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, 2023, 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 Walters at kb1170@georgetown.edu for assistance.)

Questions?

The Office of Faculty and Staff Benefits will be hosting a virtual GUMC-specific Information Session on Monday, September 26 @ 12 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 Walters at kb1170@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

[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.