Retirement Policies

Retirement Policy [Operating Procedure]

Upon retirement, a faculty member relinquishes any continuing contract (tenure), and the obligation of the College to pay premiums on retirement, or annuity contracts for the employee ceases.
The College currently pays 75% of the premium for a Medicare supplement insurance policy for any employee and spouse (if applicable) who is retired and meets the following conditions: is 65 years of age or older, began before August 2, 2012, and has at least 15 years of service at the College.  The College will continue to pay the portion of premiums paid for all active employees who are retiring early and meet the circumstances outlined below.

1. He or she has activated and is receiving benefits payable under the TIAA/CREF retiement program and/or the Social Security Program, and
2. He or she is at least 55 years old and has at least 20 years of service at the College, or is at least 60 years old and has had at least 18 years of service at the College, or is at least 62 years old and has at least 15 years of service at the College.

Any exceptions to this policy must be approved by the President and the Executive Committee of the Board of Trustees.

Phased Retirement Policy [Operating Procedure]

Hendrix College realizes that senior members of the faculty contemplating retirement may wish to continue to teach, but not at a traditional full-time level.  The Phased Retirement Program (PRP) allows a senior faculty member to make a gradual transition from full-time teaching to full retirement while minimizing the financial losses incurred by participating in the program.  The PRP will usually provide for the employment of a new Assistant Professor when a senior faculty member enters the program, thus allowing for some flexibility in staff assignments while the senior faculty member participates in the program. The senior faculty member will enter a written agreement with the College that provides an appointment for a fixed term of service with specified duties and responsibilities.  During his or her participation in PRP, the faculty member may not return to full-time teaching.  At the end of the PRP term, the faculty member must assume emeritus or emerita status as a retired member of the faculty. The faculty member may elect to access TIAA-CREF retirement funds for all or part of the PRP. A faculty member’s term of appointment in the PRP may not be less than one year nor more than three years.  Any faculty member participating in PRP may elect to retire prior to the end of the fixed term of the PRP by notifying the Provost at least six months prior to the intended retirement date.

Eligibility. To be eligible to participate in the PRP, a faculty member at Hendrix College must

• Have tenured faculty status in an academic department or be a full-time member of the library faculty;
• Have served a minimum of ten full-time equivalent years at Hendrix College with faculty status as of July 1 prior to entering PRP.

Application Procedure.  To apply for PRP, eligible faculty members must present written plans to their department chairs, appropriate area chair, and Provost not later than September 30 of the year prior to the academic year in which they plan to enter PRP.  Once a faculty member enters PRP, the only means of withdrawing from it is through full retirement. Each plan must contain suggested duties and obligations, equivalent to a half-time faculty appointment that the faculty member will assume while participating in PRP. The Provost may accept the suggested obligations and duties or may work with the faculty member to develop an acceptable plan.

By July 1 of each year, every member of the faculty participating in PRP must submit an annual activities report to the Provost. This report may propose changes to the participant’s activity plan.

The Provost and the faculty member (with appropriate consultation from the faculty member’s department chair) may mutually agree to revise the duties and
responsibilities set forth in the faculty member’s activities plan.

Salary and Benefits. Faculty members participating in PRP will sign a written agreement that sets forth the compensation for a faculty member in the program. The actual amount of compensation will be determined in consultation with the Provost. The base salary will be adjusted each academic year in the same manner that the base salary of all regular full-time faculty members is adjusted.

The faculty member participating in PRP, by working at least one-third time, will remain eligible for benefits such as the health plan, College contribution to TIAA- CREF, the College tuition benefit, travel support, and the group disability plan for active employees. The faculty member will not be eligible for sabbatical leave.

Retirement Plan

All full-time employees are eligible to participate in the TIAA-CREF retirement plan for Hendrix College faculty and staff.  Full-time employees, for this purpose, are designated by the Human Resources department.  Additionally, faculty members approved for the Phased Retirement Program are eligible to receive contributions as stated here for the duration of PRP. 

After a person has been a full-time employee for two years, the College will contribute an amount equal to 2.25% of his or her regular salary (excluding overtime) into the TIAA-CREF
retirement program without regard to any employee contribution into the program.  The College will contribute an additional amount equal to 2.25% if the employee’s regular salary if matched y the employee.  After a person has been a full-time employee for six years, the College will contribute an amount equal to 8.5% of his or her regular salary into the program with no requirement for employee matching.

An employee may make additional contributions into the program beyond any required matching contributions at his or her option.  These contributions may be made on a tax- deferred basis within legal limits.