Retirement Planning Process

Chart your path to retirement, from exploring your options to signing the retirement agreement.

Our Office strives to make the retirement planning process as straightforward as possible for faculty and departments. Beginning to plan early on will help you maximize your financial options, clarify your goals, and plan for an orderly transition. For assistance, we welcome you to reach out to us at any time.

1. Review Your Options

As you consider retirement, one of your first steps is to understand the eligibility requirements for faculty retirement plans, which involve your age, years of service, and date of hire. From there, you have a number of retirement plan options to consider. 

2. Consider the Timing

Timing your retirement is a personal decision. No one approach fits everyone–which is why we offer a range of plans, some of which incorporate a gradual transition. From a departmental perspective, the timing of faculty retirement involves the rhythm of the academic year and the desire for continuity in teaching and research. As such, normal dates include: 

  • The end of the fall semester (effective February 1)
  • The end of the spring semester (effective July 1)
  • The end of the summer (effective September 1)

You may opt to retire at the end of one of the summer months (July 31 or August 31) if you wish to receive summer salary from your grants.

3. Notify your Department

To ensure a smooth transition, we encourage you to discuss your intended retirement with your Chair well before you intend to leave. Once you have solidified your plans, notify your Chair in writing. Your letter should include a clear commitment to retire at a specified date. 

4. Contact the Dean of Faculty

When you notify your department, send a copy of the letter to our Office. We will then work with you to finalize your plan selection and prepare the retirement agreement. 

5. Review and Sign the Retirement Agreement

You must sign a retirement agreement and submit it to our Office to participate in any faculty retirement plan. This formalizes your arrangement with the University, and outlines plan terms, your retirement date, and applicable guidelines. It is important to note that these agreements are binding, as follows:

  • Incentive Plans: You have a seven (7)-day period to revoke your agreement.
  • Phased and general plans: Once signed, no changes are anticipated. You can always retire earlier than indicated in your signed retirement plan, but cannot rescind the agreement.