UNIVERSITY LEADERSHIP COUNCIL
Early Retirement Incentive Programs at Public Universities Custom Research Brief – October 8, 2008 Major Sections:
Senior Analyst Adrienne Draper, MA Consultant Jennifer Yarrish
I.
Methodology & Research Parameters
II.
Executive Overview
III.
University Profiles • University A (state-wide system) • University B • University C • University D • University E
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Methodology and Research Parameters Project Challenge: The provost at a public university in the Mid-Atlantic approached the Council with the following questions: How do other public universities incentivize early retirement for faculty? How are early retirement or buy-out programs structured?
Research Parameters: • Based on the requesting member‟s preference, the Council focused its research on other public universities across the country that offered early retirement incentive programs. The brief profiles the retirement programs at five public universities that currently offer, or, previously offered, an early retirement incentive program. • Over the course of the research, the Council spoke with senior administrators within the Human Resources division responsible for retirement programs. • The Council sought interviews with a number of additional universities; however, these universities had no early retirement incentive programs and were not included in the brief. • Given the limited selection of universities, this brief is not intended to explore all early retirement incentive models, but instead to provide an overview of how a number of universities structure retirement incentive plans.
Sources: • The Chronicle of Higher Education (http://chronicle.com) • Educational Resources Information Center (ERIC) (http://www.eric.ed.gov) • National Center for Education Statistics (http://nces.ed.gov/ipeds) • Internet, via search engines and multiple university websites
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Methodology and Research Parameters Sources: (cont.) • The articles and references below provide further information on faculty retirement programs and issues: • Clark, Robert and Jennifer Ma, Ed. Recruitment, Retention and Retirement in Higher Education: Building and Managing the Faculty of the Future. Northampton, MA: Edward Elgar Publishing, Inc, 2005. • Conley, Valerie M. Regenerating the Faculty Workforce: A Significant Leadership Challenge and Public Policy Concern. New York City: TIAA-CREF Institute, 2008. http://www.tiaacrefinstitute.org/research/advancing_hi_ed/docs/Regeneratingthe FacultyWorkforceConley.pdf • Conley, Valerie M. Survey of Changes in Faculty Retirement Policies 2007. Washington, D.C.: American Association of University Professors, 2007. http://www.aaup.org/NR/rdonlyres/36818073-DDAE-4CFC-B15841A1524D62E3/0/AAUP2007RetirementReport.pdf • Jaschik, Scott. “When and Why Professors Retire.” Inside Higher Ed, November 13, 2007. http://www.insidehighered.com/new/2007/11/13/retire • Leslie, David W. The Reshaping of America's Academic Work Force. New York City: TIAA-CREF Institute, 2007. http://www.tiaa-crefinstitute.org/research/dialogue/docs/87.pdf • Wheeler, David L. “The Art and Science of Managing Faculty Retirements.” Chronicle of Higher Education, June 13, 2008. http://chronicle.com/weekly/v54/i40/40a01501.htm • Wheeler, David L. "Colleges Explore New Ways to Manage Retirements." Chronicle of Higher Education, June 13, 2008. http://chronicle.com/free/v54/i40/40a00101.htm • Yakoboski, Paul J. Do Great Minds Think Alike? Faculty Perspectives on Career and Retirement. New York City: TIAA-CREF Institute, 2007. http://www.tiaacrefinstitute.org/research/advancing_hi_ed/docs/inst_advancing_higher_ed_FGS_PRINT.PDF
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Methodology and Research Parameters Below is a guide to institutions profiled in this brief:
Carnegie Classification
Undergraduate Enrollment, 2006
Total Tenured and Tenure-Track Faculty, 2005
Total Expenses, 2006
N/A*
N/A*
N/A*
N/A*
University B
Medium, Public, Master‟s (smaller programs)
6,500
180
$77,970,000
University C
Medium, Public, Master‟s (larger programs)
4,950
120
$76,953,000
University D
Large, Public, Research (very high research activity)
50,400
2355
$2,182,281,000
University E
Large, Public, Research (high research activity)
30,450
870
$656,133,500
Institution/System
University A (state-wide system)
Source: National Center for Education Statistics (http://nces.ed.gov/ipeds)
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* Data not available for the state-wide system in its entirety
