Please see complete plan documents on the university website:  facultyretirement.georgetown.edu 

Main Campus Internal Summary below:

Eligibility
  • Open to all active tenured faculty members who are employed by Georgetown University, are at least 65 years of age, and have at least 10 years of service at Georgetown. Service means time since most recent hire date, adjusted for any unpaid leave of absence, changes from full to part-time status and the like. 
  • New faculty may become eligible each year and eligible faculty will be determined each academic year (“Plan Year”). 
Ongoing Plan Administration: 
  • The Phased Retirement Program will continue from year to year unless terminated at the discretion of the University.
"Program Administrator" Function:      
  • The University will appoint, for each Campus, a three-member committee to serve as the “Program Administrator.”  The Program Administrator for the Main Campus is the Provost, Vice Provost for Faculty, and Campus CFO.  The Program Administrator has the authority and discretion to approve participants and determine benefits; adopt such rules for the administration of the Phased Retirement Program as it considers desirable; construe the terms of the Phased Retirement Program; correct defects (including requiring repayment of improperly paid amounts); supply omissions; reconcile inconsistencies to the extent necessary to effectuate the Phased Retirement Program; and seek advice of counsel.  The Program Administrator has the authority and discretion to set a maximum number of participants who can participate each year and, in such case, will determine objective criteria it will use to limit participation at the beginning of each Plan Year.

 

Plan Design:
Intent to Participate:

Faculty must express an intent to participate in the Phased Retirement Program.  On the Main Campus, eligible faculty are notified of their eligibility to participate by August 1st.  The Main Campus will establish and publish the date by which eligible faculty may apply to participate in the Phased Retirement Program for that Plan Year (“Application Deadline”).  The application deadline for 2016 is November 1, 2016.  Faculty may express an intent to participate in the Phased Retirement Program commencing the following academic year, or in a future academic year.  Interested faculty must complete an application to participate.  Each academic year is considered a “Plan Year.” 

“Phase-Down” Period: 

Participating faculty members will work for up to two final years (the “phase-down period”) at the University.  The phase-down period will commence on July 1 and end no later than June 30 two years later (“Retirement Date”), in accordance with the phased retirement agreement.  Participating faculty members will receive a graduated scale of pay for reduced workload.  The graduated scale of pay is as follows: 100% of full-time base salary for 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.  During the phase-down period, workload is as follows: 50 percent effort (or equivalent, as determined by the Executive Vice President), and 50 percent approved leave status.  The phase-down period may be less than two years, if requested by the faculty member and approved by the Program Administrator.  The phase-down period may begin in the year following acceptance into the Phased Retirement Program or in a future year, if requested by the faculty member and approved by the Program Administrator.  Teaching, research and service assignments and actual schedule (e.g., full-time or half time over the course of the phase-down period) will be determined by the academic unit head in consultation with the faculty member, must be approved by the Executive Vice President before the phase-down period begins, and will be documented in an individualized work plan.  Any administrative or management appointments to be maintained during the phase-down period will be documented in the work plan.  The Executive Vice Presidents’ offices will, in the ordinary course, review and monitor the individualized work plans, and the EVPs will conduct a formal review after several years of actual work plan submission.  Failure to comply with the work plan or University rules and policies may result in termination of participation in the Phased Retirement Program or termination of employment at the University prior to the Retirement Date.  Nothing prohibits a participating faculty member from resigning during the phase-down period.

Retirement Date:

Participating faculty members agree to relinquish tenure, terminate their employment, and retire from the University on the “Retirement Date.” 

Compensation:
  • Participating faculty members will receive a percentage of their full annual faculty base salary as of January 1 of the year prior to the year in which the phase-down period begins minus supplements (unless administrative or management appointment with a supplement continues) during the phase-down period (beginning on July 1 and ending on June 30 two years later) for 50% effort and 50% approved leave status.
  • Pay during the phase-down period will be based on a graduated scale as follows: 100% of full-time base salary for 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. 
  • Annual faculty base salary increases during the phased-retirement period will be determined using the merit-based percentage arrived at through the faculty member’s participation in the academic unit’s annual performance evaluation review process.

