1. Report of the Working Group on Retirement Sidney Burrus Marcia Citron Chandler Davidson Rachel Kimbro Kathleen Matthews Allen Matusow David Scott

2. Process: Review 1998 Report of Ad Hoc Faculty Advisory Committee on Retirement Examine literature available on university retirement practices Inventory retirement plan options at other institutions Survey faculty, retirees, chairs, deans Discuss options with relevant administrative offices

3. Report: Examines 1998 Report of Ad Hoc Faculty Advisory Committee on Retirement for implementation of recommendations Summarizes literature on university retirement Provides summary retirement plans at 31 other institutions Summarizes survey results Has detailed Appendix materials available for review

4. Recommendation 1A: Communication and Information for Faculty Create effective, detailed, well-maintained website to provide information on retirement Expand information in Faculty Handbook to encompass retirement policies/issues (Handbook is now on-line) Provide annual financial planning workshop for junior faculty Restore one-time benefit for individual planning services

5. Recommendation 1B: Communication and Information — Deans and Chairs Hold workshop on retirement issues for Chairs and Deans together Create a set of resources for Chairs and Deans to prepare for discussions of retirement with faculty

6. Recommendation 2A: Adopt a phased retirement option that is simple to understand and has built-in flexibility Creates phase period of 1 to 3 years Has eligibility by age/years of service (with option available for all >70 for first year) Decreases assigned duties to 50% Phases pay over 3 years (100%/75%/50%) Retirement mandatory at end of chosen phase period

7. Details of phased retirement option:

8. Recommendation 2B: Urge department chairs and deans to identify ways to engage retired faculty in the life of the university Automatic benefits (e.g., emeritus status, library privileges, et al.) are important but do not capture what retired faculty could do for and with Rice. Chairs and deans control access to many of the activities most important to retired/retiring faculty