GUMC Phased Retirement Program for Tenure Line Faculty (Voluntary)
A voluntary University-wide faculty retirement option is a standing retirement benefit available to provide eligible, tenured faculty members increased flexibility during the final years of their academic careers. This phased retirement option is available to tenured faculty members on all three campuses who are at least 65 years old and have 10 or more years of service at Georgetown University and who may qualify for the plan.
The phased program allows eligible faculty members to work for up to two years at 50% effort, while receiving between 75% and 100% of their current annual faculty base salary, during the phased period. The plan will pay 100% of full-time base salary to faculty whose full-time base salary is up to 105% of the FICA limit in a given year, and the greater of 105% of FICA or 75% of full-time base salary to those whose full-time base salary is equal to or greater than 105% of the FICA limit.
Before making your decision, please read carefully the information and specific details of the program to determine whether the program is right for you. The button below, “Read All Documents Here” provides the following information:
- Detailed description and explanation of the program: “Voluntary Phased Retirement Program for Tenured Faculty of Georgetown University”
- Common Questions and Answers (FAQs)
- Application & Work Plan Form
- The entire Form can be completed online
- Deadlines for Submission: February 1, 2024, by 5:00 pm
- Sample Agreement – Voluntary Phased Retirement Program
- Age Discrimination in Employment Act Disclosure Form
(Please note: This is a box folder accessible only to those with a GU net ID. If you do not have access but believe you should, please contact Elliott Crooke at crooke@georgetown.edu for assistance. )
Special Buyout Program
In addition to the annual Phased Retirement Program, on September 1, 2023 Georgetown University is also offering a Special Buyout Program as another retirement option for eligible faculty. To explore and learn more about the Special Buyout program, please visit the Faculty Retirement Programs webpage on the Office of Faculty and Staff Benefits website.
Questions?
The Office of Faculty and Staff Benefits will be hosting virtual Information Sessions on:
- Tuesday, September 26, 4 – 5 PM ET
- Thursday, October 5, 1 – 2 PM ET
- Thursday, November 16, 3 – 4 PM ET
The information sessions with the Office of Faculty and Staff Benefits team and Dr. Elliott Crooke, Vice President for Faculty and Academic Affairs is for any eligible faculty interested in learning more or that have questions on either the Phased Retirement or Special Buyout process.
If technical difficulties arise with electronically submitting the Application and Work Plan Form, please contact Elliott Crooke (crooke@georgetown.edu) as soon as possible.
Resources
Georgetown University’s Office of Faculty and Staff Benefits is available to answer any questions you may have about retiree benefits. Resources to help with pre-retirement planning, including a Retirement Checklist and additional resources.
The Georgetown University Association for Retired Faculty and Staff (GUARFS) serves as a liaison between retired faculty, AAPs, staff and the University support its emeriti members’ professional endeavors through retired faculty grants, facilitates social ties through lectures, tours, and cultural activities, provides volunteering opportunities, and reaches out to the community through the Learning Community Program. Please learn more on the GUARFS webpage.
Schedule and Deadlines
| Schedule | Deadline |
|---|---|
| Eligible faculty informed about the opportunity to apply for the Voluntary Phased Retirement Program | September 1 |
| Deadline for receipt of the Application and Work Plan Request | February 1 |
| Inform Faculty, Departments and Deans of Review Outcomes | Approx. April 1 |
| Agreement delivered to faculty accepted for program [1] | April 15 |
| Signed Agreement due back from faculty [2] | May 30 |
| Revocation Period ends | June 7 or earlier [3] |
| Phase-down period begins | July 1 |
[1] Faculty members who are not accepted for the Program will be given notice of that decision and have 60 days (required by law) to submit an appeal to the Administrator.
[2] Tenured faculty members electing to participate in the program will be required to execute a formal separation agreement and release of claims against the University, including claims arising under the Age Discrimination in Employment Act, and must be given at least 45 days within which to consider the agreement. In addition, such faculty members must be given a period of seven days after executing such a waiver to revoke her/his acceptance of the waiver.
[3] The agreement contains a legally mandated seven-day revocation period. Therefore, you will have seven calendar days to revoke the agreement after you sign and submit it. To make an effective revocation, you must deliver a notice of revocation in writing to the Vice President, General Counsel, and the GUMC Office of Faculty and Academic Affairs no later than 5:00 p.m. on the seventh calendar day after you have signed the agreement. The agreement will not become effective or enforceable until the seven-day revocation period has expired without revocation. If you do not revoke it, the agreement will be effective at the conclusion of that seven-day period (“effective date”), and retirement will occur on the Retirement Date. You cannot withdraw your decision to retire after the seven-day revocation period. Your decision to retire is also a decision to relinquish tenure as of the Retirement Date.