September 2004 |
The changing academic labor market features a bulge of faculty baby boomers approaching retirement. Colleges and universities will face one set of challenges if these faculty members stay too long and another if they go all at once. Strategies to manage the issues include the implementation of phased early retirement programs. With no set retirement age for faculty, the use of such programs has softened faculty transitions on many campuses.
The TIAA-CREF Institute, the American Council on Education (ACE), and the National Association of College and University Business Officers (NACUBO) brought together a panel of experts to discuss how phased and early retirement programs can create value for both the university and the individual faculty member.
Topics addressed included:
- Findings related to the use of incentive and phased programs
- Why institutions adopt certain types of plans
- Program design considerations, including regulatory obligations
- Cost/benefit analysis of early and phased retirement programs
- Case studies of real plans - how they work and why they are effective