Participants may be away from campus for one semester each year, and may teach at another institution during a semester away from campus.
50%: Participants must be on campus for the full year; teaching duties may be in one semester only, but other duties extend throughout the year.
100%
Leaves
In some cases, participants are eligible for paid or unpaid leaves of absence during their participation in the plan.
Participants are eligible for paid or unpaid leaves of absence
Participants are eligible for paid or unpaid leaves of absence, but their priority and weight in sabbatical  leave allocation reflect their reduced duty time.
Participants are not eligible for paid or unpaid leaves of absence during their participation in the plan.
N/A
Special features
1/2 time salary if opt to teach half-time for designated period is set at either half the faculty member's salary or half the average of all full professors salary, whichever is higher.
1/2 time salary if opt to teach half-time for designated period is set at either half the faculty member's salary or half the average of all full professors salary, whichever is higher.
1/2 time salary if opt to teach half-time for designated period is set at either half the faculty member's salary or half the average of all full professors salary, whichever is higher.
1/2 time salary if opt to teach half-time for designated period is set at either half the faculty member's salary or half the average of all full professors salary, whichever is higher.
There is a small incentive to encourage a year's notice.  If the faculty member commits before July 1 of any year to retire from the University on July 1 of the following year they will receive from the University on the date of their retirement a cash grant (which is additional taxable income) equal to the amount that the University contributes to the faculty members' TIAA-CREF or Vanguard retirement accounts during the final year of service before retirement.