There are three options available to tenured faculty as they come close to considering retirement.
Tenure Reduction
Sign up for the tenure reduction program at least one term but not more than three years prior to expected retirement from the University, receive a six percent increase in pay, and be entitled to receive up to five (three and a half for Law faculty) TRP appointments post-retirement.
Tenure Relinquishment
Sign up for tenure relinquishment at least one term but not more than three years prior to expected retirement from the University and receive a six percent increase in pay. Faculty electing the tenure relinquishment option do not have the right to receive any post-retirement appointments.
Retirement
Faculty choosing this option forego the six percent increase and any guarantee to employment under the tenure reduction program after the date on which they retire from the university.
Important Considerations
- For post-retirement appointments other than TRP assignments, the University is not required to hire the faculty member at the same salary rate as their TRP rate.
- A faculty member can be hired for other non-TRP employment opportunities but the faculty member is responsible for coordinating overall benefits package to ensure that their retirement benefits are not compromised. It is solely the faculty member’s responsibility to find out what employment is permissible during retirement. It is not the obligation of the University to do so.
- TRP assignments cannot be used to pay back the one year obligation when returning from sabbatical leave. In extenuating circumstances, some exceptions may be granted if approval from the Dean and Senior Vice Provost is secured prior to the start of the sabbatical.
- Under the TRP, a faculty member's post-retirement salary rate may be adjusted to include the awards or permanent stipends. All post-retirement salary adjustmens require approval from the Dean and the office of the Provost. No temporary or stipends that have been awarded because of the job title or position held by the recipient (e.g. department head, director) will be included in a faculty member's post-retirement salary rate.