Provost Announces Faculty Renewal Program
Editor’s Note: As we went to press, Provost L. Rafael Reif announced in an e-mail to all faculty the initiation of a Faculty Renewal Program. We reprint that e-mail below.
May 19, 2008
Dear Faculty Colleagues,
We all recognize the fundamental value of faculty renewal for keeping the Institute community strong yet nimble. Identifying the best incentives and methods to ease senior faculty's transition to retirement thereby providing opportunities for academic departments to recruit junior faculty members into tenure track positions is a complex task. We are grateful for the efforts of Associate Provost Lorna Gibson and Vice President for Human Resources Alison Alden for leading a working group over the past year in developing a policy related to faculty renewal.
Following the recommendations of the working group, I am pleased to announce that the Executive Committee of the Corporation has approved the establishment of a Faculty Renewal Program at MIT. Participation in the program is completely voluntary and enables eligible senior faculty members to retire with a choice of retirement incentives. The program will be in effect for a defined period of three years, with the earliest retirements beginning July 1, 2009, although faculty eligible to retire in the first year of the program may begin on July 1, 2008 to make an election to retire.
Although the working group explored programs that would remain indefinitely, the Institute's financial resources and related considerations indicated that a program with a limited duration would best match our goals at this time.
A detailed description of the plan will be mailed to eligible faculty and be posted on the Faculty Renewal Website.
Below are key facts about the program:
1. A financial incentive upon retirement equivalent in value to one academic year salary.
2. Release from regular classroom teaching responsibilities (but with normal research, advising, and administrative obligations) during the final year leading to retirement, while continuing to receive full pay and benefits.
Benefits counselors in the Department of Human Resources are available to consult with eligible faculty about their retirement benefits in the context of the incentives offered under the program. Faculty may call 617-253-4272 or e-mail retirement mit.edu to make an appointment.
I believe this program will help the Institute respond to educational and research priorities that evolve over time and will contribute to our continuing efforts to build a diverse faculty at MIT. If you have any questions about the program, please do not hesitate to contact me.