The retirement plans for Beloit College faculty and staff are administered by TIAA-CREF. Contribution levels for all eligible employees begin at 5% of wages/salary after two years of continuous employment, then increase to 10% after six years of continuous employment. Retirement plan contributions are paid by the College.
TIAA-CREF provides a variety of products and services including financial education webinars and on-line planning tools. General and personal retirement account information and advice is available on-line at http://www.tiaa-cref.org/ or by phone at 1-800-842-2005. Periodically, TIAA-CREF counselors visit the campus to present financial education seminars or one-on-one meetings with employees. Schedules are published in advance of the meetings.
For more information on a variety of topics related to retirement financial planning and life style go to http://www.tiaa-cref.org/administrators/admin_library/index.html
Supplemental Retirement Plan
Many employees are currently saving for retirement in one or more 403(b) tax sheltered annuity plans through payroll deduction. All Beloit College employees are eligible to voluntarily contribute to a 403(b) tax sheltered annuity plan. The Human Resources Office can provide a list of 403(b) vendors in current use.
These pages are a summary of the benefits you receive from Beloit College. Complete and updated information is available from the Human Resources Department.
Retirement options for faculty are intended to assist long-serving members of the faculty as they consider the important decisions involved in retirement and to provide them with resources that may help ease that transition. Since individual circumstances vary, the opportunities and benefits offered in this program seek to preserve individual and institutional flexibility. Individuals who do not fall distinctly into the categories described in sections a and b below should consult with the Provost or the Director of Human Resources regarding other possible arrangements.
Phased Retirement Option for Tenured Faculty
The Phased Retirement Option (PRO) is designed to assist individual faculty members and the programs in which they participate in planning for the full retirement of a long-serving member of the college community. Such planning may provide an opportunity for the college to prepare for the transfer of the knowledge, skills, and institutional memory as well as allow faculty members to consider and pursue their long and short-term goals as they transition from full-time employment to retirement.
Eligibility. Full-time tenured faculty members are eligible to participate voluntarily in the Phased Retirement Option after reaching the age of 59 and completing 20 years of continuous service at Beloit College. From 2011 to 2016, PRO is open to any full-time tenured faculty member over 59 who has 20 years of continuous service at Beloit College. In following years, full-time tenured faculty members between the ages of 59 and 62 who have 20 years of continuous service at the college will be eligible to initiate participation in PRO.
Faculty members electing phased retirement must notify the college and their departments or programs by December prior to the academic year in which they plan to begin PRO. When formally entering into the Phased Retirement Option, the tenured faculty member will indicate a firm date for his or her full retirement and will sign a letter of agreement to resign tenure, effective on that date. Upon reaching full retirement, a faculty member electing this option will be eligible for consideration for promotion to emeritus status.
Provisions. PRO carries a 50% employment expectation, with compensation based on the number of years the faculty member elects to remain in the program. Faculty who choose to participate for one year in PRO will receive 60% of their last full-time salary, including the base percentage increment approved by the Board of Trustees, and an enhanced research catalyst fund (taxable); faculty participating for two years will receive 55% of their last full-time salary, including the base percentage increments approved by the Board of Trustees; faculty who commit to three years in PRO will receive 50% of their last full-time salary, including the base percentage increments approved by the Board of Trustees. With one semester’s notice, an individual participating in this plan may shift to full retirement prior to the completion of three years, and his or her salary will be prorated accordingly.
Faculty may take any earned sabbatical leave immediately prior to entering the PRO; teaching during the PRO will not count toward future sabbatical leaves.
The specific nature of the employment responsibilities for faculty in the PRO program will be determined by the Dean of the College in consultation with the individual faculty member and the faculty member’s department or program. These responsibilities may include (but will not be limited to) regular teaching, supervision of special projects, advising, and/or administrative assignments.
Benefits. Faculty members electing the Phased Retirement Option will retain all employee benefit options provided by the College. Those related to salary (such as contributions to the Regular Retirement Plan administered by TIAA-CREF) will be based on actual salary paid.
Availability. The Phased Retirement Option is a program for faculty members who meet the eligibility requirements. Beloit College elects to offer this program to allow faculty members who have served the institution to plan their next steps and to facilitate planning on the part of departments and programs in which vacancies will occur. Requests to participate in PRO may be denied if: 1) the Provost determines that participation by the faculty member would seriously disrupt an academic department, or college operations and/or programs; or 2) the Provost has received more applications for participation in the program than can reasonably be approved in light of the college’s financial and operational requirements.
The college will, at least in five-year intervals, review the program to determine if the needs of the institution are being fulfilled, and the college reserves the right to discontinue the program if those needs are not being met. If the college elects to discontinue the program, the faculty will be notified at least two years in advance in order to provide sufficient time for planning and any existing written agreements will be honored.
Early Retirement Options for Tenured Faculty
Early Retirement Options (EROs) are designed to allow faculty members to retire sooner than they otherwise might in order to pursue other professional or personal interests or to meet other needs.
