approved by the Dean of the appropriate school and the VPAA. For purposes of earning emeritus status, the semesters of reduced teaching load under either Option A or B shall be treated as full-time teaching (see Handbook, Appendix A-7). Faculty participants in the Program remain eligible for adjunct teaching upon their retirement. VII. Release. In conjunction with the PRA executed under the Program, a participating faculty member must execute a waiver of rights (hereinafter, the “Release”) applicable under the ADEA and other laws. The Release will fully comply with the requirement for knowing and voluntary waivers under the ADEA and OWBPA. The Release will be offered to the faculty member after the faculty member has applied for the Program, designated his or her desired option, and the VPAA has accepted the application. The faculty member will have no fewer than forty- five (45) days within which to consider the Release. During this time, the eligible faculty member is advised to consult with an attorney before signing the PRA and its included Release. The PRA does not become effective and enforceable for a period of seven (7) calendar days following execution, and during such period the faculty member may unilaterally revoke the PRA. If the faculty member elects to revoke the PRA within the seven (7) day period, the faculty member will retain the same full-time, tenured employment status as he or she held prior to execution and the PRA will become null and void. Revocations must be in writing, personally signed by the applying faculty member, and effected by personal delivery to the VPAA, or timely posting by United States mail to the Office of Academic Affairs. The postmark date will be deemed conclusive unless manifestly in error. VI I. Retirement During Program. Nothing shall prevent a participating faculty member from retiring before the completion of a Program option (“Early Program Retirement”). In such event the participating faculty member will be paid at the chosen Program option rate through the date of the Early Program Retirement. University benefits, as described above, other than continuation of group health care pursuant to the federal law known as COBRA, will cease at the end of the calendar month during which the Early Program Retirement becomes effective. COBRA coverage may be elected upon separation in the same manner and to the same extent as available to other separating employees. IX. Other Retirement. Nothing in the Program shall prevent a tenured professor from retiring outside the provisions of the Program. Any such retirement should be communicated at a time that will provide adequate notice to the University to recruit and hire a highly qualified replacement. References: The foregoing draws on the Phased Retirement Programs at these institutions: The phased retirement plan at Loyola University New Orleans, on which much of the foregoing (especially Section VII) is based, is set out at: http://academicaffairs.loyno.edu/renewal-loyolauniversity-new-orleans-phased-retirement-program-tenured-faculty. Loyola establishes an age threshold of 60 with 15 years of full-time service; the phased retirement can last up to three years. See also the phased retirement plan at the University of Rhode Island, which appears at: https://web.uri.edu/VPAA/forms-policies/phased-retirement/. URI uses an age threshold of 55 with 10 years of full-time service; phased retirement covers two years.
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