Faculty Phased Retirement Program
The Faculty Phased Retirement program is intended to provide long-serving tenured faculty members with the opportunity for a gradual transition from full-time teaching to full retirement. The phased retirement program may last either two or three years.
Eligibility
- Be a tenured, full-time member of the University faculty;
- Have served a minimum of ten consecutive, full-time equivalent years at University of Richmond as a tenure-track and tenured faculty member as of July 1st of the fiscal year prior to entering the FPRP;
- Be between the ages of 63 and 72 on July 1st of the fiscal year during which the faculty member enters the FPRP; and
- Have not made an election to participate in the Early Retirement Plan.
Two-year phased retirement plan
- First year: 60% teaching load (e.g., 3/5 course load) at 75% salary
- Second year: 40% teaching load (e.g., 2/5 course load) at 75% salary
- OPTIONAL: For both the first and second year, program participants have the option to teach one semester at 50% salary
Three-year phased retirement plan
- Third year: 60% teaching load (e.g., 3/5 course load) at 50% salary
Benefits
Full benefits are provided to program participants, minus sabbatical and tenure buyout for both the two-year and three-year program.
A full description of the plan can be found here.