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. This website 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 and submitted by email
- Deadlines for Submission:
- December 1, 2020 by 5:00 pm (Main Campus)
- February 3, 2021, by 5:00 pm (Law Center and Medical Center)
- Sample Agreement – Voluntary Phased Retirement Program
- 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 Lesley Sebastian for assistance.)
Please find a backup copy of the Application and Work Plan Request Form here, if technical difficulties arise.
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||Main Campus||Law Center and Medical Center|
|Eligible faculty informed about the opportunity to apply for the Voluntary Phased Retirement Program||September 1||September 1|
|Deadline for receipt of the Application and Work Plan Request||December 1||February 3|
|Inform Faculty, Departments and Deans of Review Outcomes||February 15|
|Agreement delivered to faculty accepted for program ||March 1||May 31|
|Signed Agreement due back from faculty ||April 15||May 31|
|Revocation Period ends||April 22||June 7|
|Phase-down period begins||July 1||July 1|