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Faculty Personnel Policies

B8   Retirement Policy

  1. The College defines “normal retirement age" as sixty-five. If a faculty member elects to exercise the legal right of continuing in his or her position beyond the contractual year in which that age is reached, all rights and privileges of faculty membership continue.

Upon retirement, tenure rights are terminated. In special cases, full­time employment after retirement may be approved under the following conditions and procedures:

  1. The Provost shall recommend to the President the continued employment or re-employment of the faculty member, and present a supporting statement.
  2. The President shall consider the request and has final authority to approve or not approve the request.
  3. Employment beyond retirement on a full-time basis requires annual approval and may be for a semester or a full academic year. In this situation the retiree will not be eligible for disability or life insurance benefits. Eligibility for health and retirement benefits will be determined in accordance with the terms of the applicable plan.
  4. Except under emergency conditions, no retired faculty member shall hold the position of departmental chairperson.

Part-time employment of retired faculty members is subject to the same conditions as those for part-time lecturers.

  1. Early Retirement for Tenured Faculty

 

    1. Purpose

    A tenured faculty member may wish to retire before reaching the normal retirement age of 65. In an effort to be responsive to individual aspirations and needs, as well as to the on-going academic and financial needs of the College, this Early Retirement Program for Tenured Faculty (the “Program") has been developed.

    Any election by a tenured faculty member to participate in the Program is voluntary. The benefits under the Program are in addition to any other benefits available to an eligible tenured faculty member. Further, tenured faculty members who retire under the Program retain all of their college benefits to which they would otherwise be entitled.

    1. Eligibility

    The Program is available to tenured faculty members who have reached the age of 60 and have completed 20 years of full time service to the College. Age determination is made according to the age the tenured faculty member will be on August 1 following their official retirement date. A tenured faculty member who has attained age 60 by the August 1 date, and has served the College on a full time basis for at least 10 years, but has not completed 20 years of service, is eligible for these benefits on a pro-rata basis based upon the ratio of years of full time service to 20. A tenured faculty member who wishes to retire before reaching age 60 may negotiate an individual early retirement program with the College. The terms of any such individual early retirement program are at the sole discretion of the College.

    1. Program Description

 

      1. On July 15 following a tenured faculty member's early retirement pursuant to this Program, the College will pay to him or her a lump sum equal to a percentage of the retiree's last academic year's salary in accordance with the following schedule:

Age at which a Faculty Member Retires

Fraction of the Academic Year Salary to be Paid Upon Early Retirement

60

60%

61

50%

62

40%

63

30%

64

20%

  1. If the tenured faculty member has served at least one full year since his or her last sabbatical leave, the tenured faculty member will be eligible for a one-time retirement stipend paid to their 403(b) retirement account in accordance with the following schedule:

Age at which a Faculty Member Retires

Fraction of the Academic Year Salary to be Paid Upon Early Retirement

60

60%

61

50%

62

40%

63

30%

64

20%

      The stipend will be deposited on July 15 into the tenured faculty member’s 403(b) retirement account up to the maximum allowed by IRS Section 415 limits. Any amount exceeding the limit will be deposited as soon as administratively feasible in the following year in accordance with IRS Section 415 limits.

      1. Until the tenured faculty member reaches normal retirement age, the College will provide tenured faculty members who retire pursuant to the Program with the same medical and life insurance coverage and premium cost sharing that it provides for regular tenured members of the faculty. The life insurance coverage will be based upon the tenured faculty member's salary in the last full-time year of academic service.
      2. A tenured faculty member who elects early retirement cannot return to a full-time appointment by his or her own election.
      3. A tenured faculty member who elects early retirement may accept an invitation by the Provost to teach a course or courses on a part-time basis. In this case, terms of employment will be governed by existing policies for part-time faculty, except that compensation will be at 150 percent of the part-time maximum rate/credit hour and the credit hours taught may not exceed 12 per year.
      4. A tenured faculty member who elects early retirement is eligible for emeritus status on the same basis as a tenured faculty member who retires at normal retirement age, and for all the privileges and benefits accorded emeritus faculty members.
      5. In order to be vested in the benefits under the Program, the tenured faculty member must continue working until the end of the academic year during which written notification is provided as described below, unless the tenured faculty member is unable to do so due to total disability or death. In the event of total disability, the lump sum payment described in (a) above shall be paid within 2½ months of the date the tenured faculty member stopped working due to total disability. In the event of death, the lump sum payment described in (a) above, shall be paid to the deceased tenured faculty member’s beneficiaries within 2½ months of the date of the tenured faculty member’s death. For this purpose, the deceased tenured faculty member’s beneficiaries shall be established in the same manner as under the College’s life insurance plan.

       

    1. Notification

    A tenured faculty member who wishes to retire early pursuant to this Program must notify the Provost in writing of this intention no later than September 1 of the academic year at the close of which his or her early retirement is to commence. Notification shall occur by completing a written application and delivering it to the College's Human Resources Office. The written application can be obtained from the College's Human Resources Office. It includes a release of any claims the tenured faculty member may have against the College. In no event will a tenured faculty member be required to retire earlier than 180 days after providing the notification.

    1. Termination

    This Program is in effect until July 31, 2014, at which time it shall terminate, unless it is renewed by the College’s Board of Trustees.

    1. Exceptions

    In case a tenured faculty member experiences extraordinary health problems which may require early retirement due to disability, the Provost shall be authorized to negotiate a special early retirement plan for an eligible tenured faculty member, subject to approval by the President. The terms of any such special early retirement plan are at the sole discretion of the College.