SUNSETTNG Faculty Early Retirement Program June 30, 2016 Debbie Jones Faculty Retirement Navigator

Are you considering retirement in the NEXT four years? Consider the benefits of the Faculty Early Retirement Program.

The Faculty Early Retirement Program is designed to assist faculty who are not quite ready to retire, but are interested in a transition to retirement. This program is being offered from September 2014 through June 2016 to allow eligible faculty to sign a phased retirement agreement for up to four years. Currently, the Faculty Handbook allows for a two year phased retirement. THE OPPORTUNITY TO SIGN UP FOR FERP ENDS JUNE 30,2016. Faculty may sign up THROUGH JUNE 30, At that time they commit to retire by either retiring on specific date or by signing an irrevocable phased retirement letter and agreeing to retire within four years.

ELIGIBILITY All full-time faculty, both tenured and non-tenure track All faculty participating must have a minimum of 10 years of full-time service in a benefits-eligible position at USC. Faculty must be 55 years or older at the time of enrollment of this program.

PROGRAM HIGHLIGHTS Election of a phased retirement period for up to four years during which the faculty member may reduce his or percent of effort to as low as 50% Payment of an additional salary by the dean at the rate of 10% of the difference between the full-time annual core salary and the annual phased retirement salary. Access to health and dental benefits available to full-time faculty as long as the faculty members serves at equal to or greater than 50% time during the phased retirement period.

KEY FEATURES* CAPSTONE RESEARCH GRANT: funding of up to $10,000 to complete a project during the phased retirement period or to begin scholarship on a new project. Funds must be expended prior to retirement. REIMBURSEMENT OF ESTATE PLANNING OR CERTIFIED FINANCIAL PLANNING COSTS: reimbursement of up to $2,000 to defray documented estate planning or financial planning costs. Requests for reimbursements must be processed prior to retirement. REIMBURSEMENT OF MOVING COSTS: reimbursement of up to $1,000 to defray documented costs associated with packing and moving the faculty member’s office. Requests for reimbursements must be processed prior to retirement. Provision of business cards upon request post-retirement. * Note that election to retire does not require faculty to participate in any or all features of the program. Faculty members may choose to participate as best suits their needs.

Frequently Asked Questions May I be recalled to service? May I continue my research activities at the university? May I continue directing or advising graduate students? May I continue participating in my department or the university post retirement? What about my tenure? Do I give it up before or after phased retirement? Do I still get my education benefits? How are NTT phased retirement contracts different than tenured phased retirement contracts?

HOW DO I SIGN UP? Debbie Jones Faculty Retirement Navigator Office of the Vice Provost for Faculty Affairs (213) faculty.usc.edu/retirement Note that all conversations and inquiries are confidential.