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Executive Overview Introduction: Since the elimination of the mandatory retirement age for faculty in 1994, universities have considered alternative ways to encourage faculty retirement to ensure the ongoing turnover of tenure lines. Faculty tend to derive great value from and have strong personal connections to their jobs and thus often retire at a later age than Americans working in other industries. In fact, 37 percent of faculty surveyed in a TIAA-CREF study expect to retire at age 70 or later.1 Some of the ways that universities encourage faculty to retire at an earlier age include: • Early retirement incentive/buy-out programs • Phased retirement programs • Terminal leave programs
Key Observations: The majority of public universities researched and contacted for this study do not currently have formal faculty early retirement incentives beyond phased retirement options. In most cases, contacts indicated that early retirement/buy-out programs are left up to the state government to determine and are only implemented during budget shortfalls. These findings align with research conducted by TIAA-CREF concluding that private institutions are more likely to have such programs. Phased retirement programs are the most typical retirement incentive offered by universities contacted and allow faculty to ease into retirement by working part-time for a specified number of years before fully retiring, usually one to five years. Universities benefit from phased retirement programs through the salary savings they receive, which may permit them to hire new faculty members earlier. The extra lead time also aids in department job forecasting by allowing the university to plan for new hires. A few universities contacted encourage retirement by offering early retirement or buy-out programs that typically provide a lump-sum payment, usually some proportion of the faculty’s current salary. Early retirement programs may also include a continuation of health or retirement benefits. Programs typically have an age window (e.g., 60-62, 63-65) where faculty can choose to retire and receive the payment and/or extended benefits. By inducing faculty to retire earlier, universities free up faculty lines that can be used to hire junior faculty at lesser pay. Salary savings from hiring junior faculty often return to the department and can be used to increase the salaries of the remaining faculty. 1 “Yakoboski,
Paul J. Do Great Minds Think Alike? Faculty Perspectives on Career and Retirement. New York City: TIAA-CREF Institute, 2007.
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Executive Overview Key Observations: (cont.) Of all retirement options, terminal leave programs are offered the least frequently and are often used to meet institutional needs by encouraging retirement for specific faculty. Terminal leave agreements relieve faculty of all work responsibilities while allowing faculty to receive a salary (or portion of a salary) for a period of time after the actual leave date. Terminal leave periods typically last nine to twelve months although some extend to 24 months. The advantage for faculty to take terminal leave instead of an early retirement incentive is that benefits continue to accrue during the terminal leave period. In developing an early retirement incentive program, contacts indicate that it is important to explicitly define eligibility criteria to ensure that faculty have a complete understanding of the program and that university needs are met. Faculty and staff should receive clear definitions of qualifications so that questions are kept to a minimum and human resources staff are not overwhelmed. In addition, defining eligibility criteria that maximizes the university‟s return on investment is critical to the program‟s success. For example, at University D, only faculty and staff that currently have health coverage are eligible to receive extended health coverage through the Retirement Incentive Option, so there is no additional financial burden on the university. Due to the high number of faculty who seek reemployment following retirement to teach or conduct research, contacts indicate that it is important to determine return-to-work criteria when developing an early retirement incentive plan so that faculty and staff have a clear understanding of how/if one may be reemployed by the university. When developing eligibility criteria for re-employment, universities typically follow IRS guidelines, which stipulate that employees should have a 30-day break in service and may not return to the same position. In addition, most universities contacted only allow faculty to return part-time to non-benefits-eligible positions.
