To be eligible for PRB, you must express interest by September 30 for the benefit to begin the following July 1, and must:
- Have tenured faculty status or a presumptively renewable contract in one of the schools
- Have served a minimum of twelve full-time equivalent years with faculty status at the University as of June 30 prior to starting PRB. For faculty eligible based on status who previously worked as an adjunct lecturer, each five courses taught as an adjunct qualify as one year of service
- Be at least age of 55 and no older than the age of 70 when starting PRB.
If you express interest in the Phased Retirement Benefit, you will be provided a contract detailing the terms and conditions of the plan, including the following terms:
- You will resign from your tenured position
- You will continued to be employed as a non-tenured faculty member for three years; provided, however, that you, in your sole discretion, may opt to resign before three years
- You will have a half-time teaching load for the duration of the PRB period or until you resign, whichever is earlier, with a schedule and course load determined between you and your Dean
- You will retire or, by agreement with your Dean, become an adjunct faculty member at the end of the three year period
- You are eligible to apply for Emeritus/Emerita or Research Faculty status prior to the conclusion of your PRB period.
Your salary for the first year of the PRB will be 75% of your salary as of June 30 immediately preceding your start of phased retirement. Your salary for the second and third year will be 50% of your salary as of June 30 immediately preceding your start of phased retirement. You are eligible for salary increases at the same time and in the same manner as all regular full-time faculty members
You will remain eligible to participate in the University’s health and dental insurance plans and your contribution to premiums will be the same as if you were a full-time employee. You will continue to be enrolled in the University’s life insurance and long term disability insurance programs; note, however these plans are based on your salary, so as your salary reduces so does the benefit.
You will remain eligible to participate in the University’s Retirement Plan, and the University will make contributions to the Plan on your behalf in accordance with its terms.
You will remain eligible for the college tuition remission benefit and tuition exchange benefit for yourself and your family members.
You will remain eligible for travel support and all other available and appropriate faculty development opportunities except for sabbatical leaves.