Policies and Procedures: Retirement
Special Phased Retirement Arrangement
Tenured faculty with at least 10 years of service who are age 65 or older are eligible to phase out of full-time work by voluntarily electing to reduce their effort for up to three years, followed by retirement. For academic year 2010-11, the special phased-retirement option will be available to all eligible faculty turning age 65 or older during 2010. Following the 2010-2011 academic year, the special phased-retirement option will be available only to eligible faculty age 65 to 70.
- Phase-Out Period.
a. Length. The Phase-Out Period shall be for one to three academic years in accordance with the provision that no phase-out period may extend beyond June 30, 2016. A faculty member may reduce (but not increase) the Phase-Out Period by one or two academic years, as applicable, by providing written notice of such reduction to the Provost of the University at least six months prior to the end of the academic year during which such reduction is to take effect.
b. Workload. During the Phase-Out Period, the faculty member agrees to work a 51% workload (which may consist of one full-time semester and one semester off, or two part-time semesters, in consultation with the Department Chair) for each academic year, and shall be subject to all applicable University policies.
c. Compensation. For each academic year during the Phase-Out Period, the faculty member receives 51% of annual base salary which shall be paid in equal installments over the course of the academic or calendar year, subject to the option selected at the beginning of the year, regardless of whether the faculty member’s status is full-time or half-time for any given semester. In addition to such salary, the faculty member will receive an additional $25,000 each academic year of the phase-out period (the “Special Salary Supplement”), to offset the costs of individual life insurance coverage and any additional expenses associated with health or welfare benefits. This supplement shall be paid in even installments over the course of the academic year (regardless of full-time or part-time status for any given semester). Both the salary and the Special Salary Supplement during the Phase-Out Period shall be eligible for standard retirement plan contributions by the University.
d. Benefits. During the Phase-Out Period, the faculty member will be entitled to the regular benefits available to full-time benefits-eligible employees of the University, except as follows:
(i) Long Term Disability Coverage(which is not available for part-time employees); In lieu of long term disability coverage, the faculty member will be entitled to up to one year’s medical leave (at 51% salary), plus the Special Salary Supplement, in the event that a documented medical condition renders him or her unable to teach during the Phase-Out Period.
(ii) Life insurance coverage (which is not available for part-time employees); a part of the Special Salary Supplement referenced above may be used to convert to equivalent individual life insurance coverage during the Phase-Out Period .
(iii) The faculty member shall not be entitled to take a sabbatical, or accrue service credit toward a sabbatical during the Phase-Out Period.
- After Retirement.
As of the effective date of retirement, any and all claims for continuing Brown University employment or benefits incidental thereto, financial or other, (including salary, benefits, office, or laboratory space, etc.) except as expressly stated in this agreement, shall be extinguished. Applicable privileges and courtesies may be granted to emeriti faculty in accordance with such Brown University policies as may be in effect at the time of enjoyment.
- Health Insurance. The faculty member shall have access to any Brown sponsored post retirement health insurance plan for faculty in accordance with the terms and conditions of the plan in effect at the time of retirement for so long as such plan shall be in effect and shall have access to any other university sponsored post-retirement health insurance plan consistent with the access provided to all other faculty who are post-retirement at the time of adoption of any new plan. All access will be subject to and in accordance with any applicable state or federal laws. There shall be no contribution made by Brown on behalf of the faculty member to any plan available or selected. Nothing in the foregoing requires Brown to continue sponsoring any specific plan or offering any plan and Brown reserves the right to adopt a new plan, change sponsors, or to offer no plan, as it deems in its best interests.
- Employment. While retired faculty may be hired on a temporary basis to cover particular teaching needs, the University makes no promises, explicit or implicit, that after retirement a faculty member will be given the opportunity to return to employment at Brown University on a temporary basis.
- Tax Withholding and Other Deductions. .
The University is entitled to withhold and pay over to the proper taxing authorities all applicable deductions including FICA-Social Security Tax, FICA-Medicare Tax, federal and state taxes from any amounts due under this Agreement. The University is entitled to deduct from any amounts due under this Agreement the amount of any outstanding loans or other debts that the faculty member may have with the University.