Hope College | Faculty Handbook

Faculty Personnel Policies

B8 Retirement Policy

Normal Retirement

For purposes of payment of pension benefits, the College defines "normal retirement age" as sixty-five. If a faculty member elects to exercise the legal right of continuing in his or her position beyond the contractual year in which that age is reached, all rights and privileges of faculty membership continue.
Upon retirement, tenure rights are terminated. In special cases, fulltime employment after retirement may be approved under the following conditions and procedures:

The departmental chairperson and divisional dean shall recommend to the Status Committee and the President the continued employment or re-employment of the faculty member, and present a supporting statement.

The Status Committee shall consider the request and forward its recommendations to the President, who shall consult with the Board of Trustees. All such requests must receive Board action.

Employment beyond retirement on a full-time basis requires annual approval and may be for a semester or a full academic year.

Except under emergency conditions, no retired faculty member shall hold the position of departmental chairperson.

Part-time employment of retired faculty members is subject to the same conditions as those for part-time lecturers.

Early Retirement

Purpose

A faculty member may wish to retire before reaching normal retirement age of 65. In an effort to be responsive to individual aspirations and needs, as well as to the on-going academic and financial needs of the College, this Early Retirement Program (the "Program") has been developed.
Eligibility

The Program is available to faculty members who have reached the age of 60 and have completed 20 years of full time service to the College. Age determination is made according to the age the faculty member will be on August 1 following their official retirement date. A faculty member who has attained age 60 by the August 1 date, and has served the college on a full time basis for at least 10 years, but has not completed 20 years of service, is eligible for these benefits on a pro-rata basis based upon the ratio of years of full time service to 20. A faculty member who wishes to retire before reaching age 60 may negotiate an individual early retirement program with the College, but in such cases, the benefit will not be greater than if a faculty member retired at age 60.
Program Description
1. On July 15 following a faculty member's early retirement pursuant to this Program, the College will pay to him or her a lump sum equal to a percentage of the retiree's last academic year's salary in accordance with the following schedule:

Age at which a Faculty Member Retires	Fraction of the Academic Year Salary to be Paid Upon Early Retirement
60	60%
61	50%
62	40%
63	30%
64	20%

If the faculty member has served at least one full year since his or her last sabbatical leave, the faculty member will be eligible for a one-time retirement stipend paid to their retirement account in accordance with the following schedule:

Age at which a Faculty Member Retires	Fraction of the Academic Year Salary to be Paid Upon Early Retirement
60	60%
61	50%
62	40%
63	30%
64	20%

Until the faculty member reaches normal retirement age, the College will provide faculty members who retire pursuant to the Program with the same medical and life insurance coverage and premium cost sharing that it provides for regular members of the faculty. The life insurance coverage will be based upon the faculty member's salary in the last full-time year of academic service.

A faculty member who elects early retirement cannot return to a full-time appointment by his or her own election.

Subject to g) below, a faculty member who elects early retirement may accept an invitation by the Provost to teach a course or courses on a part-time basis. In this case, terms of employment will be governed by existing policies for part-time faculty, except that compensation will be at 150 percent of the part-time maximum rate/credit hour and the credit hours taught may not exceed 12 per year.

A faculty member who elects early retirement is eligible for emeritus status on the same basis as a faculty member who retires at normal retirement age, and for all the privileges and benefits accorded emeritus faculty members.
Early retirement benefits may be paid only to a faculty member who incurs a “separation from service.” A "separation from service" means the termination of the faculty member's employment with the College for reasons other than death or total and permanent disability. Whether a separation from service takes place is determined based on the facts and circumstances surrounding the termination of the faculty member's employment. A separation from service will be considered to have occurred if it is reasonably anticipated that:
(1) the faculty member will not perform any services for the College after separation from service, or

(2) the faculty member will continue to provide services to the College at an annual rate that is less than fifty percent (50%) of the bona fide services rendered during the immediately preceding twelve (12) months of employment.

A faculty member who wishes to retire early pursuant to this Program must notify the Provost in writing of this intention no later than October 1 of the academic year at the close of which his or her early retirement is to commence.

This Program is in effect until July 31, 2011, at which time it shall terminate, unless it is renewed by the College's Board of Trustees.

Exceptions

In case a faculty member experiences extraordinary health problems which may require early retirement due to disability, the Provost shall be authorized to negotiate a special early retirement plan for an eligible faculty member, subject to approval by the President.

Faculty Personnel Policies