Faculty Phased Retirement Plan
The University is offering a new Faculty Phased Retirement Plan (FPRP) to tenured faculty and Professors with continuing appointment in the ladder faculty tracks at the School of Medicine and the School of Public Health. Faculty members between the ages of 65 and 70 with 10 or more years of continuous service in an eligible position may participate in the program. Eligible faculty can reduce their workload by 50% in their three years of phased retirement without a commensurate drop in income in the first two years.
For eligible faculty age 70 or over, there is a limited one-time opportunity to elect the new FPRP up until February 28, 2013. View full PDF here.
At the start of phased retirement, eligible faculty would reduce their workload to 50% for up to three years–receiving 100% salary in year one, 75% of salary in year two, and 50% of salary in year three. Salary for the purposes of this plan is Institutional Salary. In addition, when eligible, faculty may take a sabbatical or triennial leave during one of the phased retirement years.
Faculty Phased Retirement Plan
|Year 1||50 % workload||100% Salary|
|Year 2||50 % workload||75% Salary|
|Year 3||50 % workload||50 % Salary|
|Year 4||Full Retirement|
Faculty members may retire fully after year one or two, and must retire no later than the end of year three.
Eligible faculty members at the School of Medicine or the School of Public Health may elect this program if they meet the below criteria:
- Are between 65 and 70 when starting the program;
- Have the following ladder track faculty appointments:
- Associate Professor with tenure, Traditional Track
- Professor-Clinician Scholar Track
- Professor-Clinical Educator Track
- Professor-Investigator Track
- Have 10 years of continuous service in an eligible position. Faculty may begin the program as early as the January or July following their 65th birthday, but no later than July 1 following their 70th birthday.
Faculty members electing the Faculty Phased Retirement Plan may not also participate in the Early Retirement Subsidy Plan for Tenured Faculty (ERIP). You may contact a Yale Faculty Retirement and Benefits Counselor to compare benefits under the two programs.
Electing the Faculty Phased Retirement Plan is a final decision that may not be revoked.
Limited One-Time Opportunity
For faculty in an eligible position and over the age of 70, there will be a limited one-time opportunity to elect the enhanced Faculty Phased Retirement Plan. If eligible faculty elect to participate on or before February 28, 2013, they can start a one- to three-year phased retirement no later than September 1, 2013. If faculty who are eligible for the limited one-time opportunity choose not to elect participation by February 28, 2013, they are no longer eligible.
Sabbatical and Triennial Leaves
While on the Faculty Phased Retirement Plan, faculty may schedule one sabbatical or triennial leave and receive the percentage of salary designated to that specific year of the plan. Except for leaves granted for child care, care giving, or public service, a triennial leave may not be combined with any other leave, paid or unpaid, to make up a leave of absence for a full academic year. Usual guidelines for sabbaticals and triennial leaves apply during phased retirement.
For More Information
For specific information about benefit options and the FPRP, a Faculty Retirement and Benefits Counselor is available for consultation at (203) 436-5193 or you may contact the Office of Faculty Affairs at (203) 785-4670.
Yale has arranged free and comprehensive financial planning services through TIAA-CREF for all faculty members currently eligible for the Faculty Phased Retirement Plan (FPRP).
Benefits during Phased Retirement
While participating in the Faculty Phased Retirement Plan, faculty members are eligible for the same benefits as during their full faculty engagement. Following are details on benefit programs.
Health/Dental/Vision/Flexible Spending Accounts
Eligibility for the health, dental, and vision insurance plans and flexible spending accounts remains the same during phased retirement. Contributions are based on full-time equivalent salary during the second and third years of phased retirement.
Yale University Retirement Account Plan (YURAP)
During phased retirement, faculty may continue to participate in the Yale University Retirement Account Plan (YURAP). Contributions and match will be based on the actual salary earned in the year (i.e. 100% salary the first year, 75% the second, and 50% the third). Faculty can contribute up to 75% of their salary, not to exceed the annual statutory maximum, which is currently $22,500. Any participant over age 59½ has access to funds they contributed and earnings on those contributions. Faculty will have full access to YURAP accounts in retirement.
457(b) Deferred Compensation Plan
Eligible faculty may contribute to the 457(b) plan during phased retirement.
Scholarship for Sons and Daughters
Eligibility for this benefit continues during phased retirement and into retirement.
Guidelines for eligibility and participation in this program remain the same during phased retirement and into retirement. New applications will not be accepted after full retirement.
