Phased Retirement Option
INTRODUCTION
The purpose of this part-time option is to provide faculty members at the University of Rhode Island with the opportunity to reduce their commitments and responsibilities to part-time during the academic year for a limited number of years prior to their desired retirement.
PART-TIME EMPLOYMENT
A. Definition
Under this option, "part-time employment" refers to a reduced workload over the academic year. Specifically, participating faculty will be assigned teaching and service responsibilities during either the fall or spring semester and no assignments during the alternate semester.
B. Eligibility
Any continuing full-time tenured faculty member who has attained the age of at least 55 prior to September 1 of the academic year in which he/she will be employed part-time; and who has completed at least l0 years of service as a full-time tenured faculty member at the University of Rhode Island; and who desires and is willing to commit to retiring no later than three years (3) from the commencement of the part-time assignment is eligible.
C. Conditions
1. The part-time employment option will be available for up to three (3) years.
Following the submission of the faculty member's teaching and service proposal (see section D 1), a recommendation on the proposal and the specific number of years (e.g. one, two or three years) of part-time employment will be made by the Dean to the Provost and Vice President for Academic Affairs. The recommendation by the Dean shall be subject to approval of the Provost and Vice President for Academic Affairs.
2. For purposes of this document, part-time employment shall include a teaching assignment of at least 9 credits (or 9 credit equivalents) and service responsibilities for one semester, and no teaching and service responsibilities in the alternate semester.
3. Participating faculty will be relieved of a research expectation during part-time employment.
4. The faculty member will receive one-half (50%) of his/her full-time base salary paid on a biweekly basis.
5. The University's contribution to the faculty member's retirement plan (TIAA/CREF, VALIC or METLIFE) will be pro-rated to one-half (50%) of the base salary.
6. Full medical benefits as specified in the negotiated agreement for faculty will be provided to the faculty member during half-time employment as long as he/she continues to be employed at 50%.
7. Sick leave will be accrued at a rate of 50% of that specified in the negotiated Agreement.
- In consideration of the opportunity for part-time employment, the participating faculty member shall retire no later than the conclusion of the approved part-time assignment. The decision to participate in the part-time employment option and retire no later than the end of the part-time assignment shall be irrevocable after a 30-day initial signing. The faculty member has the option to retire earlier than the end of the approved part-time assignment, such as the end of the first or second year of a three (3) year part-time assignment, with notification to the Dean by May 15 of that year. Retirement shall be effective at the end of the fiscal year (on or about June 30).
- Participating faculty members shall be eligible for any lump sum payout and retirement medical benefits as approved by the Board of Governors and in effect at the time of the participating faculty’s retirement date.
D. Procedure
1. A faculty member who wishes to participate shall inform his/her Department Chair and Dean in writing of his/her desire to participate in the part-time employment by no later than April 2, 2012 for the following academic year. In addition, the faculty member will outline in writing his/her proposed teaching and service contributions during the employment semester and his/her desired retirement date after one (1), two (2), or three (3) years of part-time employment. Final decisions for acceptance or denial of part-time employment proposals will be made by the Provost and Vice President for Academic Affairs or his/her designee. In the case where a number of faculty within a single department apply for this plan, the number of applicants approved will be at the discretion of the Provost and Vice President for Academic Affairs or his/her designee.
2. Eligibility to participate in this part-time option will end on April 2, 2012. At that time, the part-time option will be reviewed and evaluated for further continuation.
E. Other
1. Office space, laboratory space, equipment access and clerical assistance will be provided by the Dean of the college during part-time employment. Participants may compete for travel funds on an equal basis with other faculty depending on the availability of funds.
2. Tuition waivers shall continue for those eligible spouses and dependents enrolled at the time of participation in the part-time employment and who otherwise continue to meet the eligibility requirements as stipulated by the Agreement.
3. This employment option requires a part-time teaching and service commitment and, as such, is available to faculty who do not intend to apply for a sabbatical leave prior to retirement.
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