This report examines the rank of emeritus professor in higher education and considers such questions as: What trends presage its restructuring? What changes in the emeritus rank are likely? How might a new emeritus rank help solve problems of abolishing compulsory retirement age? and What should colleges and universities do? Recent studies about the emeritus rank illustrate how personnel procedures can utilize fresh conceptions about the meaning of emeritus status to the mutual advantage of faculty and institution. The report begins by examining the theory, research, and advocacy for emeritus positions and concludes with a review of policy and practice considerations while also providing a definitive review of the rank itself. Also discussed is the apparently increasing need by retiring faculty to seek role continuity long into their later years and the lack of studies in preparing and guiding institutions for these new roles. Next the issue of forced retirement versus a negotiated agreement to alter tenure for those who wish to transfer to an emeritus status is examined. Eight conclusions resulting from this analysis are presented in conjuction with recommendations on how institutions may find new and productive roles for the professor emeritus rank. Contains 104 references. (GLR)