Phased Retirement Program
Albion College has adopted a program for Phased Retirement for tenured faculty, as set forth herein. ‘Phased Retirement’ is a voluntary path in which a tenured faculty member may participate, to aid the faculty member’s department, the College, and the individual faculty member in their transition to retirement.
Eligibility
Participation in the Phased Retirement program is available only to tenured faculty members whose combined age and years of service to Albion College equal at least 75 years by August 15 of the requested year Phased Retirement would begin. Although the faculty member may meet the combined 75-year requirement to participate in the Phased Retirement program, this does not mean the faculty member will qualify for retirement under the College’s 403(b) Retirement Plan when they begin their Phased Retirement. By law, retirement funds cannot be withdrawn from the retirement plan without penalty until an individual is 59-1/2 years old.
Requests to Participate
Requests to participate in the Phased Retirement program must be submitted to the Albion College Provost at least one year before the anticipated beginning of Phased Retirement. Providing more than one year’s advance notice will be helpful to departments in preparing position requests for replacements and in planning course offerings. The faculty member must sign a Phased Retirement Agreement, available through the Human Resources department, and must include a draft work plan specifying the courses that the retiring faculty member will teach each semester during the Phased Retirement period. The work plan must be approved by the faculty member’s department chair prior to submission of the request.
Limitation on Participation
Ordinarily, no more than one faculty member in a department or program will be allowed to participate in Phased Retirement at the same time. If more than one faculty member from the same department or program apply at the same time, and an exception is not made, the individual with the most years of service to the College will be given priority for participation in the Phased Retirement program.
The Provost will consider the impact on the department, the College, and the students, before deciding when Phased Retirement will be scheduled. Phased Retirement may be delayed or denied if the Provost determines that the negative impact on the department curriculum and needs of students is too great.
The Curriculum and Resources Committee will not prejudice replacement applications from departments with a faculty member in Phased Retirement.
Length of Phased Retirement Period
Faculty members may request to have a one-year or two-year Phased Retirement period.
At the commencement of Phased Retirement, a faculty member must make an commitment to a one-year or two-year Phased Retirement period which is irrevocable, other than during the seven (7) day revocation period provided for in the Phased Retirement Program Agreement and Release and Waiver. At the end of the Phased Retirement period, the faculty member shall relinquish tenure and fully retire. A faculty member will not be eligible for a sabbatical leave during their Phased Retirement period but will be eligible for emeritus status at the end of their Phased Retirement period.
Salary and Benefits During Phased Retirement Period
Ordinarily, faculty members electing Phased Retirement are expected to teach a 50% load and will receive 50% of their equivalent full-time salary during their Phased Retirement Period. Any applicable raises will be added to the equivalent full-time salary before calculating the prorated salary. Other teaching and/or service loads greater than 50% may be allowed, with equivalent prorated salary, if approved by the department chair, the Provost, and the President.
During the period of Phased Retirement, full benefits available to tenured faculty members will continue for individuals except for sabbatical leaves, which will not be available. Benefits that are linked to salary, including retirement, disability insurance, and College contributions for dependent health insurance, will continue, and be at a level based on the individual’s reduced salary, except for life insurance, which will continue at the same level.
During the period of Phased Retirement, tuition remission benefits shall continue on the same basis as for other eligible employees of the College, but only for dependents of the Faculty Member who are enrolled prior to the time the Phased Retirement begins.
Service to the department and the College will not be required during the Phased Retirement period, however, advising students completing a major in the faculty member’s department in the department should be continued. During their Phased Retirement period, faculty members may serve as department chair as part of their teaching load, if necessary.
Replacement Positions
Departments must request a replacement position, if desired, as described in the Faculty Handbook. Ordinarily, replacement of the faculty member will allow one year of overlap with the retiring faculty member to allow for mentoring. However, there may be occasions when the courses not taught by an individual in Phased Retirement need to be covered by adjunct faculty members.
If the hiring of a replacement faculty member results in a temporary increase in staffing, the department is expected to increase their contributions to FYS and/or Honors. Where possible, individuals participating in Phased Retirement will be considered a sabbatical replacement, if another individual in the department or program has an overlapping sabbatical leave. In this case, staffing levels (FTE) will remain constant.
If a faculty member in Phased Retirement and the faculty member’s successor are employed at the same time, the new faculty member will receive the office of the faculty member who is in Phased Retirement, at the beginning of the academic year. Alternative office space will be provided for the faculty member who is participating in Phased Retirement.
Termination of Program
This Phased Retirement program may be terminated by Albion College at any time, in the discretion of the College, however, any faculty members who have signed their participation agreement prior to the effective date of termination of the program will be allowed to complete Phased Retirement as provided herein.