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Executive Overview University Retirement Incentive Plans and Policies Institution
University A (state-wide system)
Plan
Formal
Eligibility Criteria Age
Years of Service
50+
10
55+
5
Yes
50+
10
Early Retirement Program
Yes
57+
Rule of 75*
Phased Retirement Program
Yes
58+
7
Phased Retirement
No
N/A
Terminal Leave Policy
Yes
Terminal Agreement Option
Retirement Incentive Program (Defined Benefit) Retirement Incentive Program (Defined Contribution)
Campus chief administrative officer
Payment equal to 15% of 1/12 of the employee‟s salary multiplied by each year of service (up to 36 years),
Campus chief administrative officer
An annual incentive of 20% of base salary for 5 years or until age 65 paid in semi-monthly installments; medical and dental coverage for duration of incentive payments
Dean/director, appropriate vice president, Board of Trustees
Maximum 2-year phased retirement reducing workload by at least 25%; salary reduced according to workload; health care coverage and retirement contributions maintained at full salary level
Dean/director, appropriate vice president
N/A
1 to 3-year phased retirement reducing workload (typically 50%); salary and retirement contributions prorated; full health care coverage
Department chair, dean
N/A
N/A
Upon immediate retirement or separation, full pay for 12 months or half pay for 24 months; health care coverage and retirement benefits continue through pay period
Dean of Faculty, provost, president
Yes
52+
10
Phased Retirement Program
Yes
52+
Retirement Incentive Option
Yes
Faculty Early Retirement Incentive Program
Yes
University C
University E
Approval
One month additional service credit for each year of service, up to 36 years
Yes
University B
University D
Plan Incentive
N/A 1 to 5-year phased retirement (25% minimum, 75% maximum workload); (tenured) prorated salary, full health care coverage and retirement contributions
55+
5
50+ Any age
15 30
Upon retirement, 36 months (3 years) of continued health care coverage
Unit administrator, dean and senior administrator
60+
10
55-59
Rule of 80*
Upon retirement or separation, payment equal to the lesser of (a) 100% of average faculty salary or (b) 150% of faculty base salary, paid monthly over 60 month (5 year) period
Department chair, dean, provost & Vice President for Academic Affairs
Note: N/A = Not applicable or information not provided by contacts
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Unit administrator, dean or senior administrator, and Office of the Vice President Unit administrator, dean or senior administrator, and Office of the Vice President
Upon immediate retirement, lump-sum payment of 1 year's salary
* “Rule of 75” - The sum of employee‟s age and years of service at the university must equal or exceed the number 75
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Profile: University A (state-wide system) Retirement Incentive Program Purpose • Gives each college within the state-wide system the option to increase flexibility in managing the campus work force. The ultimate goal of the program is to permanently reduce the state‟s work force. (Note: the Retirement Incentive Program was discontinued for all state institutions in 2001.)
Program Components The Retirement Incentive Program is a two-pronged plan that gives separate incentives for faculty and staff under the defined benefit (e.g. State Teachers‟ Retirement System) and defined contribution (e.g. TIAA-CREF) plans. • Defined Benefit Employees: Employees receive one month of additional service credit for each year of service, up to 36 years. Normal benefit reductions based on retirement age and years of service specified in the defined benefit plan apply. For example, there is a benefit reduction for each year an employee retires before age 55. • Defined Contribution Employees: Employees receive a payment equal to 1/12 of the employee‟s salary at retirement for each year of service (up to 36 years) multiplied by 15 percent. The maximum payment under this plan would be 45 percent of base salary for employees with 36 or more years of service. If the payment exceeds the IRS limits, the excess amount is paid in cash to the employee in three equal payments over two years.
Eligibility and Approval Criteria Individual colleges and universities in the state system have the option of implementing the Retirement Incentive Program for eligible faculty and staff. If approved, the college/university leadership may choose specific positions to target for the program or make it available to all faculty and staff. The Chief Administrative Officer is responsible for the management of the Retirement Incentive Program and must make all final approvals. The plan provides that the college/university must hold vacant 50 percent of the positions left open through the plan for two years to ensure that adequate cost savings are generated from the plan. Eligible faculty and staff under the defined benefit plan include: employees who are at least age 50 with ten or more years of service or age 55 with five or more years of service. Faculty and staff under the defined contribution plan are eligible for the program at age 50 and above with ten or more years of service.
Retirement Incentive Participation (1995-2001) Year
Participants
1995
1,179
1996
868
1997
766
Program Use
1998
774
The Retirement Incentive Program was offered in some form from 1995 through 2001, at which point the state system decided that the program was too difficult to maintain with a large aging population of employees who would qualify for the program. State leaders did not want to risk too many faculty and staff members taking advantage of the plan and causing a „brain-drain.‟
1999
866
Re-employment Faculty must follow IRS regulations and not return to a position after retirement that is the same or nearly the same to the position from which the faculty retired.
