Faculty Retirement Incentive Program

What is it? A two-year retirement option for tenured faculty.

• Year 1: Teach 3 courses at 100% pay
• Year 2: Teach 2 courses at 80% pay
• Additional courses taught during the period of phased retirement may be compensated as an overload.

Who is eligible?
Tenured faculty members, who will be at least 58 years of age and with at least 10 years of service as of July 1 of the first year of the appointment; beginning in 2022-23, the maximum age of eligibility for the program will be 68.

Is there an additional incentive if I opt in now?
Yes, recognizing ongoing research needs and as a one-time incentive, those who opt in by September 15, 2021 and plan to begin the phased program in fall 2021 or fall 2022 will receive the following lump-sum cash payment upon fully retiring: $25,000 for full professors and $15,000 for associate professors. Additionally, upon retiring, named chairs will receive an amount equal to their regular annual disbursement.

How will it work?
A letter of agreement between you and the College will specify the transition from tenured status to a two-year appointment, which would end with your retirement.

When must I decide?
You must sign the letter of agreement by September 15, 2021, to begin phased retirement in 2021 or 2022. In subsequent years, the letter of agreement should be signed by October 1.

Will I receive the same salary increase(s) as other faculty?
Yes, during the two years of the plan you elect, you will be eligible for any annual salary increases the Trustees may authorize, prorated accordingly. In the event that there are different percentage increases based on the amount of base (annual contract) salary, the increase for faculty members on phased retirement will be based on the annualized amount of their contract salaries. Faculty on phased retirement are not eligible for equity adjustments.

Will I receive health care and other benefits?
Yes, during the two years of the plan you elect, you will be eligible for the same medical, disability, and life insurance benefits available to full-time faculty members. You may continue to participate in the Trinity College 403(b) Plan; and you may be able to draw retirement income from your TIAA accounts, if permitted by 403(b) Plan provisions. The College will also provide a bridge to Medicare for you and your spouse, if you choose to retire between 62 and your Medicare-eligible age, continuing to pay the College portion of the premiums. If you are at least 65 years old and worked 10 consecutive years on a full-time basis at the time of full retirement, you will be eligible to participate in the retiree health care plan (supplement to Medicare) at your own cost, if you are enrolled in Medicare Part B.

Will my rank or faculty voting rights be affected?
You will maintain your rank until the end of the temporary appointment, as well as your voting rights.
Faculty members who hold named chairs will retain their chair and access to research funds while on phased retirement. Faculty with research fund accounts at the time they retire will receive an amount equal to the balance in those accounts as a lump-sum payment.

Can my department/program replace me?
The tenure line you occupy will return to the college for allocation in Year One of your phased retirement. Thus, if the line is allocated to your department/program again, the department/program will normally hire someone during the final year of the phased retirement.

Will I be responsible for taxes?
Yes, all compensation during your appointment will be subject to federal and Connecticut state taxes.

What benefits will apply to me when I retire?
As an ongoing member of the Trinity College community, all faculty retirees will enjoy the following resources:

• Designation of emeritus/emerita status;
• Possibility of teaching regularly J-Term and Summer courses, assuming departmental approval;
• Possibility of continued engagement with students — for example, tutoring, advising thesis students, or teaching on an adjunct basis;
• All additional resources available to all faculty retirees.

Is this an ongoing program?
Yes, although the College reserves the right to change or discontinue the Faculty Phased Retirement Program at its discretion. This program, beginning on July 1, 2021, replaces all previous faculty retirement programs.