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Faculty Retirement Planning Program

In This Guide

Understanding the Faculty Retirement Planning Program

The Faculty Retirement Planning Program was created by the Provost Office, Deans, Faculty Senate, and the President's Office to provide a predictable and proactive guide toward retirement. The three pathways are beneficial to you the retiree, and the University as it allows both you and the department adequate time to plan for the future. These long-term retirement pathways help ensure a smooth transition and facilitate a transition process for new hiring needs.

You can read more about the Faculty Retirement Planning Program and find additional information here.

Eligibility

To retire at Baylor, you must be at least 55 years of age. Baylor has five retiree classifications. You can read more about the classifications here and in the Retirement Benefits policy. You should determine your retiree status prior to determining your retirement pathway.

Retirement Pathways

Plan B One Year Contract (Retiring in May 2020)

Plan B is for faculty members who provide one year's academic notice of their intent to retire.

Contract Terms
  • Under the Plan B pathway, you will receive a 3.25% merit pay increase diring the final academic year of service, providing the annual performance review is "effective" or better.
  • During the last academic year, you will not be required to participate in University committees, but you may choose to continue serving. If you are on a departmental and school/college committee that is deemed essential by the Dean or department chair, you may still be required to participate.
  • A retirement planning award of $7,500 is payable within 45 days of signing a memorandum of understanding and retirement contract.
  • During the last academic semester, a 50% reduction of workload is offered, with pay still at the full contract amount. If you accept this reduction in workload, you will work with the dean or department chair to determine the workload distribution of teaching, research, and other activities.
Plan C Two Year Contract (Retiring in May 2021)

Plan C is for faculty who give a two academic year notice of their intent to retire.

Contract Terms
  • Under the Plan C pathway, you will receive a 3.25% merit pay increase for each of the final two academic years, providing the annual performance review is "effective" or better.
  • During the last academic year, you will not be required to participate in University committees, but you may choose to continue serving. If you are on a departmental and school/college committee that is deemed essential by the Dean or department chair, you may still be required to participate.
  • A retirement planning award of $7,500 is payable within 45 days of signing a memorandum of understanding and retirement contract.
  • In the final spring semester, you are offered a retirement transition sabbatical (2 quarters), or a 50% reduction of wokload during the full last contract year. In each case, pay is still at the full contractual amount. If you accept this reduction in workload, you will work with the dean or department chair to determine the workload distribution of teaching, research, and other activities.

Departmental Procedures

  1. Chair and/or Dean Receives notice of intent to retire (in writing; either via email or on paper)

    • Notice of intent should include the plan type (B for May 2020 or C for May 2021) as well as the choice of reduced workload or sabbatical

    • Due to Chair or Dean by January 2019 in order to be eligible

  2. Chair and Dean (or just Dean in the absence of a department chair) will approve the intent to retire
  3. Once approved, the department or school should enter two BearQuests:

    Separation BQ with appropriate end date entered, and include a copy of the intent to retire attached in the "Discussion" tab of BQ. This will be cue to generate and disseminate the retirement contract

    Supplemental pay BQ in the amount of $7,500 with payment listed as the next closest pay date. This step in the process will be held until the retirement contract is received back in Human Resources. A signed retirement contract will be attached to the Supplemental Pay BQ for future reference as needed.


Resources - Faculty Retirement Incentive