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 retirement 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 tenured faculty members from the time they turn 65 until they turn 70.
Retirement-eligible tenured faculty members from the time they turn 65 until the day before they turn 67
Retirement-eligible tenured faculty members
Retirement-eligible tenured faculty members
Retirement-eligible tenured faculty members
Retirement Incentive
Incentive of up to 1.5 x AY salary (their salary or average whichever is higher), payable after signing.
Incentive of 1.0 x AY salary (their salary or average whichever is higher), payable after signing.  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 no later than 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. 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.
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%
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.

 

Faculty are eligible for sabbatical leaves per the leave policy (http://dof.princeton.edu/policies-procedure/policies/leaves-scholarship). As stated in the policy, faculty need to have five consecutive semesters of active full time service to earn one semester of sabbatical leave. For faculty on phased retirement, one or two semester(s) of accrued leave may be taken in lieu of teaching semesters.  Faculty can continue to accrue additional semesters of service towards a leave only if they teach full time in consecutive semesters.