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:

  1. Detailed description and explanation of the program: “Voluntary Phased Retirement Program for Tenured Faculty of Georgetown University”
  2. Common Questions and Answers (FAQs)
  3. Application & Work Plan Form
    • The entire Form can be completed online
    • Deadlines for Submission: February 1, 2022, by 5:00 pm
  4. Sample Agreement – Voluntary Phased Retirement Program
  5. Age Discrimination in Employment Act Disclosure Form

(Please note: This is a secure website accessible only by tenure line faculty. If you do not have access but believe you should, please contact Karen.Bokoski@georgetown.edu for assistance.)

Questions?

The Office of Faculty and Staff Benefits will be hosting a GUMC-specific Information Session on Wednesday, September 29th @ 4 PM ET with Dr. Elliott Crooke, Senior Associate Dean for Faculty and Academic Affairs for any eligible GUMC faculty interested in learning more or that have questions on the Phased Retirement process. You must RSVP to attend and receive the Zoom information.

If technical difficulties arise with electronically submitting the Application and Work Plan Form, please contact karen.bokoski@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, are available at https://benefits.georgetown.edu/benefitsretirees/preretiree. Additional resources are provided at https://benefits.georgetown.edu/benefitsretirees

Schedule and Deadlines

Phased Retirement Program for Tenure-line Faculty Schedule
ScheduleDeadline
Eligible faculty informed about the opportunity to apply for the Voluntary Phased Retirement ProgramSeptember 1
Deadline for receipt of the Application and Work Plan RequestFebruary 1
Inform Faculty, Departments and Deans of Review OutcomesApprox.
April 1
Agreement delivered to faculty accepted for program [1]April 15
Signed Agreement due back from faculty [2]May 30
Revocation Period endsJune 7
Phase-down period beginsJuly 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.