Optional Plan Leading to Retirement for Tenured Faculty at the rank of Associate or Full Professor:

The program provides a plan through which the College and a faculty member holding a tenured appointment may bring about a voluntary termination of the individual’s tenured appointment (as used herein, the term “faculty member” refers to members of the Faculty meeting the eligibility requirements above). The specific terms of separation would be set forth in a letter of agreement between the individual faculty member and the College.

On and after July 1, 2009, full-time tenured members of the Faculty, having at least fifteen (15) years of service to the College are eligible until July 1 of the year in which the faculty member reaches Normal Retirement Age ¹ to select the option leading to early retirement. Years of service will be measured as of the date on which the faculty member enters into a terminal contract. There can be no more than two years between the required date for signing and commencing the Retirement Option. This option will remain open indefinitely, but may be withdrawn or amended by the College at any time. A one-year notice would be given of significant changes to the policy.

Early Retirement Plan: Two-Year Terminal Contract, including a year of service and a final year of paid leave, with an additional 20% of compensation spread over both years. Eligible members will enter into a terminal two-year contract at current rank, during the first year of which the faculty member will be engaged in regular full-time workload. Tenure and all rights and privileges associated with tenure status will remain in effect throughout the first year of this terminal appointment. During the second year, the faculty member will enjoy full-time paid leave, without workload, illustrated by the following schedule:

Year	Workload	Compensation
1	Regular full-time workload	110% of current year’s base salary
2	Full-time leave, without workload	Same salary as Year 1
RETIREMENT

The faculty member will retire at the end of the second year.

The salary in both years of the terminal contract shall equal 110% of the faculty member’s base salary in the first year of the two-year terminal contract. The additional 10% of salary in each year of the two-year terminal contract will be payable to the faculty member only if the faculty member completes the full-time service required in the first year of the terminal contract. Upon agreement with the President and the Vice President for Finance and Administration and Treasurer, the additional 10% of salary in each year may be distributed at a different time or over a different period, provided that the full 20% of salary is received by the retirement date.

For purposes of this Agreement, “Base Salary” means the faculty member’s regular, full-time annual salary in effect during the fiscal year immediately preceding the execution of this early retirement agreement.

• Year One Compensation: The faculty member shall receive total compensation equal to one hundred ten percent (110%) of Base Salary during the first year of the retirement contract.
• Year Two Compensation: The faculty member shall receive total compensation equal to one hundred ten percent (110%) of Base Salary during the second year of the retirement contract.

Fixed Compensation: The compensation specified for Year One and Year Two is fixed for the duration of the contract.

Compensation. All compensation, including the additional retirement payment, will be subject to withholding of (a) FICA, federal, and state taxes and (b) any other deductions required by law or elected by the faculty member, and unless otherwise provided, will be paid on the regular schedule of the applicable College payroll.

Benefits. Faculty members will be eligible until retirement to participate in the College’s Flexible Benefits Plan, including health insurance (or such substitute coverage as may be made available), the College’s long-term disability insurance plan, and the TIAA/CREF retirement plan.

Upon, or prior to, your last day of employment with the College, please connect with the Human Resources Benefits Team at benefits@bates.edu to review options available to you once College provided benefits have ended. 

Part-time faculty. Faculty members holding tenured appointments of less than full-time who otherwise qualify may request to participate in the program, but the terms of their participation will be modified to reflect their part-time status.

Voluntary participation. Participation in this program is completely voluntary. A faculty member’s decision not to participate in the program will not affect his/her employment in any way.

Emeritus status. The College designates to retiring faculty members the title and privileges of Emeritus through a process described in the Faculty Handbook.

Office space and administrative support. The College will provide office space and support services in the first year of the plan.

Letter of agreement. In each individual case, the actual terms of separation from employment in a tenured position will be stated in a letter of agreement between the College and the faculty member containing an appropriate release by the faculty member.

revised 10-2-2026; 6-9-2021

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1. Full Social Security Retirement Age is determined by year of birth. Please refer to the Social Security Administration web site for further information (www.socialsecurity.gov). ↩︎