St. Thomas Announces Phased Retirement Option for Faculty

The University of St. Thomas has established a phased retirement option for faculty, which will enable participating faculty to plan effectively and transition into retirement by reducing workload and salary while retaining benefits and faculty rights and privileges during the transition. This also will enable the university to plan effectively for faculty retirements and recruitment of new faculty as needed.

The phased retirement period will be for three calendar years (beginning Aug. 1 and ending the third consecutive July 31), but can be for a shorter amount of time with the provost’s approval.

During phased retirement the faculty member must maintain a workload equivalent to half-time (0.50 FTE) each year, with at least 50 percent of a full-time teaching load and related student advising. The remaining allocation of part-time workload to teaching, research and service will be negotiated with the applicable dean.

To be eligible to participate, faculty must meet the following criteria:

Be age 55 or older;
Have completed at least 10 years of continuous service with the university as a tenured, tenure-track or clinical faculty member; and
Have a combined age and years of continuous service equal to or greater than 70 (for example, age 55 plus 15 years of continuous service).

Age and years of service will be calculated as of Aug. 1 of the year in which the faculty member intends to begin phased retirement.

Phased retirement applications will be available in Human Resources and the Office of the Provost. Faculty interested in applying for a phased retirement that begins Aug. 1, 2015, should complete and submit an application to the Office of the Provost on or before Feb. 1, 2015. Applicants will be notified of their status no later than March 1, 2015.

Human Resources will offer information sessions about the phased retirement option in December. Sign up to attend through The Leadership Academy.