SECTION:                  Faculty Retirement

SUBJECT:                 Preparation for Retirement

EFFECTIVE DATE:   July 1, 1994 (Published December 22, 1995)

PAGE(S):                   1


      This policy establishes the retirement options available to University faculty members.


      Although retirement may be elected at any time, official retirement status at the University,

      which carries with it certain insurance benefits, is accorded to persons 62 years of age

      or more.

      Prior to age 62, faculty members may wish to review their Contributory Tax-Deferred

      Annuity Plan.  There is an Accelerated Plan available for eligible vested employees upon

      reaching 52, 53, 54, or 55 years of age; these individuals make the maximum employee

      contribution and the University makes an increased matching contribution, which may

      continue for up to 120 months, after which all University contributions cease.

      The Board of Trustees has offered early retirement plans from time to time involving

      payments for those who wish to retire within specified parameters.

      -     Information on the current status of the plan is available from the Office of the Provost.

      Another option, available at any age, subject to agreement between the faculty member

      and his or her academic unit, is a permanent reduction of the appointment to a designated

      fraction of full University responsibilities.

      -     Tenure or tenure stream status is retained if the fractional appointment is one half or


      -     Salary is reduced accordingly.

      -     Medical insurance plans and rate schedules in effect for current full-time faculty are


      -     Benefit plans which are stated as a multiple or percentage of salary in effect for

            current full-time faculty are available.  The multiples or percentages are not reduced

            but are generally applied to the actual reduced salary.

      -     Most programs and services in effect for current employees are available.

      The Office of the Provost is the central point of reference for retired faculty, and as such,

      is the appropriate office for seeking solution of any problems related to the implementation

      of these policies.


      Procedure 02-08-01, Preparation for Retirement