Please visit this page for additional information about the Faculty Retirement Options

Dear Colleagues,

I am writing to let you know about two new options that are available to faculty who may wish to retire in the near term.  In order to be eligible, faculty must be full-time tenured Professors or Associate Professors with a minimum of ten years of service and will have attained age 65 or above by December 31, 2021.

1. Colleagues who decide to retire at the end of this academic year will receive a one-time payment of (a) $50,000 plus (b) an additional amount equivalent to either 8 or 10 percent of salary for the period between November 2020 and June 2021.  For eligible faculty with less than 20 years of service the multiplier is 8 percent; for those with 20 years or more it is 10 percent.

Faculty may elect this option by January 31, 2021, with retirement effective June 30.

1. The current phased retirement plan remains in effect.  This permits eligible faculty to phase out of full-time work by voluntarily reducing their effort for a limited period of time.  Under this plan, some faculty receive an annual salary supplement that depends on their age at enrollment:

• For those age 65–70 during the calendar year in which the phase-out period begins, a maximum of three years may be elected.  A special salary supplement of $25,000 will be provided in each year of reduced effort during the phase-out period. This supplement is intended to offset any additional expense, including life insurance or other health or welfare benefits, incurred by the faculty member for benefit changes due to the change from full-time to half-time status. Contributions to retirement savings plans will be made on the salary supplement, as well as on the half salary.
• Faculty age 71–72 during the calendar year in which the phase-out period begins may elect a maximum period of three years.  However, the special salary supplement of $25,000 will be paid in only the first two years of the phase-out period.

We are now introducing an additional option:

• Effective fall 2020:  Faculty who are age 73 and above during calendar year 2021 may elect to phase out over a maximum of two years and receive the special salary supplement during each of those years.  The decision to elect this option must be made by January 31, 2021 with the phase-out period to begin July 1, 2021, and retirement no later than June 30, 2023.

As is now the case, Senior Lecturers may be eligible for a special phase-out plan.  Interested individuals should contact the Provost’s Office to discuss such an arrangement. 

We do not anticipate extending either of these options beyond January 31.  After that date, the terms of the current phased retirement plan will remain in effect, i.e. no salary supplement will be available to faculty over age 73, and no one-time payment of any amount will be offered upon retirement.

For further information, please contact Elizabeth Doherty, Deputy Provost for Academic Affairs [[email protected] or phone 401-863-7845].  All inquiries will be treated as confidential. 

Sincerely,

Richard M. Locke
Provost