Option B
One-Year Phased Retirement
Faculty who elect this option will work one academic year with a 50 percent workload reduction and receive 100 percent of their base salary for the year.[1]
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 preceding the beginning of your reduced service.
Eligibility
You are eligible for this option if you are a full-time tenured faculty member of any rank who meets the following requirements:
- Your age plus years of continuous, full-time service equals or exceeds 70 on your retirement date,
- Your years of continuous, full-time service equal or exceed 10 on your retirement date, and
- You are at least age 65 and not older than age 75 on your retirement date.
Participation
To participate in Option B, you must:
- Submit a completed enrollment form between January 1 and March 1.
- Enter into a signed formal retirement agreement no later than June 1 of the academic year prior to the academic year in which reduced service will begin, and
- Have a retirement date of August 31.
Special Option B 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 76 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.
1 Salary paid during the year will equal 95 percent of your annual base faculty salary as of September 1 of your final academic year of employment. You will receive a lump-sum payment equal to 5 percent of your annual base faculty salary (subject to tax withholdings and other deductions) upon retirement.
