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UW-Madison Faculty Retirement Projections and Analysis Clare Huhn

UW-Madison Faculty Retirement Projections and Analysis Clare Huhn Academic Planning and Analysis, Office of the Provost apa.wisc.edu. UW-Madison Faculty Retirement Projections and Analysis. Faculty retirements are related to:

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UW-Madison Faculty Retirement Projections and Analysis Clare Huhn

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  1. UW-Madison Faculty Retirement Projections and Analysis Clare Huhn Academic Planning and Analysis, Office of the Provost apa.wisc.edu

  2. UW-Madison Faculty Retirement Projections and Analysis • Faculty retirements are related to: • The age distribution of the current faculty, particularly the number of faculty age 55 and over • The historic retirement rates of faculty members (by age) • State of Wisconsin policies related to retirement benefits and eligibility • Benefits of periodic analysis: • Examine stability of faculty renewal cycle • Develop meaningful staffing plans • Uncover school/college or department imbalances

  3. Retirement Rates of UW-Madison Faculty 1990 to 2010

  4. UW-Madison Faculty by Age Group October 1976, 1990, 2000, 2010

  5. UW-Madison Retiring Faculty by Age and Year Groups

  6. Predicted Retirements of UW-Madison Faculty: 2010-2020

  7. UW-Madison Faculty Over Age 55 by School/College

  8. Predicted Retirements by 2020 by School/College

  9. Summary of Findings Since the mid 1970s, the average age of UW-Madison faculty members has increased by more than 5 years. Between 2000 and 2010, the number of faculty age 55 and over increased by 21%. Between 2000 and 2020, the number of faculty age 65 and over increased by 62%. Between 1990 and 2010, an average of 10% of faculty, age 55 and over, retired each year. Since 2002, faculty have been retiring at an average rate of 8% (lower than the historical rate as well as the predicted rate). In 2010, the faculty retirement rate was 7%, the lowest since at least the 1970s (and possibly ever). Overall, 38% of faculty members are age 55 or older. The proportion ranges from 76% in the School of Nursing to 28% in the School of Pharmacy. Because current faculty are older and because older faculty generally retire at higher rates than younger faculty, retirements are expected to increase over the next 10 years – 36% of faculty in 2010 are predicted to retire by 2020.

  10. For more information…. The full report can be found at: http://apa.wisc.edu/2010FacultyRetirementReport.pdf A sortable list of departments and the percentage of faculty age 55 and over can be found at: http://apa.wisc.edu/faculty.html (first bullet point in the Faculty and Lifecycle section) Please direct questions to: Clare Huhn, Academic Planning and Analysis, Provost Office chuhn@vc.wisc.edu 265-9276

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