University of Redlands

A7 Retirement Options

Determine the feasibility of early and/or phased retirement incentives for faculty and staff, including the option of a terminal sabbatical year for faculty.

Status

Last update: February 20, 2019

Complete; **** priority

Lead

Provost Ogren; Deans; PPC; Human Resources Department; Business and Finance

Timeline

A phased retirement plan has been offered and described to all full-time faculty who are 55 and older, and who have at least 10 years of service.  Approximately 10 full time faculty are in negotiation with their Deans to finalize or initiate phased retirement plans in the next 3-5 years. Several faculty in this group initiated or accelerated their planning based on the phased retirement option.

Cost

Net cost to be determined by delta between savings of highest compensated faculty and replacements at lower rank, or sometimes, adjuncts. 

New/Enhanced Revenue or Endowment

Potential cost savings depending on model offered.

Goal/Assessment Metric

Provide flexible options for individuals nearing retirement, enabling us to achieve mutually-positive transitions.