Effective July 1, 2004, Mount Holyoke College offers one voluntary transitional retirement plan for tenured faculty. The phased retirement option is available for three years between ages 58 and 70. The College continues to consider 65 to be the normal retirement age.
The faculty member will receive a salary based on 50% of their full-time base salary. Annual salary increases will occur on the same percentage basis as full-time, active faculty of the same rank and full-time equivalent salary level.
The faculty member and the dean of faculty, in consultation with the department chair, will agree on a work plan for the term of the program. Components of such a plan will usually include half-time teaching, but exceptionally and at the discretion of the dean of faculty, may also include other work conducted for the benefits of the College. The workload may also include scholarly research, professional activities, on-campus consulting, or administrative work. At any time during the phased retirement period, the dean of faculty and the faculty member may mutually agree to revise the duties and responsibilities set forth in the plan.
Sabbatical leave may not be taken or earned during phased retirement.
Faculty in phased retirement are still required to submit annual activity and service summaries to the dean of faculty each year.
At the expiration of the phased retirement period, the faculty member will fully retire.
Only tenured members of the faculty are eligible to participate in the phased retirement plan. An eligible faculty member must apply to participate in the phased retirement program at the end of the fiscal year in which their 58th to 67th birthday occurs. The program will continue for a period of three years, but may not extend past the end of the fiscal year in which the faculty member reaches their 70th birthday. The death of the faculty member will terminate the program. At the expiration of the program, the faculty member will fully retire.
The College will continue to make contributions to the College’s group health and life insurance plans on the same basis as for full-time faculty.
Contributions to the faculty member’s pension plan and to the College’s group disability plan will be made on the basis of their actual salary.
In addition, the faculty member may at any time during the phased retirement begin to withdraw amounts from their pension accumulations, so long as the pension account remains active. Contributions from the College will cease if the account is closed entirely.
Faculty participating in the phased retirement plan may continue existing College mortgages until the original maturity date as provided in the mortgage documents; however, new mortgages will not be granted to those in the retirement programs.
Eligibility for children’s tuition benefits for study either at Mount Holyoke or other institutions continues during the period of phased retirement. Spouses and children of phased retirees may continue to attend individual courses at Mount Holyoke on the same basis as full-time active employees.