Tenured Faculty Voluntary Phased Retirement Program

1. Tenured Faculty Voluntary Phased Retirement Program 10:00 am - January 31, 2007 MBC 109

2. Introduction • Original proposal from Faculty Benefits, Compensation and Welfare Committee in Spring, 2006. • Provides a gradual transition to full retirement for long term tenured faculty. • Enables departments to have time to plan for and recruit new faculty.

3. Eligibility • Full-time tenured faculty • Age plus years of service must equal 70+ • 15+ years of eligibility service at Belmont University • Age/service requirements are as of September 1 of year beginning phased retirement

4. Terms and Definitions • 3-year provisional appointment • 50% workload and 50% pay • Workload is teaching plus proportionate service, office hours, committee assignments • Workload could be in one semester only or split across both fall and spring semesters: • Workload is same type work as during full-time assignment • Workload info is included in the phased retirement proposal • Must be approved by Chair/Dean and Provost

5. Terms and Definitions • During phased retirement, Belmont University must continue to be faculty member’s primary professional commitment • Maximum number of faculty approved in any academic year is seven • Maximum number at any time is twenty-one

6. Benefits • Faculty member in phased retirement • Considered full-time for benefits purposes • Continues to participate in performance evaluations and performance-based pay increases • Continues to receive up to current 5% match for 403 (b) retirement plan • University contributions to insurance programs will continue at the full-time rate • May begin retirement plan distributions as permitted under the terms of retirement plan.

7. Benefits • Faculty member may decline Belmont’s health insurance plan • BU will pay monthly 1/12 annual employer’s share to faculty member • Payments are taxable income • Faculty member can only sign up again for health insurance during open enrollment month for the next year, or if has had a qualifying event as defined by IRS

8. Timeline & Guidelines • Faculty member submits formal letter of application to dean no later than May 1 of spring semester 15 months prior to requested beginning of phased retirement • Provost makes decision and notifies faculty by August 1 of that year • Faculty member begins phased retirement beginning the next August 1 • Example: • Faculty notifies Dean by May 1, 2007 • Dean provides info to Provost • Provost gives approval to faculty by August 1, 2007 • Faculty member begins phased retirement August 1, 2008

9. Additional Guidelines • Approval by Provost is discretionary based on academic needs of department, college and Belmont University. • If more than seven applications, length of service is main criterion for decision making. • Faculty must sign waiver under Age Discrimination in Employment Act and irrevocable agreement to retire at end of term of agreement. • Once phased retirement begins, faculty must surrender private office. • Summer school teaching allowed only if BU specifically asks faculty to teach. • Only with joint approval of chair/dean and Provost, initial three-year agreement may be extended on a year-to-year basis.

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