Early retirement incentive programs are discussed as a humanitarian way of reducing payroll costs and rewarding long-tenured employees. The incentives to be considered, program communication, and problems found in incentive programs are addressed. (Author/MLF)

A survey of 115 medical schools concerning early retirement benefits and incentives for faculty found that defined-contribution plans were preferred and were available at 37 percent of institutions. Incentive programs were used by 70 percent of schools during 1987-91. However, few early retirements have occurred. Program characteristics,…

An incentive early retirement program is an arrangement between employer and employee that provides tangible inducement or reward for voluntary early retirement. It may be a formal program or an ad hoc agreement negotiated with the institution. The most common incentives include severance pay, liberalized actuarial reduction, annuity enhancements,…

Given the right incentives, many college faculty will retire early. With mandatory retirement of tenured faculty soon to be abolished, institutions may need to revamp their pension plans and introduce voluntary retirement-incentive options. These options include phased- and full-retirement programs. (Author/MSE)

Nearly a million teachers will reach retirement age in the next 9 to 11 years. This report presents a complete state-by-state overview of the retirement programs available to America's teachers. Chapter 1 presents the issues of teacher aging, retirement, and early retirement and asks how school districts might effectively manage the retirement and…

Economic underpinnings of retirement incentives and case law leading to the Older Workers Benefits Protection Act (1986) are reviewed; implications for early retirement incentives for college faculty are considered. It is concluded that congressional intent is not to foreclose such incentives and that the Age Discrimination in Employment Act…

The University of Virginia's retirement incentive program for older, full-time, tenured faculty provided two options: phased retirement and a retirement decision contract establishing a firm retirement date. Evaluation indicates this plan was effective in meeting the interests and needs of participants and the institution and saved institutional…

Successful phased retirement plans enable senior faculty to ease into retirement, relieve financial pressures on participating institutions, and permit upward mobility for junior faculty. Responses from 62 of the 72 land-grant institutions in the United States and Puerto Rico reveal that 11 had implemented plans that enable individuals between a…

The uncapping of college faculty retirement age in 1994 has implications for tenure, retirement programs, and potential for age discrimination litigation. Institutions should carefully examine the probable impact of the change on the quality of their academic programs and financial situation and develop contingency plans as early as possible. (MSE)

This report discusses whether the special circumstances of tenured faculty in higher education justify a continued exception to the national policy prohibiting age discrimination in employment, and examines a number of practical steps that are available or could be made available to address the problems raised by the elimination of mandatory…