Announcing New Retirement Options for Faculty
To the Faculty of Georgetown University
I am pleased to announce two new voluntary faculty retirement options to provide eligible, tenured faculty members increased flexibility during the final years of their academic careers. The new voluntary plans are:
- a University-wide, standing phased retirement plan for tenured faculty, and
- a one-time buyout opportunity for tenured faculty on the Main and Medical campuses.1
You can learn more about each of the plans below.2
These new benefits were created with the goal of enabling faculty to transition into retirement in a thoughtful and planned way while enabling the University to best ensure academic and programmatic continuity in support of our academic mission. These plans offer a predictable, transparent, consistent and financially sustainable approach to planned retirement, with benefits to faculty and to the University.
Months of input and consultation among the three campuses went into creating these plans. They reflect the contributions of a University-wide faculty Task Force and valuable input from faculty on all three campuses during a four-month long consultative process.
The plans were approved by the Faculty Senate, the Main Campus Executive Faculty, and the Medical Center Caucus last month, and by our Board of Directors at its meeting earlier this month. The University is pleased to offer these new benefits to tenured faculty who have devoted their careers to the academy and to Georgetown, as they consider their personal retirement goals.
More information will be provided on each campus in the coming months directly to faculty members who are eligible to participate in these plans. There will be ample opportunity to become informed about the details and consider options: applications for both plans will be due on February 1, 2015.
I wish to express my deepest gratitude to all of those who worked to develop these plans, including the faculty across all three of our campuses who worked together on the Task Force along with our Executive Vice Presidents, Provost Bob Groves and Deans Bill Treanor and Howard Federoff. I truly appreciate this University-wide collaboration and their exceptional efforts in creating new retirement options that will serve both faculty and the University.
You have my very best wishes for a wonderful summer.
John J. DeGioia
1 As of July 2015, the buyout option is now closed. To learn more about the 2015 Phased Retirement Plan Option, please visit facultyretirement.georgetown.edu (new window).
2 Visit facultyretirement.georgetown.edu (new window) for more information.
Updated July 2015