Phased Retirement

UPDATE: Mount Holyoke's phased retirement policy will change as of September 30, 2014.

Before this date, all tenured faculty and non-tenure-track lecturers and senior lecturers age 60 or older are eligible to sign up for a buyout option. After September 30, the buyout option will no longer be available and the new phased retirement policy will be implemented.

The new phased retirement plan will only be available to tenured faculty. Before September 30, all tenured faculty members age 58 or older may elect to participate in the new phased retirement plan, with no upper age limit.  After September 30, 2014, the eligibility window will be from the year of the 58th birthday until the year of the 67th birthday, and for a maximum period of three years.

Current Faculty Legislation allows for an eligible faculty member to apply for participation in the phased retirement plan at the end of the fiscal year in which his or her 58th to 71st birthday occurs. The program currently allows for up to four years of phased retirement. (Please consult Faculty Legislation for a more detailed explanation of the existing phased retirement policy.)  If you are currently an eligible faculty member and wish to participate in the current phased retirement plan, you must sign an agreement before September 30, 2014.

The 2014-15 version of Faculty Legislation will be updated to reflect these and other changes, per Dean Stephens' letter of March 11, 2014. 

The Human Resources website has a variety of information about pre-retirement planning, the College's retirement plan, and additional retiree benefits.

Questions? Call x2179.