Eligibility. Full-time tenured faculty members who will be between the ages of 59 and 62 in the calendar year in which they plan to retire and have completed 20 years of continuous service at Beloit College are eligible to participate voluntarily in Early Retirement Options. Faculty members electing this option will be eligible for consideration for promotion to emeritus status.
Provisions. Faculty members meeting the Early Retirement Options criteria may select from the following mutually exclusive packages:
- Subject to the usual approval process of sabbatical leave, a full-year sabbatical with full pay and benefits, with no obligation to return to teach following the leave.
- For faculty members who have participated in the college’s health plan for at least three years, continued college contributions to that plan for up to three years. A part of the college's contributions may be considered taxable income.
All faculty members participating in EROs will have access to financial planning services and counseling regarding health care options.
Availability. The Early Retirement Options are available to faculty members who meet the eligibility requirements. The college will, at least in five-year intervals, review the program to determine if the needs of the institution are being fulfilled, and the college reserves the right to discontinue the program if those needs are not being met. If the college elects to discontinue the program, the faculty will be notified at least two years in advance in order to provide sufficient time for planning, and any existing written agreements will be honored.
Other Faculty Retirement Arrangements
Recognizing that the needs and desires of each individual and the college in particular cases may differ, other pre-retirement arrangements may be made with a faculty member if it serves the mutual interests of that faculty member and the college.
Additionally, in their final year of college service prior to retirement, all full-time faculty members who have taught at Beloit for at least 20 years are eligible for the following:
- Catalyst Funds: In addition to regular PPDC funding, funds will be made available for exploration of post-retirement research opportunities. Plans shall be approved by the Dean of the College.
- Recognition Funds: Up to a set amount, funds will be made available for the support of a public celebration of the faculty member’s accomplishments with colleagues, students, and alumni. Plans shall be approved by the Dean of the College.
A retired faculty member receives the benefits of emeriti professors at Beloit, such as library privileges, including interlibrary and reference service, a Beloit College e-mail account, sports center use, and computer purchase discounts, as available.
For at least three years after a retiring faculty member stops teaching, she or he will remain eligible for a set amount of nontaxable professional development funding through the office of the Dean of the College.
For at least three years after a retiree ceases teaching, if the retiree plans to remain professionally active and to work regularly on campus, the retiree may request the use of office space, which may be shared, including a desk, computer with Internet connection, and phone. Toward the end of the second year of this three-year period the Provost will review the retiree’s recent use of the office and the level of professional activity and the retiree’s projected future needs to determine whether the arrangement should be renewed. The college will seek to minimize the number of office moves that are required of a retiree but cannot assure that the office assignment after retirement will be the same from year to year.
The Staff Retirement Planning Program is designed to assist individual staff members as they consider the important decisions involved in retirement and to provide long-serving members of the campus community with separation benefits that might help to ease the transition. The program allows individuals to think about their personal short- and long-term objectives and about shifting their daily schedule from full-time work to a more relaxed pace. Retirement planning also provides an opportunity for the college to prepare for the transfer of the knowledge, skills and institutional memory of long-term valued staff members. Since individual circumstances vary, the opportunities and benefits offered in this program are loosely defined and allow for individual and institutional flexibility.
Eligibility and Availability: Full-time staff members who have reached the minimum age of 59 and have completed a minimum of 15 years of continuous service at Beloit College are eligible. Requests to participate in the program must be voluntarily initiated by the staff member. Administration of the program is the responsibility of the requesting staff member’s Senior Staff supervisor and Human Resources. Participation in the program may be denied if there are more requests than can reasonably be accommodated by the college’s financial and operational requirements. Inquiries about the program may be directed to Human Resources or departmental supervisors.
Individualized Approach: Staff approaching retirement may request consideration for assignment to a special administrative project with a reduction in hours and prorated wages or salary. The specific nature of the employment responsibilities will be determined by the department supervisor in consultation with his or her respective Senior Staff supervisor and Human Resources. Depending upon the needs of the department and the circumstances of the individual, schedules may be part-time or greater with some benefits eligibility.
Staff members planning for retirement may request consideration for other separation benefits. This document does not describe all possible models that could be offered, but options may include:
- For staff who have participated in the college’s health plan for at least three years, access to continued participation in the plan for up to three years or until eligible for Medicare, whichever comes first.
- A severance amount paid as earnings and representing a portion of an individual’s current compensation. Eligible staff members may receive the value of this severance amount in the form of a contribution by Beloit College for continuing health care under the college’s health plan.
- Access to financial planning services and counseling regarding health care options.
- Miscellaneous benefits, such as sports center use and allowable computer purchase discounts.
The college will review the program at least every 5 years and reserves the right to discontinue it with reasonable notice. If the college elects to discontinue the program, staff will be notified and any existing written agreements will be honored.