Retirement Supplemental Payment

If you are eligible for and elect this option, you will receive a lump-sum payment equal to two times (2x) your annual base faculty salary (subject to tax withholdings and other deductions) upon retirement.

The retirement supplemental payment (subject to tax withholdings and other deductions) will be calculated using your base faculty salary effective September 1 of the final academic year of active employment.

To facilitate academic planning, you are encouraged to notify your department chair or the faculty dean of your school of your retirement plans with as much advance notice as possible, preferably no later than January of the academic year of your planned retirement.

Eligibility

You are eligible for this option if you are a full-time tenured faculty member of any rank who meets the following requirements:

  1. Your age plus years of continuous, full-time service equals or exceeds 70 on your retirement date,
  2. Your years of continuous, full-time service equal or exceed 10 on your retirement date, and
  3. You are at least age 67 and not older than age 69 on your retirement date.

Participation

To participate in Option A, you must:

  • Submit a completed enrollment form between January 1 and March 1. The enrollment period is now closed.
  • Enter into a signed formal retirement agreement no later than June 1 of the year of your retirement, and
  • Have a retirement date of August 31.

Note that enrollment and formal agreement dates for AY 2021-2022 differ. See special provisions below.

Special Option A Provisions During AY 2021–2022

For faculty who enroll in the Program during Academic Year 2021–2022:

  • A faculty member must meet all of the eligibility requirements above, except they may be age 70 or older.
  • Submit a completed enrollment form between October 1, 2021, and December 13, 2021, and enter into a signed formal retirement agreement no later than June 17, 2022. The enrollment period is now closed.

Special Option A Provisions After AY 2021–2022

For faculty who complete the service requirements after Academic Year 2021–2022:

  • A faculty member who initially completes the requirements of (1) and (2) above at age 70 or older will have an opportunity to enroll in the Program no later than the end of the enrollment period in the academic year following the academic year in which the faculty member meets the requirements.