 

Defined Contribution Retirement Plan: 
  • Continued contributions are made during the phase-down period.  Participant and University contributions are based on the salary actually paid during the phase-down period. 
  • Contributions under the Defined Contribution Retirement Plan end on the Retirement Date. 
  • Retirement plan distributions are available in accordance with the terms of the plan.  The Defined Contribution Plan allows in-service distributions for faculty during the phase-down period and during any periods of post-retirement employment, consistent with applicable law.  For tax law compliance purposes, such distributions will be limited to those who qualify as “non-highly compensated” as defined by tax law.  In addition, faculty would be encouraged to get advice regarding their individual eligibility and financial circumstances when considering phased retirement or post-retirement employment. 

 

Health Care Benefits: 
  • Continued during the phase-down period as an active employee.
  • Upon retirement, if the participant in the Phased Retirement Program is enrolled in the University’s health benefit plan and qualifies for retiree health benefits under the terms of that plan, the participant and her or his enrolled dependents will be eligible for continuation of coverage under the terms of that plan subject to the faculty member paying the costs that normally apply to retirees.

 

Dental Care Benefits:  
  • Continued during the phase-down period as an active employee.
  • Participants in the Phased Retirement Program must be enrolled in a Georgetown-sponsored medical plan in order to take part in the dental plan. Participant is responsible for paying the full cost of this benefit.  Dependents must also be enrolled in the retiree medical plan at the time of the faculty member’s retirement in order to be eligible for the dental plan. 

 

Tuition Assistance Benefits:
  • Continued during the phase-down period as an active employee.
  • Upon retirement, participating faculty members will be eligible for tuition assistance benefits under the terms of the existing retiree tuition benefits plan (which applies to faculty who are 55 and older with 10 or more years of continuous service with the University and therefore covers all participants). 

 

Life Insurance Benefits
  • Continued during the phase-down period as an active employee.
  • Upon retirement, the University will continue to pay the full annual cost of the first $5,000 of life insurance coverage for participating faculty members under the retiree benefits provisions of the University’s group life insurance plan

 

Disability Insurance/Flexible Benefits:
  • Continued during the phase-down period as an active employee.
  • Upon retirement, Participants are no longer eligible for Disability Insurance coverage or the Flexible Benefits Plan.

 

Outside Employment: 
  • Participants are not permitted to accept any other employment within the University during the phase-down period. Outside employment is allowed consistent with the Faculty Handbook and other University policies and provided that it does not present any conflict of interest or interfere with University employment.

 

University Facilities and Services:
  • Continued during the phase-down period as an active employee.
  • Upon retirement, participants will be granted continued access to University facilities and activities on the same terms as other faculty who retire or achieve Emeritus status, as applicable, on his/her Campus, including:
  • University ID card, which will provide continuing library privileges, the ability to ride the GUTS bus, and continued eligibility to purchase membership in Yates Field House
  • Use of shared or interior office space, fax and computers, if available
  • Continued invitation to a range of University activities
  • Retirees kept on mailing list for University publications
Future Positions:  
  • Participation in the Phased Retirement Program will terminate a faculty member’s employment on the Retirement Date.  After a faculty member retires, either through traditional retirement or phased retirement, the three Campus EVPs would be able to re-hire retirees to teach or perform other duties, as needed.   The new retirement options would not introduce any new constraints on such retiree hiring.  
 
Main Campus Schedule: 

Materials sent to all eligible faculty, including a letter to the faculty, a program description, frequently asked questions and answers, an Application for Participation, and Work Plan Request Form

August 1, 2016

Application Deadline

November 1, 2016

Decision on Application (1)

March 15

Agreement delivered to faculty accepted for program

April 15 preceding phase-down period

Signed Agreement due back from faculty (2)

May 31

Revocation Period ends

June 7

Phase-down period begins

July 1

Phase-down period ends, Retirement Date 

June 30 two years following commencement of the phase-down period

 

 

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.