About the Faculty Phased Retirement Plan (FPRP)
What is the program and how does it work?
The Faculty Phased Retirement Plan provides a one- to three-year gradual transition from full-time work to full retirement. At the start of phased retirement, a faculty member reduces his or her effort to 50 percent, receiving 100 percent salary in year one, 75 percent salary in year two, and 50 percent salary in year three. Tenured faculty with 10 or more years of continuous service are eligible to elect phased retirement between their 65thand 70th birthdays. In addition, when eligible, you may take a triennial leave during one of the phased retirement years.
Is there a time limit? Is there a deadline to make a decision?
Yes. You must elect to participate in the program no later than your 70th birthday. We would encourage you to be in contact with your chair, dean or deputy provost in advance of your decision.
Can I revoke my decision to enter phased retirement after starting the plan?
No.
When may I begin to reduce my workload?
You may begin phased retirement any January or July term following your 65th birthday, and no later than the July 1st immediately following your 70th birthday.
Can I take a Triennial Leave while on the program?
Yes. You may take one leave during phased retirement following the guidelines in the Faculty Handbook.
I’m already over age 70. Can I participate in the program?
No. The plan requires that an election to participate be made no later than your 70th birthday.
I’m under age 70. Can I elect to retire under this program concurrently with the current Early Retirement Subsidy Plan for Tenured Faculty?
You may not elect the ERIP benefit simultaneously if you elect to participate in the Faculty Phased Retirement Plan. The Early Retirement Subsidy Plan for Tenured Faculty is terminating effective July 1, 2014. Please contact a Faculty Retirement Counselor at 203-436-5193, if you would like to compare benefits under the two programs.
Are you offering this to long-service staff or non-tenured faculty too?
No, the Faculty Phased Retirement Plan is only available to tenured faculty, with at least 10 years of continuous service in an eligible position, who elect to participate between their 65th and 70th birthdays.
Benefits During Phased Retirement
What happens to my benefits during phased retirement?
Is my coverage the same and what will I pay for health and dental insurance during phased retirement?
Your coverage remains the same during phased retirement. The cost of your health and dental contributions is based on your full-time equivalent salary during the second and third years of phased retirement.
How will a phased retirement affect my YURAP retirement plan?
During phased retirement, eligible faculty may continue to save and receive university contributions in the Yale University Retirement Account Plan (YURAP). According to the plan and regulatory requirements, your YURAP match and core contributions will be based on the actual salary earned each year of phased retirement: 100 percent salary in the first year, 75 percent in the second, and 50 percent in the third.
Can I still contribute to YURAP while in phased retirement?
Eligible faculty can contribute up to 75 percent of their salary, not to exceed the annual statutory maximum which is currently $23,000.
Can I participate in the 457(b) plan while in phased retirement?
Eligible faculty may contribute to the 457(b) plan during phased retirement.
Can I start drawing on Social Security retirement benefits while on phased retirement?
Yes.
When can I start drawing on YURAP retirement annuities?
You are eligible to start drawing on your contributions and earnings on your contributions anytime after age 591/2. You will have full access to your YURAP account in full retirement.
Am I covered under Life Insurance and Long-Term Disability while on phased retirement?
Yes, your basic life insurance and long-term disability coverage remain in effect during phased retirement. Supplemental life insurance and supplemental long-term disability coverage are based on actual salary earned during each year of phased retirement. Coverage and contribution amounts will be adjusted in the second and third years of phased retirement.
May I still participate in Flexible Spending and Commuter Benefit Accounts?
Yes, you may continue to participate and contribute to your flexible spending accounts and commuter benefits during phased retirement.
What is my health care coverage after retirement?
The university provides a comprehensive Retiree Medical Plan, which supplements your Medicare Part A and Part B coverage. You are automatically enrolled in Part A at age 65 and will need to enroll in Part B at the end of phased 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 faculty retirement counselor at 203-436-5193.
About Financial Planning Support
Who can assist me with figuring out if and when I can afford to retire?
We have assembled a team of specialists from the Office of Human Resources, Office of the Provost, and TIAA-CREF to provide individualized attention on your specific needs. Please contact the Office of Faculty Development (faculty.dev@yale.edu) or a faculty retirement and benefits counselor (203-436-5193) to get more details or to make an appointment.
We are also providing expanded retirement and financial planning and support through TIAA-CREF for all faculty members eligible for the phased retirement program, regardless of their retirement plan participation. For information, call TIAA-CREF at 203-281-2400.