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2000
573
2001
1,281
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Profile: University B Early Retirement Program Purpose • Provide qualified faculty and academic staff a financial incentive for early retirement. • Offer the university staffing flexibility to meet departmental and overall university needs.
Program Components Upon retirement, eligible faculty and academic staff are paid an annual incentive, the lesser of either (1) 20 percent of the base salary at time of retirement; or (2) the estimated single Social Security benefit at age 65. The annual incentive is paid in bi-monthly installments for five years or until the retiree reaches 65 (Social Security full retirement age). The incentive is adjusted annually to compensate for the average percentage increase in salaries at the university and increase in the estimated Social Security maximum benefit for which the retiree will be eligible at 65. Medical and dental insurance coverage is continued for retirees under the Early Retirement Program for as long as they are eligible for the annual incentive. Retirees under the program are also eligible for all other applicable university benefits extended to retirees, including: educational benefits for employee, spouse, and dependent children; library use; parking; emeritus status; recreational facility use; and reduced ticket prices to athletic and arts events.
Phased Retirement Program Purpose • Encourage staffing flexibility to meet departmental and university needs. • Provide eligible faculty and academic staff the ability to adjust to full retirement by reducing their workload more gradually while still contributing their expertise.
Program Components Faculty and academic staff reduce workload by a minimum of 25 percent and are compensated on a prorated basis. Agreements may last no longer than two years and workload may be reduced in decrements of 25 percent over that period through an addendum to the contract. Faculty and academic staff on the Phased Retirement Program receive continued university benefits, including medical and dental coverage, throughout the program. In addition, participants are entitled to financial incentive payments that compensate for the prorated university retirement contributions resulting from the reduced workload.
Eligibility and Approval Criteria Full-time employees (faculty and academic staff) who are at least age 57 and whose age and years of service are equal to at least 75 are eligible to enroll in the program. Qualified employees must be approved by the administration (e.g., department chairs, college deans) and the Board of Trustees nine months in advance to retirement. The administration makes decisions based on careful consideration of the employee‟s workload, replacement possibilities, funding considerations, and the overall needs of the university.
Reemployment Early Retirement Program participants are only allowed to return to regular university appointments without tenure if recommended by the provost or appropriate vice president for approval to the President and Board of Trustees. The early retirement incentive will be discontinued during the period of the appointment. Retirees may return to temporary appointment without affecting incentive payments.
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Eligibility and Approval Criteria The program is available to employees who are at least age 58 and who have completed at least seven years of service to the university. Phased Retirement Programs must be developed in consultation with and ultimately approved by the appropriate administrators (e.g., department chairs, college deans, vice presidents). Administrators take into consideration the effects of a reduced workload, impact on existing phased retirees, available office space, and funding issues when making approval decisions.
Reemployment There are no specified restrictions on reemployment upon completion of a phased retirement program beyond IRS guidelines.
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Profile: University C Phased Retirement
Terminal Leave Program
Purpose
Purpose
University C does not currently have an articulated phased retirement policy, but faculty may develop independent phased retirement agreements. These agreements give faculty the opportunity to phase out workload while moving into retirement.
The Terminal Leave Program at University C allows the university and its academic programs the means to reallocate positions and other resources from programs in lesser demand to those in higher demand.
Program Components Program Components The typical phased retirement agreement reduces faculty workload for a period of one to three years. Workload reductions are typically 50 percent, and salary and retirement benefits are prorated accordingly. Faculty are able to retain full health benefits with at least a 50 percent workload.
Eligibility and Approval Criteria All faculty eligible for retirement under the university‟s policy are eligible for a phased retirement program. Faculty work with department leaders and college deans to develop phased retirement agreements, which must be approved by the same parties.
Reemployment Faculty must follow IRS regulations and not return to a position after retirement that is the same or nearly the same as the position from which the faculty retired. Additionally, faculty must have at least a 30-day break in service.
Faculty in the Terminal Leave Program are granted a leave of absence with pay extending over a period of up to 24 months, at the end of which the faculty‟s employment is terminated. Agreements last for a period not to exceed 12 months with full pay or a period not to exceed 24 months with half pay. “Full pay” is equal to the faculty‟s salary before the initiation of the program. A faculty member on terminal leave is treated like a regular employee; he/she is subject to all institutional policies and retains eligibility for all benefits. During the leave of absence, the faculty member is not required to perform duties of any kind unless otherwise stipulated in the terminal leave agreement.