Social Security and Medicare
Faculty may apply for Social Security retirement benefits while on phased retirement by visiting http://socialsecurity.gov/applyforbenefits. Faculty members are advised to apply for benefits approximately three months before the date on which they wish to begin receiving benefits. For the Social Security benefit calculator, visit http://www.socialsecurity.gov/estimator.
Financial Planning Support
The University is offering expanded and local support through TIAA-CREF for all faculty members eligible for the Faculty Phased Retirement Plan, regardless of their retirement account provider; eligible faculty members are not required to hold an existing TIAA-CREF account to use this service.
- Faculty members who already use TIAA-CREF services may contact their representative directly to discuss retirement planning by calling (203) 281-2400.
- Faculty with Vanguard plans may contact a counselor for a free consultation by calling (610) 669-7927.
- For general questions, faculty may also contact a Yale Faculty Retirement and Benefits Counselor at (203) 436-5193 for further assistance with available retirement and financial planning support.
Benefits in Retirement
The University provides a comprehensive Retiree Medical Plan, which supplements Medicare Part A and Part B coverage. Faculty are automatically enrolled in Part A at age 65 and will need to enroll in Part B at the end of phased retirement as well as the Medicare Supplement Plan. Faculty may also continue dental insurance in retirement.
Spouses and other eligible dependents under age 65 may continue participation in Yale Health or Aetna. To obtain full details on costs and coverage options, contact a Yale Faculty Retirement and Benefits Counselor at (203) 436-5193.
Privileges for Retired Faculty
The following is a summary of privileges afforded to faculty once fully retired.
Endowed Chair Title
An endowed professor becomes an endowed professor emeritus.
Research Faculty Appointments
Retired ladder faculty with external funding may continue to be University employees with research appointments, for the duration of their grants, in accordance with the provisions of the Faculty Handbook Sections XV and XIX.A. Research faculty with at least a 50% appointment may continue to participate in active health insurance and other active benefits.
Teaching, Research, and Clinical Activities in Retirement
Faculty may consult with their department chair regarding their continued activities in retirement. Please see the Faculty Handbook for further information.
Graduate and Medical Student Advising
Retired faculty are welcome to continue to advise graduate students and medical students, although not as a primary thesis advisor. Additionally, retired faculty may volunteer as readers of PhD and MD theses.
Office and Research SpaceSpace is limited. Faculty may speak with their department chair regarding the available options.
Library and E-mail
Stack and borrowing privileges continue at the same level as for active faculty, as does an active “yale.edu” e-mail address.
Remote Access to Yale Network
ITS will provide computer support for faculty using Yale’s Virtual Private Network (VPN) for remote connection into the Yale network.
Sports and Recreational Facilities
Privileges and rates continue for retired faculty to sports and recreational facilities, such as the Payne Whitney Gymnasium and the Outdoor Education Center in East Lyme.
All emeriti faculty members are welcome at the Koerner Center. The Center is home to a diverse and interdisciplinary community of emeriti faculty (known as Fellows of the Henry Koerner Center), who have worked in various fields of study during active teaching but enjoy collegial interaction during retirement. The Center hosts many social, speaking, teaching, and cultural functions and activities. Fellows are invited to frequent workshops and seminars, as well as social engagements and meals at the Graduate Club. Office space at the Koerner Center is limited.
Office of Faculty Affairs
Phone: (203) 785-4670
Yale Faculty Retirement and Benefits Counselor (Office of Human Resources)
For information about benefit options and the Faculty Phased Retirement Plan, a Faculty Retirement and Benefits Counselor is available for consultation at (203) 436-5193.
Financial Planning Support
Faculty eligible for the Faculty Phased Retirement Plan can receive free expanded financial counseling support through TIAA-CREF. Phone: (203) 281-2400.
Financial Planning - Vanguard Participants
Phone: (610) 669-7927
Cushing/Whitney Medical Library Phone: (203) 785-5354
Council of Masters Office - www.yale.edu/councilofmasters Phone: (203) 432-1145
Sport and Recreation (Athletics) - http://sportsandrecreation.yale.edu For information about recreation privileges and facilities, call (203) 432-1444.
For membership rates, call (203) 432-2497
Social Security Administration and Medicare
To contact Social Security for information about your Social Security benefits or Medicare, log on to www.ssa.gov or call (800) 772-1213.
To apply for benefits, visit www.socialsecurity.gov/applyforbenefits.
For a Social Security benefit calculator, visit www.socialsecurity.gov/estimator.