What is the new Faculty Retirement Plan?
The new Faculty Retirement Plan is a new plan offered to retirement-eligible faculty members from the time they turn 65 through age 70 that offers a maximum bonus of 1.5 times salary payablein the next pay period after signingthe retirement agreement. The bonus is age-based and declines by 0.25 AY salary each year from age 65 through age 69. Faculty members can retire at the end of the term or academic year in which they have signed the agreement. In addition, if a transition to retirement is desired, the plan allows faculty members to continue teaching on a time basis for pay for up to 3 years (6 terms), if they so choose. The pay is set at either the faculty member’s own salary or at the average of all faculty at the same rank, whichever is higher. In addition, the plan includes an incentive for those faculty who prefer to continue full-time teaching until retirement as late as age 70. A faculty member can qualify for a bonus equal to one year of salary at retirement by signing a ret