Eligibility and Approval Criteria All full-time tenured faculty are eligible for the Terminal Leave Program, but agreements are only approved if termination significantly benefits the department and/or university. Applications for the program are initiated with the dean of the faculty in the appropriate division, and upon recommendation of the corresponding faculty committee, dean, and provost, the President approves terminal leave agreements.
Program Use Phased retirement agreements are not prevalent at University C; only four to five faculty members have signed phased retirement agreements over the last five years. The university is considering developing a formal phased retirement program in hopes of encouraging more faculty to take advantage of phased retirement.
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Reemployment By signing a terminal leave agreement, a faculty member waives all claims to subsequent employment at the institution, although reemployment may be granted on an individual basis.
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Profile: University D Terminal Agreement Option Purpose • Facilitate change within a given academic unit by providing resignation incentive for eligible faculty and academic professionals.
Phased Retirement Program Purpose • Provides tenured faculty members the ability to phase out workload in preparation for retirement. • Allows departments the opportunity to prepare for a faculty member‟s retirement.
Program Components In return for a faculty member‟s resignation, the department will give a lumpsum payment of one year‟s salary, plus an additional percentage based upon the university‟s contribution to any mandatory federal retirement plans in which the individual participates. The lump-sum payment is given to the faculty member following the last day of employment.
Program Components
In addition, the university will continue to pay the employer contribution for medical and/or dental coverage that the faculty or academic professional has at the time of separation for up to 24 months.
During the phased retirement period, faculty continue to receive full medical and dental benefits and university retirement contributions based on the non-reduced salary. Following the end of the phased retirement period, faculty receive continued medical and dental benefits for either 24 months or until the month the faculty becomes Medicare-eligible (up to 48 months), whichever date is later.
Eligibility and Approval Criteria Tenured faculty members and academic professionals with continuous appointments of at least 75 percent on at least a nine-month contract and who are at least age 52 with ten years of service or more are eligible for the Terminal Agreement Option. To be granted approval, department leaders must demonstrate that the departure of the faculty member or academic professional would provide significant gains to the department and the university and is in the best interest of all parties involved. The corresponding dean, provost, chancellor, and/or vice president reviews all agreements for approval and sends to the Vice President of Human Resources for final sign-off.
Reemployment Reemployment is not permitted unless under special contract with the university.
Through the program, faculty may phase out workload for a period of one to five years. The minimum workload for phased retirement agreements is 25percent and the maximum is 75 percent. Retiring faculty establish workload percentages at the time of the agreement and salary is prorated accordingly.
Eligibility and Approval Criteria Tenured faculty members and academic professionals with continuous appointments of at least 75 percent on at least a nine-month contract who are at least age 52 are eligible. Permission to offer phased retirement must be obtained from the unit administrator (e.g., department chair), dean or senior administrator, and the Vice President of Human Resources. The percentage workload and length of phased retirement is established in consultation with the aforementioned administrators.
Reemployment Upon completion of the phased retirement program, faculty are allowed to return to the university in a non-benefits-eligible appointment, or as an independent contractor upon approval of the academic unit.
Program Use On average, about 35-45 faculty and academic professional initiate a phased retirement program each year; in 2007, 43 agreements were signed. Typically agreements last from two to three years.
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Profile: University D (cont.) Retirement Incentive Option Purpose • Recognize years of service for eligible faculty and academic professionals. • Encourage voluntary departures from the university during a specific time period or academic year.
Program Components Faculty and academic professionals who elect the Retirement Incentive Option receive three years (36 months) of continued health coverage following the last day of employment. The university‟s contribution for the coverage will be the same as if the employee had remained employed. If the employee turns 65 during the 36-month period, he/she must apply for Medicare Parts A and B; Medicare will become the primary plan and the university‟s plan becomes secondary.
