VWU Faculty Handbook 2022-2023

V. Program Options. A faculty member may choose phased retirement under one of the following two options: Option A. The faculty member will retire at the end of the next academic year following the academic year of application. For example, a faculty member who applies for the plan on or before March 1 of 2018 will retire at the end of the 2018- 19 academic year. During the retirement year, the faculty member will be assigned a half-time teaching load (which, in the typical case, will be three, four-credit courses over the academic year) and will be expected to participate in routine service activities (such as departmental and school meetings). The faculty member will be relieved of any expectation to undertake professional development activity or extraordinary service obligations (such as participation on a major commission). The faculty member will be paid 80 percent of the sum of the salary paid in the academic year prior to the retirement year plus any general salary increase applicable to his or her position. Until the time of retirement, which shall be August 31st of the retirement year, the faculty member will remain eligible for all University benefits, including health, dental, vision, disability, and life insurance, tuition assistance and tuition remission, and the University contribution to TIAA, provided, however, that such contribution shall be based on the actual amount of the salary paid to the faculty member.

Option B. The faculty member will retire at the end of the second academic year following the academic year of application. For example, a faculty member who applies for the plan on or before March 1 of 2018 will retire at the end of the 2019- 2020 academic year. During year one of the phased retirement plan, the faculty member will be assigned a half-time teaching load (which, in the typical case, will be three, four-credit courses over the academic year) and be expected to participate in routine service activities (such as departmental and school meetings).

The faculty member will be relieved of any expectation to undertake professional development activity or extraordinary service obligations (such as participation on a major commission). The faculty member will be paid 65 percent of the sum of the salary paid in the application year plus any general salary increase applicable to his or her position. During year two of the retirement plan, the faculty member will be assigned a one-third teaching load (which, in the typical case, will be two, four- credit courses over the academic year) and be expected to participate in routine service activities (such as departmental and school meetings). The faculty member will be relieved of any expectation to undertake professional development activity or extraordinary service obligations (such as participation on a major commission). The faculty member will be paid 50 percent of the sum of the salary paid in the application year plus any general salary increase applicable to his or her position. Until the time of retirement, which shall be August 31st of the retirement year, the faculty member will remain eligible for all University benefits, including health, dental, vision, disability, and life insurance, tuition assistance and tuition remission, and the University contribution to TIAA, provided, however, that such contribution shall be based on the actual amount of the salary paid to the faculty member.

VI. Additional Terms and Conditions. Until retirement, faculty members participating in the Program shall continue (a) to hold their current rank and tenure, (b) to occupy appropriate office space, enjoy continuing use of University facilities, and to have access to administrative support, (c) to possess voting rights in the Faculty Assembly, and (d) to have access to faculty development and course enhancement funding. Such faculty continue to be subject to the terms of the Faculty Handbook and other University policies. Unless there are special circumstances approved by the VPAA, faculty enrolled in the Program will be ineligible to teach for additional compensation courses above the prescribed load, as described under Options A and B, and the prescribed courses to which they are assigned must be 118