Purdue to offer one-time Faculty Retirement Incentive

The Office of the Provost is offering a one-time Faculty Retirement Incentive plan to tenured and clinical/professional faculty who are 60 years or older with 10 or more years of benefits-eligible service by June 30, 2017. Faculty from the West Lafayette campus and Purdue Polytechnic Institute Statewide are eligible to apply.

"This voluntary program is designed to recognize and address the changing needs for faculty lines, both increasing and decreasing, in academic units," says Deba Dutta, provost and executive vice president for academic affairs and diversity. "The faculty lines generated by this initiative will remain within their current colleges so that deans can address their unique disciplinary needs."

Faculty who are currently participating in the Purdue University Voluntary Early Partial Retirement (VEPR) program also are eligible if they are 60 years or older with 10 or more years of benefits-eligible service by June 30; are from the West Lafayette colleges, Purdue Libraries and Purdue Polytechnic Institute Statewide; their VEPR agreement started on or after July 1, 2016; and the faculty member agrees to retire instead under the terms of the Faculty Retirement Incentive plan.

Under the plan, 543 tenured faculty and 17 clinical faculty will be eligible to apply for the retirement incentive, which is being funded jointly by the Provost’s Office and the colleges. Deans will have the option to approve or deny applications based on college criteria and resources available for the program. The academic units will begin to distribute packets on Feb. 1 to eligible faculty, and all packets will be delivered by Feb. 14. The packets will outline the application and review process for the individual's college.

Eligible faculty will receive detailed information with which to make their decision and must submit their applications by March 31. Deans will notify faculty members of the status of their applications (approved or denied) by April 21. Applications from faculty with joint appointments in two colleges will need to have approval from both deans. Individuals cannot be specifically invited or encouraged to participate. 

Retirements will be effective May 14 for academic year faculty and June 30 for fiscal year faculty. 

Contacts: Peter Hollenbeck, phollenb@purdue.edu

Connie Lapinskas, clapinsk@purdue.edu