Tenured faculty to have access to phased retirement program
Tenured faculty to have access to phased retirement programApril 01, 2003Cynthia J. Moritzcjmoritz@syr.edu
The Executive Committee of Syracuse University’s Board of Trustees has approved a phased retirement program for tenured faculty developed after several years of exploration, research and commentary by SU Senate committees and administrators on providing a gradual transition to full retirement for tenured faculty. The program will begin during the Spring 2004 semester.
“This will provide sufficient flexibility to meet a variety of circumstances,” says Michael Flusche, associate vice chancellor for academic affairs. According to Flusche, the principal objectives of this voluntary program include addressing a commonly expressed desire for “gradual retirement;” supporting the retirement of eligible faculty members at an age they individually consider appropriate; permitting orderly faculty planning within academic units; and the transition to new faculty during the phase-down period.
Participants must hold a full-time, tenured faculty position and have completed at least 10 academic years of full-time employment. They must be at least 55 years old at the beginning of phased retirement. Faculty are not eligible to participate while holding administrative appointments, including department chairs.
The basic provisions of this program include:
- a phase-down period of one to three years at the faculty member’s election;
- a work load of at least one-quarter time but no more than half time during the phase-down period;
- compensation proportionate to work load; and
- continuation in regular University benefit plans.
The application deadlines are October 15 of the year preceding the Fall semester in which the phase-down begins and February 15 of the year preceding the Spring semester in which the phase-down begins. For the 2003-04 academic year only, the Spring deadline has been extended to April 1.
According to Human Resources records there are approximately 250 faculty who currently meet the eligibility requirements for the program. Another 43 tenured academic administrators, such as deans, chairs and vice presidents, would qualify for the program if they were to voluntarily relinquish their administrative appointments. Letters have been sent to eligible faculty and the faculty at large informing them of the provisions of this program.
Roger Casanova, director of wage and salary administration, has been appointed as the phased retirement coordinator. He will review proposed phased retirement agreements to ensure that there are no adverse benefits consequences to the phase-down schedule and recommend alternatives in such cases.
Human Resources is also developing a retirement assistance series that will feature speakers providing information on TIAA-CREF, social security benefits, estate planning, relocation and leisure activities. Myra Johnson, director of benefits and human resource services, will be available to provide information and support to individual faculty members interested in participating.
For additional details, faculty should visit the Academic Affairs Web site at: http://provost.syr.edu/faculty/faculty.asp.