The "Tenured Faculty Option Plan" was established in 1995 and renewed by the Trustees in 1999. This is a voluntary severance program for tenured faculty members wishing to resign, retire, and/or reduce their teaching at an earlier age than would otherwise be feasible for them. The program is now in effect through June 30, 2010.
In addition to providing financial security and institutional recognition to tenured faculty members who desire to leave their tenured position, the program is designed to encourage curricular changes by increasing the turn-over rate of faculty appointments and to reduce faculty compensation costs. An additional goal of the supported resignation option (option (c) below) is to facilitate a change in careers for tenured faculty members who believe it would be advantageous to do so.
The program provides three options through which the College and a tenured faculty member may bring about a voluntary termination of the individual's tenured appointment in return for a severance payment and/or a stipend for service. The three options are:
To be eligible for options (a) and (b), a faculty member must hold tenured rank, have attained age 60 and have completed at least 15 years of service to the College by the time of entry into the program. There is no minimum age requirement for option (c), whose eligibility conditions are otherwise the same as for options (a) and (b).
Subject to the College's agreement, eligible faculty members may enter the program on July 1 of any year. Those wishing to elect one of these options must notify the Dean for Academic Affairs by September 15 of the calendar year preceding that in which they wish to enter the program. Normally, the College will not accept more than three requests for participation in any year.
A complete description of the program, including the formula for estimating severance payments and stipends for service, is available in my office. Feel free to call if you would like to discuss the details.