UNIVERSITY OF PITTSBURGH POLICY 02-08-01
CATEGORY: ACADEMIC AFFAIRS
SECTION: Faculty Retirement
SUBJECT: Preparation for Retirement
EFFECTIVE DATE: July 1, 1994 (Published December 22, 1995)
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
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