Eligibility and Approval Criteria To qualify for the RIO, the employee must currently be enrolled in the university‟s health plan and receiving a contribution from the university for coverage. In addition, the employee must qualify for retirement from the university and be either (1) age 55 with five years of service, (2) age 50 with fifteen years of service, or (3) any age with thirty years of service. Adjunct faculty, faculty on medical or sabbatical leave, and faculty receiving federal health benefits are not eligible for the program. Faculty and academic staff eligible for the program apply for the RIO in the fall before intended retirement . They establish a retirement date through mutual agreement with the appropriate department or college.
Reemployment An employee receiving benefits from the RIO may not resume employment at the university for a minimum of three months following retirement. After the three-month period, an employee may return to the university but may only return to a part-time position (no greater than 49.5 percent time) that is not eligible for university benefits.
Program Use University D first offered the Retirement Incentive Option during the 2003-04 academic year in response to significant state budget cuts. At that time, 28 faculty (about one to two percent of eligible faculty) and 264 employees overall participated in the RIO program. The university chose to offer the RIO program again for the 2008-09 academic year as the expected state budget shortfall is estimated at $215 million. Currently, there are 270 employees enrolled in the program, and the university expects more to enroll before the deadline.
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Profile: University E Faculty Early Retirement Incentive Program (FERIP) Purpose • Offer a financial incentive for tenured faculty to retire at an earlier date. • Release resources from tenured faculty positions to be reallocated or reduced to meet departmental and university needs. The program is intended to be a management tool for university leadership, not a fringe benefit for faculty.
Program Components In exchange for a faculty member‟s agreement to retire and separate from the university, the faculty member is eligible to receive a sum equal either to the average teaching and research faculty salary, or 150 percent of the faculty member‟s base salary, whichever is less. Payments are made in equal monthly installments over a five-year (60-month) period. The average salary in 2007 was $110,962, and the corresponding monthly payments for 2008 are $1,849.37. Under FERIP, a retiring faculty member who elects to start receiving his/her state retirement benefits and participate in the state‟s retiree health care plan will receive a health care supplement of $300 per month until the participant becomes eligible for Medicare (currently age 65). Separating faculty who choose not to begin receiving their state retirement benefits and who participate in COBRA will receive a monthly $300 health care supplement for up to eighteen months. Although the supplement does not cover the majority of the monthly health care contribution for most plans, it is significant enough to have an impact on a faculty member‟s decision.
Eligibility and Approval Criteria Faculty must be tenured and either (1) age 60 or older with ten or more years of service or (2) age 55-59 with age plus years of service equaling 80 or greater. After conferring with department chairs, deans review applications for the FERIP and make recommendations to the provost and Vice President for Academic Affairs to determine which faculty receive approval for the program. Decisions are based on school and departmental budget needs and considerations. The President of the university makes the final decision on program approvals. Schools and colleges are expected to produce the resources to fund program participants and are therefore limited in the number of participants they are able to fund annually. Overall, the total annual cost for the program is not to exceed three percent of the university's general fund appropriation for faculty salaries and associated benefits.
Reemployment Faculty who participate in the program are required to take a 30-day break in service after initiating the FERIP plan and may not return to the same full-time position as specified by IRS guidelines.
Program Use The initial FERIP program was approved by the state legislature in 1999 in response to state budget cuts and has been renewed by university leaders every academic year since then. Participation in the program is generally spread across all academic units, and in 2007, nineteen faculty retired through the program.
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Professional Services Note The Advisory Board has worked to ensure the accuracy of the information it provides to its members. This project relies on data obtained from many sources, however, and the Advisory Board cannot guarantee the accuracy of the information or its analysis in all cases. Further, the Advisory Board is not engaged in rendering clinical, legal, accounting, or other professional services. Its projects should not be construed as professional advice on any particular set of facts or circumstances. Members are advised to consult with their staff and senior management, or other appropriate professionals, prior to implementing any changes based on this project. Neither the Advisory Board Company nor its programs are responsible for any claims or losses that may arise from any errors or omissions in their projects, whether caused by the Advisory Board Company or its sources. © 2008 by the Advisory Board Company, 2445 M Street, N.W., Washington, DC 20037. Any reproduction or retransmission, in whole or in part, is a violation of federal law and is strictly prohibited without the consent of the Advisory Board Company. This prohibition extends to sharing this publication with clients and/or affiliate companies. All rights reserved.
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