The University and College Union (UCU) has been in dispute with 69 universities over the latest valuation of the Universities Superannuation Scheme (USS) -- the largest private sector pension scheme in the UK. Over 50,000 members of staff were balloted for strike action by UCU in opposition to the outcome of the 2018 valuation, which determined…

Retirement benefits for faculty are an important, but relatively understudied, topic in postsecondary education. To date, there have been very few studies that have used qualitative research methods to examine how workers make financial decisions about retirement, and no qualitative investigations of faculty choice between DB and DC plans. To help…

This chapter offers guidance for making retirement an open topic for discussion, poses important questions prospective retirees should consider, and suggests a range of actions institutions can take to help academics make a successful transition into a fulfilling retirement.

During the 1960s, there was extensive hiring of college and university faculty members. This large group of professors are now at or nearing retirement age. Concerns about the economy, the availability of good health insurance, increased life expectancy, and removal of mandatory retirement laws may influence decisions about when to retire.…

The silver tide of faculty retirement continues to ebb and flow. While much of today's scholarship on faculty retirement focuses on the financial implications for colleges and universities, arguing that older faculty members clog up the faculty pipeline, cost more in salary and benefits, and are ineffective teachers who fear technology, little…

It has been almost ten years since the American Council on Education (ACE) began to raise awareness of the importance of workplace flexibility in faculty careers and to encourage colleges and universities to support faculty in better integrating their professional and personal lives. With the generous support of the Alfred P. Sloan Foundation, ACE…

If you're like me, a "senior" faculty member at a public state university facing significant budget cuts, recently you've probably thought about leaving your current position for another faculty position in a different state. A possible reason for considering jumping ship is envisioning a clearer picture of your retirement as it nears on…

Rough financial seas had been buffeting many colleges and universities for years before the recession that began in late 2007. Then in mid-September 2008, an economic tsunami crashed into campuses, challenging their ability to provide the accessible, high-quality education necessary to achieve long-term national goals. As the economy weakened at…

This article is a revised and abbreviated version of a session that the authors presented at the 25th annual Lilly Conference on College Teaching, November 19, 2005, in Oxford, Ohio. It arose from their joint conviction that while teaching is the greatest job in the world, teachers do not need to stay in it until death do them part. Beidler and…

Little is known about the impact of the end of mandatory retirement on professors over the long term. This follow-up study investigated the ten-year experience of professors who chose not to retire from a major research university after the elimination of the age 70 mandatory retirement in 1994. The initial interview study was conducted in 1998…

This article talks about the retired faculty members from different types of institutions around the country that were interviewed to find out how well their preparations for retirement are serving them now. Like other state employees in California, faculty members at public institutions participate in the California Public Employees' Retirement…

Trustees and administrators today confront one of two problems with post-retirement medical care. First, if institutions provide no support for their retirees' medical care, they implicitly offer a powerful incentive for senior faculty to stay on. The compensation and opportunity costs of this effect are obviously very high. But, second, if they…

Faculty members should consider becoming more involved in the oversight of their personal retirement funds. Both price and inflation risks are best controlled by taking a balanced or diversified approach to investing, with a portfolio based on a predetermined percentage of each type of investment. (MSE)

Alternative college retirement programs and features of a desirable retirement program are discussed. The historical, social, and economic forces that prompt institutions to consider alternative programs are identified. The present position of college faculty in terms of retirement options is also addressed. Since its inception, the Teachers…

Four steps to retirement planning, intended to demystify retirement investment, are offered for college faculty: (1) establish diversification goals; (2) urge their institutions to offer more investment options; (3) coordinate retirement investments with other investments; and (4) take steps to guarantee against inflation. Typical age-related…