Retirement Policy for Faculty and Staff (VI.F.9)

Volume VI: Human Resources
Chapter A: Terms and Conditions of Employment
Issuing Office: Office of the President
Responsible Officer: President
Responsible Office: Office of the President
Originally Issued: February 1, 2007
Most Recently Revised: September 15, 2012

TABLE OF CONTENTS

Statement of Policy
Reason for ThisPolicy
Individuals and Entities Affected by This Policy
Who Should Know This Policy
Exclusions
Website Address for This Policy
Contacts
Definitions
Responsibilities
Procedures
Related Documents, Forms and Tools
History and Updates
Appendix

STATEMENT OF POLICY

University Executives and Staff in High Policymaking Positions shall retire by the end of the fiscal year in which the age of 65 is attained if (1) the employee has been employed in such capacity for the two-year period immediately before retirement, and (2) the employee is entitled to the Minimum Retirement Benefit Specified by Federal Law for persons who hold positions to which mandatory retirements may lawfully apply.

University Executives and Staff in High Policymaking Positions who also hold a tenured faculty appointment in addition to their administrative appointment have the right to return to the faculty upon retirement from administrative office. Upon returning to the faculty, the salary of the faculty member will be adjusted per the policy on Salary of Academic Administrative Officers Returning to the Faculty (II.C.2).

There is no mandatory retirement age for any other employees of Purdue University.

REASON FOR THIS POLICY

To explain the University’s policy regarding retirement for University Executives and Staff in High Policymaking Positions.

INDIVIDUALS AND ENTITIES AFFECTED BY THIS POLICY

All units, faculty and staff of Purdue University.

WHO SHOULD KNOW THIS POLICY

President
Provost
Executive Vice President and Treasurer
Chancellors
Vice Presidents
Vice Provosts
Vice Chancellors
Deans
Directors/Department Heads/Chairs
Faculty
Business Office Staff
Staff

EXCLUSIONS

There are no exclusions to this policy.

WEBSITE ADDRESS FOR THIS POLICY

www.purdue.edu/policies/human-resources/vif9.html

CONTACTS

DEFINITIONS

Board of Trustees
The Board of Trustees of The Trustees of Purdue University.

Minimum Retirement Benefit Specified by Federal Law
An immediate non-forfeitable annual retirement benefit from a pension, profit-sharing, savings or deferred compensation plan, or any combination of such plans, of Purdue University, which equals in the aggregate the amount set by federal statute 29 U.S.C. Sec. 630 (currently, at least $44,000.) Only amounts provided by the University and earnings thereon are to be included. Amounts attributable to employee contributions, contributions of prior employers and rollover contributions must be excluded.

Purdue, University and Purdue University
Any campus, unit, program, association or entity of Purdue University, including but not limited to Indiana University-Purdue University Fort Wayne, Purdue University Calumet, Purdue University North Central, Purdue University West Lafayette, Purdue Extension and Purdue University College of Technology Statewide.

University Executives and Staff in High Policymaking Positions
An individual employed by the University who holds a title of President; Executive Vice President for Academic Affairs and Provost; Executive Vice President for Business and Finance and Treasurer; Vice Provost; Senior Vice President for Business Services and Assistant Treasurer; Vice President; Chancellor; Vice Chancellor; Dean of an academic college or school; Dean of Libraries; Director of Agriculture Research, Purdue Extension or Intercollegiate Athletics; or Executive Director of Discovery Park.

RESPONSIBILITIES

University Executives and Staff in High Policymaking Positions
Adhere to this policy.

PROCEDURES

Exceptions or deviations from this policy must be approved by the Board of Trustees.

RELATED DOCUMENTS, FORMS AND TOOLS

Salary of Academic Administrative Officers Returning to the Faculty Policy (II.C.2): www.purdue.edu/policies/business-finance/iic2.html

For information concerning retirement benefits: www.purdue.edu/benefits

HISTORY AND UPDATES

September 15, 2012: Procedures for exceptions or deviations from policy added, and policy converted to the new template.

November 18, 2011: Policy number changed to VI.F.9 (formerly IV.3.2).

February 1, 2007: This policy supersedes Executive Memorandum No. C-14 dated January 6, 1997, and September 18, 1987.

APPENDIX

There are no appendices to this policy.