Faculty Retirement Option
Program for Tenured Faculty at the rank of Associate or Full Professor and Physical Education Faculty at the rank of Assistant or Associate Professor:
Optional Plans Leading to Retirement
The program provides optional plans through which the College and a faculty member holding a tenured appointment or an on-going multi-year appointment in Physical Education at the rank of Assistant Professor or Associate Professor may bring about a voluntary termination of the individual’s tenured or multi-year faculty appointment. 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, and full-time members of the Physical Education Faculty on multi-year contract at the rank of Assistant Professor or Associate Professor, 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 Full Social Security Retirement Age to select one of the following options leading to retirement. (Years of service will be measured as of the date on which the faculty member enters into a terminal contract under Option #1 or Option #2 below.) There can be no more than two years between the required date for signing and commencing the Retirement Option. These options will remain open indefinitely, but may be withdrawn or amended by the College at any time.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.
OPTION #1. A three-year plan of decreasing duties at the College to begin on a fixed date and to end on the effective date of retirement three years later, with attendant adjustment in compensation. Eligible faculty members electing this option will enjoy a decreased workload and decreased compensation on the following schedule:
|1||50% of the regular full-time workload||100% of base salary|
|2||50% of the regular full-time workload||80% of base salary|
|3||50% of the regular full-time workload||80% of base salary|
The faculty member will retire at the end of the third year.
Base salary, as used in this Option #1, shall mean the salary, inclusive of any annual increase, which, in the ordinary course under applicable rules, would be paid to the faculty member at current rank if the faculty member were engaged in regular, full-time employment as a faculty member of the College.
Exercising this Option #1 will require (1) resignation of the faculty member’s tenured position or multi-year contract, with the resignation to be effective immediately prior to commencement of the terminal three-year period, (2) execution of a terminal three-year contract at current rank, and (3) performance of 50% of regular full-time workload achieved across the three-year period.
OPTION #2. Two-Year Terminal Contract, including a year of service and a final year of paid leave, with additional retirement payment. Eligible members electing this option 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 and during the second year of which the faculty member will enjoy full-time paid leave, without workload, illustrated by the following schedule:
|1||Regular full-time workload||Base salary|
|2||Full-time leave, without workload||Same as in Year 1 + Retirement payment equal to 20% of Base salary paid in Year 1|
The faculty member will retire at the end of the second year.
Salary in the first year of the terminal contract shall equal the faculty member’s base salary. Salary in the second, final year of the terminal contract shall equal (a) the salary paid to the faculty member in the first year of the terminal contract plus (b) an additional retirement payment equal to 20% of the salary paid in the first year of the terminal contract (the ‘retirement payment’). The retirement payment 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. The faculty member may elect to receive the retirement payment at any time after completion of the first year of the terminal contract.
Base salary, as used in this Option #2, shall mean the salary, inclusive of any annual increase, which, in the ordinary course under applicable rules, would be paid to the faculty member at current rank for regular, full-time employment as a faculty member of the College.
Exercising this Option #2 will require (1) resignation of the faculty member’s tenured position or multi-year contract, with the resignation to be effective immediately prior to commencement of the terminal two-year period, and (2) execution of a terminal two-year contract at current rank.
3. Compensation. All compensation under either Option, 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.
4. Benefits. Faculty members electing either Option 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 retirement, and until you and your spouse or domestic partner attains the age of 65 years, the College will permit you to secure, at your own expense, health insurance coverage for you and eligible family members and domestic partners under the College’s current and future health insurance plans. However, the College does not represent or guaranty that such insurance coverage will be available. In the event that such health insurance coverage is not available to you under the College health insurance plan, the College, on application by you, will pay to you, until you or your spouse or domestic partner attains the age of 65 years, an amount each month equal to the lesser of (1) the difference between (a) the actual cost expended by you for alternative health insurance for you, eligible family members and/or domestic partner and (b) the cost of health insurance coverage for a non-retired faculty member and eligible family members and/or domestic partner under the College’s then existing health insurance plan, OR (2) $550.00 (the “maximum amount”). If alternative health insurance coverage is not available to you, one or more of your eligible family members or your domestic partner, the College shall pay to you only the maximum amount. For the years beginning July 1, 2010 and later, an adjustment in this monthly cap will be made based on the cost trend in health insurance premiums paid by the College for its then existing health insurance plan coverage.
If you have dependent children, you will be eligible, as a faculty member retiring after January 1, 2000, for post-retirement undergraduate tuition assistance for your dependent children under the Harry W. Rowe Fund Tuition Grant Program, provided that service, eligibility, and all other applicable requirements of the Program are met. Reference should be made to the terms of the Harry W. Rowe Fund Tuition Grant Program which are maintained at the College’s Department of Human Resources. Any request for tuition assistance under the Program should be addressed to that department.
5. 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, as appropriate.
6. 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.
7. Emeritus Status. The College designates to retiring faculty members the title and privileges of Emeritus Faculty.
8. Office space and secretarial support. The College will provide office space and support services until retirement (until the designation of Emeritus status) to those who elect either the full or phased options.
9. 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.
As used herein, the term “faculty member” refers to members of the Faculty and members of the Physical Education Faculty meeting the eligibility requirements contained in the first paragraph above.