Phased Retirement Option

A voluntary and temporary Phased Retirement Option is currently offered to eligible faculty members. The option is designed to permit a systematic staffing change period for the College and a reduction in hours of work for faculty members, allowing additional time to plan for full retirement.

1. Availability. The Phased Retirement Option is a program for faculty members who meet the eligibility requirements. The College elects to offer such a program to allow faculty members who have served the institution to assist it in providing a progression plan that allows appropriate replacements to be hired so as not to create a void in any given department. The goals of such a program will change from time to time given the needs of the college. The College will, at least in five- year intervals, review the program and the benefits of such a program to determine if the needs of the institution are being fulfilled. The College reserves the right to discontinue the program if institutional needs are not being met. If the College elects to discontinue the program, the faculty will be notified at least two years in advance in order to provide sufficient time for them to plan.
2. Eligibility. Regular faculty members are eligible to participate voluntarily in the Phased Retirement Option after completing 20 years of service at Carleton College. Faculty members electing this option must give the College and their departments advance notice of their intentions by January prior to the September in which they plan to begin the Phased Retirement Option. When entering into a Phased Retirement Agreement, tenured faculty will indicate a firm date for their full retirement and will agree to resign tenure effective on that date. Upon reaching full retirement, a professor electing this option will be eligible for consideration for promotion to emeritus status, provided he or she has attained the age of 60.
3. Provisions. Faculty electing the Phased Retirement Option will teach half-time for up to three years. The salary paid will equal 70% of the full-time equivalent salary each year during the phased period. Specific teaching assignments during the phased period will require approval by the departments and programs involved. Sabbatical eligibility will cease at the commencement of the phased option. However, the Professional Development Account will continue.
4. Benefits. Faculty members electing the Phased Retirement Option will retain all employee benefits provided by the College. Those related to salary (such as contributions to the Regular Retirement Plan provided by TIAA-CREF) will be based on actual salary paid.

Adopted by the Board of Trustees on November 18, 1999. Revised and approved by the Board of Trustees on May 15, 2004.