Phased-In Retirement Program for Faculty
Phased-In Retirement is defined as a period of part-time employment preceding retirement. The program includes a pro-rated salary equivalent to the appropriate percentage of full-time work, continued available group health insurance coverage, and continued pro-rated contributions to the employee's Internal Revenue Code §403b retirement plan.
- Eligible faculty are those full-time tenured faculty who have a minimum of ten continuous years of full-time employment at the Community College of Rhode Island and are between the ages of 55-65 years of age at the time of commencement of a phased-in assignment. Participation in the program is purely voluntary on the part of the faculty member.
- All candidates must formally apply in writing in order to be considered for participation in the program.
- Initial approval of an application will be required by the department chairperson, who shall forward his/her recommendation to a committee comprised of administration and faculty. After reviewing all candidates, the committee will forward their recommendations to the president (or his designate), whose decision shall be final.
- The decision to participate in the Phased-In Retirement Program is irrevocable and involves a commitment on the part of the faculty member to commence a phased-in assignment immediately and to retire at the end of the fiscal year during which the faculty member attains age 65.
- The faculty member shall notify the administration, if possible, at least one semester in advance of his/her intended retirement.
- A phased-in assignment will consist of either: (1) teaching full-time for one semester during the academic year, and the faculty member shall have no assignment for the remaining semesters in that year; or (2) teaching half-time for both semesters of the academic year.
- Subject to applicable laws, rules, and regulations governing faculty members' retirement accounts (non-ERS), a faculty member may annuitize his/her retirement account and receive income from the account while on phased retirement. This shall not be required.
- The College shall provide health/dental insurance coverage during the phase-in period for the entire year in accordance with applicable law and the Faculty Association contract.
- The College's contribution to the faculty member’s retirement program will be based on a pro-rated one-half salary rate.
- Sick leave accrued after the phased-in process begins will be pro-rated at the 50% rate in accordance with contract provisions.
- Participating faculty members shall be eligible for tuition waiver then available to full-time faculty.
- Upon termination or retirement, accumulated salary reduction (S.R.P.) days will be paid at the then current full-time salary rate so long as the faculty member accumulated such days at a full-time salary rate.
- Participation in the Phased-In Retirement Program shall not confer any greater job security, rights, or status in the phased-in assignment than the faculty member would otherwise be entitled to under the provisions of the collective bargaining agreement and applicable law.
- Net savings achieved by the plan will be applied toward enhancement of the academic enterprise. If there are recurring savings, these may be utilized, on recommendation of the administration, for salary adjustments.
- Any faculty member who participates in the Phased-In Retirement Program is ineligible for full-time or part-time re-employment in authorized positions under the jurisdiction of the Board of Education. However, participating faculty members may be hired on a per course hourly lecturer basis, subject to applicable laws and regulations.
- This program and its provisions shall be subject to and construed consistently with applicable laws, regulations, policies, management rights, and authority of the Board of Education.