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.

Current Retirement Pathways

Plan B One Year Contract (Retiring in May 2021)

Plan B is for faculty members who provide one year's academic notice of their intent to retire. The deadline for faculty members to opt into this plan is January 31, 2020.

Contract Terms
  • Under the Plan B pathway, you will receive a 3.25% merit pay increase during 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 2022)

Plan C is for faculty who give a two academic year notice of their intent to retire. The deadline for faculty members to opt into this plan is January 31, 2020.

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.

Addendum A


Addendum A

Departmental Procedures

  1. 1. Chair and/or Dean receives notice of intent to retire.

    • Notice of intent should include the plan type (Plan B or Plan C) as well as the choice of reduced workload or sabbatical.

    • Notice is due to Chair or Dean each year by January 31 in order to be eligible.

    • The Chair will share all letters of intent with the Business Officer by January 31.

  2. Dean will approve the intent to retire after eligibility is confirmed by Human Resources.
  3. The Business Officer will ensure all letters of intent are loaded to Box by January 31. This will be cue to generate and disseminate the retirement contract to the Faculty member during the month of February.
  4. The $7,500 payment will be generated within 45 days after the signed retirement contract is returned to HR.
  5. Lastly, a retirement date will be placed within Ignite and a copy of the retirement contract saved to Box.

For additional questions, faculty members should consult with their Business Officer or reach out to askHR@baylor.edu.


Resources - Faculty Retirement Incentive