Navigating Retirement Challenges in Academic Institutions
Retirement in academic settings has evolved, becoming less structured and more individualized since 1994. Individuals face decisions on timing and process, while institutions deal with succession planning and retaining valuable resources post-retirement. The impact of Covid-19 adds further complexity, requiring thoughtful support for optimal retirement strategies. Chairs and supervisors play a crucial role in managing legal, financial, and identity-related issues associated with retirement, despite feeling underprepared. Initiating conversations, sharing resources, and fostering a safe environment for retirement discussions are key goals to ensure successful transitions.
- Academic Institutions
- Retirement Challenges
- Covid-19 Impact
- Succession Planning
- Professional Development
Uploaded on Jul 25, 2024 | 0 Views
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Engaging with Faculty and Academic Staff on Retirement 1
Retirement isnt what it used to be. For Individuals: Since 1994 academic retirement in U.S. is less structured and predictable. Complex process placing more responsibility on the individual When to retire? How to retire: All at once or gradually? What to do after retirement? Concern about marginalization Retirement is sometimes a taboo topic: Difficult conversation to begin and manage 2
Retirement isnt what it used to be: For Institutions, chairs, and supervisors Since 1994, retirement is also more challenging for institutions, chairs, and supervisors How to maintain a steady flow of professional talent without a fixed retirement age? Predictability of staffing changes/Succession planning Continued access to valuable resources when faculty and staff retire Hence, need to be more intentional about designing retirement options & plans 3
Covid may complicate retirement considerations even more. Covid has altered the nature of academic work life. May alter thinking about when and how to retire. Thoughtful support may be needed to arrive at best retirement strategy for self and others. 4
Chairs & supervisors are on the front lines: Starting and managing the retirement conversation is challenging for chairs, supervisors Legal issues Financial and resource issues Professional identity issues (Questions of value, purpose, direction) Many chairs and supervisors don t feel well prepared to navigate this terrain 5
Goal today: Raise the retirement issue for discussion Consider range of retirement-related topics you may encounter in your role Share information and resources to help you fulfill this important part of your job effectively 6
Your role in successful retirement is critical! Can help make retirement a safe topic for discussion Encourage colleagues to think strategically about retirement and plan well in advance Your role is key to making the retirement transition smooth, orderly, and a step academics take with enthusiasm and a clear sense of direction and purpose. 7
ENVISIONING RETIREMENT PATHWAYS Theodore H. Curry II Professor, School of Human Resources and Labor Relations
Michigan State University Retirement Policies Emeritus Policy Automatic upon retirement Emeritus suffix is added to highest academic and administrative title Includes Free parking Library privileges Attend Senate meetings and participate in academic processions
Retirement Policies Terminal Consultantship Not an entitlement Available to those hired before January 1, 1992 There may not have been any compensated leaves in the five years immediately prior to retirement 50% effort for 100% salary in final year of employment Must be approved at unit, college, and provost level
Michigan State University Retirement Negotiated agreements in the years leading up to retirement, as well as post retirement, are possible and common Shifting assignment mix Reduced appointment Post retirement appointment Space Work with AHR on questions, examples, and specifics
Panel discussion: W. Vance Baird, Chairperson, Horticulture Mary Finn, Dean, College of Social Science Theresa Kelley, Senior Associate General Counsel, Office of General Counsel Francisco Villarruel, Faculty Grievance Official, Faculty Grievance and Dispute Resolution Office
MSU WorkLife Office Retirement Webpage http://bit.ly/retirement-resources-faculty 13
The ultimate objective: Make retirement discussions and planning: Normal and routine Beneficial for all stakeholders (individual academics, students, colleagues, administration) Wise strategy for every academic, not an indication of trouble or inadequate performance Chairs/Supervisors are essential players in successful retirement transitions. 14
