Academic Affairs and Administration and Finance.
This policy shall facilitate the transition of faculty from full-time active service to retirement by continuing to pay the employer portion of medical insurance premiums and, if mutually agreeable, to consider those faculty for part-time work assignments in areas where their expertise may be needed.
For many prospective retirees, the loss of employer-paid medical benefits can be a significant factor in their decision to postpone retirement. In addition, part-time temporary re-employment is considered a desirable option by many faculty members who would like to utilize their professorial talents but with a reduced workload and continued health insurance. The Code of Virginia §23.1-1302 permits public institutions of higher education in the Commonwealth to execute voluntary early retirement for faculty who meet certain eligibility criteria. This policy is designed to assist faculty who choose to transition from full-time active service to retirement secure health benefits.
- By mutual agreement, the University and faculty members may agree to early retirement. Early retirement may include continuation of the employer portion of medical insurance premiums until the faculty member reaches age 65. In order to participate the faculty member must:
- Be at least 60 years of age;
- Be a faculty member with tenure or a contractual right to continued employment as described in the Faculty Policies and Procedures Manual;
- Have at least 10 years of full-time service at Longwood (full-time service may include periods of leave with full or partial pay, but excludes periods of leave without pay);
- Agree to withdraw from active membership in the Virginia Retirement System (VRS) or other optional retirement plans. The university will cease making employer or employee contributions to VRS or optional retirement plans as of the date of retirement;
- Comply with any additional criteria established by the Board of Visitors;
- Voluntarily participate in early retirement.
- Retirees may be eligible to return to employment after a designated break in service, and may be reemployed in part-time positions where their expertise and experience are best suited. Those seeking to participate in early retirement should consult with Human Resources regarding the possibility of early retirement and continued health care benefits. In order to be considered for reemployment the following conditions must be met:
- The faculty member must have at least one calendar month break in service prior to reemployment in a non-covered position;
- The faculty member may not return to a position that provides retirement benefits;
- The temporary work after retirement cannot be identical to the work performed prior to retirement. Typically this requirement can be satisfied by reemployment doing part, but not all, of the prior role - for example, only conducting research or only teaching a course;
- Any agreement for reemployment must be in writing, but may not be developed until after retirement. The agreement should specify the nature and duration of the assignment and the amount of compensation and must be reviewed annually. Agreements shall be approved by the Provost and Vice President for Academic Affairs after consultation with the appropriate Dean and Department Chair. The Provost, Dean and Department Chair shall also consult regarding the impact of retirement on staffing needs and succession planning.
- The Board of Visitors shall have the sole authority to modify, amend or repeal this policy.
Approved by the Board of Visitors, June 11, 2021.