Faculty Retirement Planning Program
Our faculty are our greatest resource. Their knowledge and experiences enliven the classrooms, labs and out-of-classroom interactions that shape the Baylor experience for our more than 17,000 students. It is vital that we continue to consider how to support and equip our faculty as we focus our planning on Baylor’s academic enterprise. Recent projections made during the 2016-2017 academic year reveal that one third of Baylor University’s faculty will likely retire in the next eight to ten years. These projections were made using a population of all current tenured/tenure-track and non-tenure-track faculty and internal data on average retirement age. This presents a possibly unprecedented season of change for Baylor faculty, their departments and for the University as a whole. It is important that Baylor’s leadership be thoughtful and intentional when planning for this imminent transition.
The Provost’s Office, working in concert with Deans, Faculty Senate and the President’s Office, has designed the Faculty Retirement Planning Program to create proactive pathways for retirement planning that will mutually benefit the faculty members who are planning for retirement and the institution. To learn more about the program including time frames, retirement planning awards and program contract terms, review the printable Faculty Retirement Planning document.
Department / School Procedures for Processing Retirement Planning Program Requests
- Faculty member requests through department chair (or dean where there are no department chairs) to enter a retirement pathway contract. This is generally in the form of a letter of intent to retire. The letter of intent to retire should include at a minimum the requested pathway and anticipated retirement date.
- Department chair provides the letter to the dean and they agree on the pathway selected.
- Dean provides letter of intent to retire to Provost for review and approval (email is acceptable)
- Once the department chair, the dean and the Provost confirm the retirement pathway, the department or school enters a separation BQ. Retirement pathway approval and letter of intent to retire is included in discussion tab.
- Human Resources (HR) will generate a retirement contract or Memorandum of Understanding (MOU).
- When contract or MOU is returned signed, HR will inform the department chair, dean and Provost.
- Upon notification from HR that signed agreement has been returned, department or school will enter Supplemental Pay BearQuest (payable within 45 days of document being signed). Signed MOU or contract copy is included in discussion tab of BQ (either department or HR can attach).
Upon notification from HR that signed agreement has been returned, department or school will enter Supplemental Pay BearQuest (payable within 45 days of document being signed). Signed MOU or contract copy is included in discussion tab of BQ (either department or HR can attach).