Faculty Retirement Planning Program
Reminder: This program ended on November 15, 2024. Faculty are no longer eligible to opt in to either retirement pathway.
In This Guide
Current Retirement Pathways
Plan B One Year Contract (Retiring in May 2026)
Contract Terms
- Under the Plan B pathway, you will receive a 3.25% merit pay increase during the final academic year of service, providing the annual performance review is "effective" or better.
- During the last academic year, you will not be required to participate in University committees, but you may choose to continue serving. If you are on a departmental and school/college committee that is deemed essential by the Dean or department chair, you may still be required to participate.
- A retirement planning award of $7,500 is payable within 45 days of signing a retirement contract.
- During the last academic semester, a 50% reduction of workload is offered, with pay still at the full contract amount. If you accept this reduction in workload, you will work with the dean or department chair to determine the workload distribution of teaching, research, and other activities.
Plan C Two Year Contract (Retiring in May 2027)
Contract Terms
- Under the Plan C pathway, you will receive a 3.25% merit pay increase for each of the final two academic years, providing the annual performance review is "effective" or better.
- A retirement planning award of $7,500 is payable within 45 days of signing a retirement contract.
- During the last academic year, you will not be required to participate in University committees, but you may choose to continue serving. If you are on a departmental and school/college committee that is deemed essential by the Dean or department chair, you may still be required to participate.
- A retirement planning award of $7,500 is payable within 45 days of signing a memorandum of understanding and retirement contract (January or February).
- In the final spring semester, you are offered a retirement transition sabbatical (2 quarters), or a 50% reduction of workload during the full last contract year. In each case, pay is still at the full contractual amount. If you accept this reduction in workload, you will work with the dean or department chair to determine the workload distribution of teaching, research, and other activities.
Process
- ELIGIBILITY CONFIRMED: HR will verify that each faculty member that requested retirement is age 55 or older and has completed at least 5 consecutive years of service at Baylor.
- RETIREMENT CONTRACT: HR will generate a retirement contract (letter of appointment) and email to approved faculty member in December 2024.
- Elements outside of the program requested by the Faculty member should be reviewed with the Chair/School and will not be included in the retirement contract.
- The faculty member will have 45 days to review the contract and return to HR via email. If faculty member does not return the signed contract within 45 days the faculty member will no longer be eligible for the program.
- When the signed contract is returned to HR, the one-time payment of $7,500 will be processed by February.
- Until a contract is signed, faculty are not committed to the program and there are no impacts to employment status.
- AFTER CONTRACT SIGNATURE:
- Faculty member to receive annual 3.25% merit increase. Annual contracts and pay change statements will not continue. The retirement contract will be the last contract the faculty member will receive from Baylor.
- Faculty member invited to Retirement Planning info sessions hosted by HR. These sessions are held virtually and share additional resources.
- Faculty member will receive standard exit information within Ignite a few weeks prior to exit date.
- The Office of the Provost will provide boxes in which retiring faculty may pack books and other items when vacating their offices. Each retiring faculty member should work with his or her department to create a work order to obtain carts and assistance to move belongings from their office to the faculty member’s vehicle.
- Enroll in and attend an Understanding Post Retirement Benefits information session.
For additional questions, faculty members should consult with their Business Officer, Provost Office, or reach out to askHR@baylor.edu.
Additionally, financial planning resources are available through Captrust.
