Two-Year Phased Retirement

Faculty who elect this option will work two academic years with a 50 percent workload reduction each year and receive 100 percent of their base faculty salary in the first year and 75 percent of their base faculty salary in the second year.[2]

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:

  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 65 and not older than age 75 on your retirement date.

Participation

To participate in Option C, 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 academic year prior to the academic year in which reduced service will begin, 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 C 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 76 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 C 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.

2 The base faculty salary in each year will be the faculty salary as of September 1 in the respective academic years. Payment during the second year will equal 70 percent of the annual base faculty salary, with 5 percent of the annual base faculty salary (subject to tax withholdings and other deductions) payable as a lump sum upon retirement.