7.13 Voluntary Phased Retirement Program for Teaching Faculty
An optional voluntary retirement program is being offered to eligible Calvin college teaching faculty members that will provide opportunities for those who prefer a gradual transition to retirement. This program permits them to phase down their work expectations in the final years of their career and responds to the expressed desires of many faculty members to move into retirement gradually. It also enables the college and departments to plan for the replacement of faculty members in advance of their actual full retirement.
The Voluntary Phased Retirement Program will accomplish a number of important goals:
- It addresses a commonly expressed desire for "gradual retirement."
- It supports the retirement of eligible faculty members at an age they individually consider appropriate for them.
- It permits orderly faculty planning within academic units and the transition to new faculty during the phase-down period.
- It is sufficiently flexible to meet a variety of circumstances.
- It conforms to legal requirements and sound management principles.
7.13.1 Eligibility
A full-time teaching faculty member is eligible to participate in the Voluntary Phase Retirement Program if, as of the date his or her phased retirement would commence under the Voluntary Phased Retirement Program, s/he is at least 57 years of age and has completed at least 10 academic years of full-time employment at the College.
7.13.2 Participation and Compensation
7.13.2.1 Phase-Down Period
Eligible faculty members may elect to take a reduced work load over a period of one year to five years (the phase-down period), followed by retirement at the end of the phase-down period.
7.13.2.2 Work Load during the Phase-Down Period
Eligible faculty members may elect to reduce their work load to a minimum of one-half time over the phase-down period they elect. The reduced work load may be a constant fraction or may vary from year to year over the phase-down period, but it will always be at least one-half time.
The faculty member will continue to be assigned to departmental committees but will not normally receive a college committee assignment. the faculty member will also continue to advise a full load of advisees.
7.13.2.3 Compensation and Benefits
Compensation will be proportionate to work load. For example, an eligible faculty member with a half-time academic year appointment would be compensated with a salary equal to 50% of his or her regular academic year base salary. Participants will continue to be eligible for annual salary increases.
Participants will be eligible for prorated benefits under the college's benefit plans to the extent provided by the terms of those plans and to the extent the participants continue to pay any applicable contributions for such benefits.
The faculty member will continue to be eligible for the early retirement incentive based on the salary s/he would have received if full time, as long as the faculty member retires prior to his/her normal retirement age. Years of service under the Voluntary Phased Retirement Program will be calculated based on the actual FTE each year.
7.13.2.4 Procedure for Participation
All eligible teaching faculty must make an election to participate in the Voluntary Phased Retirement Program by September 15 preceding the academic year in which they intend to begin the phase down.
An eligible faculty member interested in participating in the program must complete a Voluntary Phased Retirement Agreement and make a transition appointment proposal to his or her dean. The faculty member must also work with the dean and the chairperson to develop mutually agreeable transition appointment and set of duties for one to five years leading to a date of full retirement. The dean will consult, as appropriate, with the faculty member's department chairperson.
A dean may disapprove or alter a proposed transition appointment based on legitimate institutional need. Denial or alteration of a faculty member's proposed transition appointment by the dean, to which the faculty member objects, is subject to review by the Provost who will make the final determination of whether a disapproval or an alteration of a proposed transition appointment is based on legitimate institutional need.
When a transition appointment has been agreed to by the eligible faculty member and the dean, the faculty member's Voluntary Phased Retirement Agreement will be processed by the Provost's Office and Human Resources. The Manager of Benefits and Compensation will review the Voluntary Phased Retirement Agreement for any benefit cost and eligibility issues. If no such issues are identified, the Manager of Benefits and Compensation will sign the agreement. If benefit cost or eligibility issues are identified, the Director of Human Resources will consult with the eligible faculty member and the dean regarding possible restructuring and/or other options. An eligible faculty member's Voluntary Phased Retirement Agreement must be signed by the faulty member, the faulty member's dean, the Provost and the Director of Human Resources in order for it to be final and binding. The Provost reserves the right to modify this procedure for participation in appropriate situations if such modification is determined to be in the best interests of the college.
7.13.3 Administrative Provisions
The Voluntary Phased Retirement Program is effective as of September 1, 2005. the college reserves the right to amend or terminate the Voluntary Phase Retirement Program at such time(s) as it deems appropriate.
