Faculty Retirement Incentive Program

A retirement incentive plan for tenured faculty members who are at least age 55 and have completed at least 15 years of service at the College at time of entry into the Program.

Program Options

1. Early Retirement

  • An eligible tenured faculty member voluntarily relinquishes his/her tenured status and retires from the College, with a one-time bonus payment as follows: 

Age at Time of Retirement Bonus Payments
63-66 120% of Salary
67 80% of Salary
68 50% of Salary

2. Half-Time

  • An eligible faculty member may request go to half time status for up to 2 years at 2/3 salary, to be followed by full retirement from the College. 

    Eligibility: Must be at least age 55; if combining with Option 1, earliest entry date is age 61. No upper age limit.

3. Combination of Options 1 & 2
  • Eligible faculty may select a combination of half-time and early retirement option.

Eligibility: must have attained the age of 61 prior to entry into the Half-time Option when combining it with the early retirement option. Negotiation to combine both options must be done at the same time.