Under the plan, faculty members aged 65 to 69 will also be eligible for bonuses, which gradually decrease as professors age, if they agree to transition to half-time teaching before retiring two to three years later. Professors who are 65 to 67 years old can earn bonuses if they decide to continue working full-time but agree to retire by age 70.
Additionally, a payout equal to 150 percent of their annual salary will be offered until Aug. 31 to any faculty members 65 and older who plan to retire during the 2010–11 academic year or begin a phased retirement.
The new retirement options are in line with the recommendations of a faculty focus group that Dobkin convened in 2008 to examine the declining retirement rate among the University’s senior faculty.
In recent years, the retirement rate among faculty has decreased, he said, explaining that fewer retirements posed important problems for renewal of teaching staff.
The retirement issue became particularly acute after the passage of a 1994 law that prohibits universities from setting mandatory retirement ages for tenured professors.
With fewer senior faculty members retiring, it has become increasingly difficult for junior faculty to find positions at the University, and the number of junior professors employed by the University has declined.
Since 1994, the faculty has grown by 90 members overall, but the number of assistant professors has actually decreased by 10, Dobkin said.
The University determined the plan’s target retirement age of 70 by examining demographic data of the faculty, the fixed retirement age that used to be in place at the University and the retirement policies of peer universities, he explained.
The new plan will take effect on July 1 and will be immediately available to faculty who are 65 to 70 years old.
Though the University finalized the retirement recommendations last year, the financial downturn, which left many faculty members worried about their dwindling retirement accounts, delayed the plan’s implementation, Dobkin said.
Dobkin announced the plan in a letter to the faculty on Feb. 22.
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