Rights and Privileges for Retired Faculty
Can I continue teaching after retirement?
Many departments continue to need courses taught.
Can I keep my endowed chair title?
An endowed professor becomes an endowed professor emeritus.
May I continue to advise students?
Retired tenured faculty are welcome to volunteer to serve on graduate students’ advisory committees or as readers of dissertations.
May I continue to work with graduate students?
Emeritus faculty may, without being appointed as lecturers, volunteer as readers of dissertations.
Can I keep office space?
This may depend on your department and how flexible you are willing to be regarding proximity to your department. Some retired faculty like to stay in or near their departments; some departments are able to offer space. Other retired faculty prefer being in a more interdisciplinary environment, such as the Koerner Center or West Campus. Speak with your chair, dean or deputy provost regarding the available options.
What is the Koerner Center?
Located at 149 Elm Street, the Henry Koerner Center for Emeritus Faculty is a welcome center for retired tenured faculty granted an emeritus title by the Yale Corporation. All emeriti faculty are welcome at the Koerner Center. The center is home to a diverse and interdisciplinary community of emeriti faculty (known as fellows of the 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. For information, visit http://emeritus.yale.edu/.
Will I have office space at the Koerner Center?
Space is limited. If you would like to inquire about Koerner Center office space, contact the executive director at 203-432-8209 or write to emeritus@yale.edu.
May I keep my computer?
Retired tenured faculty are entitled to keep for their own use computers provided for them by the university prior to their retirement.
Do I keep my email address and library privileges?
Yes, retired tenured faculty continue to hold a Yale email address and have library privileges and remote access to the Yale network for online library resources.
Can I retain my parking privileges?
Parking spaces will be assigned. Please contact the Parking & Transit office at:
Central Campus: 203-432-9790 or parking@yale.edu
Medical Campus: 203-785-6456 or ysm.parking@yale.edu
Do I have access to the Payne Whitney Gym?
Yes, privileges and rates are the same for retired faculty as for non-retired faculty.
Can I keep my charge account at the residential college where I was a fellow?
Yes, emeritus fellows of residential colleges may have the same charging privileges as non-retired faculty.
Can I still eat lunch in the residential college in which I was a fellow?
All Emeriti Fellows are provided free lunches Monday through Friday in any residential college dining hall, University Commons, or the Hall of Graduate Studies. Anyone connected with the university, including all retired faculty and their guests, may eat in any university dining hall and pay cash.
If I am moving out of the area after retirement, is there a preferred mover who might offer me a discount?
For a consultation, contact transportation manager Diane Brown at 203-432-9961 or diane.brown@yale.edu. Yale Transportation and Relocation Services can provide retired faculty with the names of companies that are willing to provide a Yale discount.
Do you offer assistance with office moves?
The university pays for moves internal to Yale and other local moves. For a consultation, contact coordinator Joyce McJunkin at 203-432-8884 or joyce.mcjunkin@yale.edu.
Will I have continued access to my university-provided research funds?
Yes, faculty on phased retirement are considered regular faculty for the purposes of research support. However, after entering full retirement, faculty may apply for research funds through the Koerner Center.
What happens to my external grants after retirement?
Retired faculty with external funding continue to be university employees as senior research scientists for the duration of their grants. In addition, emeritus faculty wishing to hold the title of Research Professor are invited to submit a proposal of planned research activities to the Office of the Provost. The university takes into account the contribution of the proposed research to the university community, its demands on physical facilities, and its direct and indirect effects on research and training programs of the department and the university.
Helpful Contacts
Whom can I call for a consultation?
Deciding to retire is a personal decision, one that requires thoughtful consideration of many variables pertaining to your lifestyle and financial outlook. First, if you are interested in learning more, you should contact your chair, dean, or deputy provost. Especially if you wish to continue a limited engagement in academic work, they can guide you in navigating your options and advising on timing.
For specific information about benefit options and the Faculty Phased Retirement Plan, a faculty retirement counselor is available for consultation at 203-436-5193.
The Office of Faculty Development can be reached at 203-432-1430 or faculty.dev@yale.edu.
We are also providing expanded retirement and financial planning and support through TIAA-CREF for all faculty members eligible for the phased retirement program, regardless of retirement plan participation. For information, call TIAA-CREF at 203-281-2400.